Truist Financial Forecasts Strong Price Appreciation for Zimmer Biomet (NYSE:ZBH) Stock

Zimmer Biomet (NYSE:ZBH) had its target price hoisted by Truist Financial from $117.00 to $118.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the medical equipment provider’s stock. Truist Financial’s price target would indicate a potential upside of 9.17% from the company’s current price.

ZBH has been the subject of a number of other reports. Needham & Company LLC reissued a “hold” rating on shares of Zimmer Biomet in a report on Thursday, October 31st. BTIG Research decreased their price target on Zimmer Biomet from $134.00 to $126.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. Wolfe Research assumed coverage on shares of Zimmer Biomet in a report on Tuesday, September 10th. They issued a “peer perform” rating for the company. Wells Fargo & Company raised their target price on shares of Zimmer Biomet from $110.00 to $117.00 and gave the company an “equal weight” rating in a research note on Thursday, October 31st. Finally, Barclays reduced their price target on shares of Zimmer Biomet from $125.00 to $118.00 and set an “underweight” rating for the company in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $123.33.

Zimmer Biomet Stock Performance

Shares of NYSE ZBH traded up $0.03 during midday trading on Wednesday, hitting $108.09. The company’s stock had a trading volume of 172,136 shares, compared to its average volume of 1,482,494. The firm has a market cap of $21.52 billion, a P/E ratio of 20.55, a P/E/G ratio of 1.96 and a beta of 1.02. Zimmer Biomet has a 1-year low of $101.47 and a 1-year high of $133.90. The firm’s fifty day moving average price is $107.90 and its 200-day moving average price is $108.55. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.70 and a current ratio of 1.36.

Zimmer Biomet (NYSE:ZBH) last announced its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported $1.74 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.74. Zimmer Biomet had a return on equity of 12.95% and a net margin of 14.27%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the prior year, the firm earned $1.65 EPS. The business’s quarterly revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts forecast that Zimmer Biomet will post 7.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Zimmer Biomet

A number of hedge funds have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its holdings in shares of Zimmer Biomet by 3.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 24,286 shares of the medical equipment provider’s stock valued at $2,636,000 after acquiring an additional 815 shares during the last quarter. Raymond James & Associates grew its stake in Zimmer Biomet by 4.9% in the 2nd quarter. Raymond James & Associates now owns 108,105 shares of the medical equipment provider’s stock valued at $11,733,000 after buying an additional 5,039 shares during the last quarter. Atria Wealth Solutions Inc. grew its position in shares of Zimmer Biomet by 4.0% in the second quarter. Atria Wealth Solutions Inc. now owns 16,063 shares of the medical equipment provider’s stock valued at $1,746,000 after purchasing an additional 617 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new position in shares of Zimmer Biomet in the second quarter worth about $283,000. Finally, &PARTNERS acquired a new position in shares of Zimmer Biomet during the 2nd quarter worth about $293,000. Institutional investors and hedge funds own 88.89% of the company’s stock.

About Zimmer Biomet

Zimmer Biomet Holdings, Inc, together with its subsidiaries, operates as a medical technology company worldwide. The company designs, manufactures, and markets orthopedic reconstructive products, such as knee and hip products; S.E.T. products, including sports medicine, biologics, foot and ankle, extremities, and trauma products; craniomaxillofacial and thoracic products comprising face and skull reconstruction products, as well as products that fixate and stabilize the bones of the chest to facilitate healing or reconstruction after open heart surgery, trauma, or for deformities of the chest.