JPMorgan Chase & Co. Upgrades Zimmer Biomet (NYSE:ZBH) to Overweight

Zimmer Biomet (NYSE:ZBH) was upgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Tuesday, Marketbeat Ratings reports. The firm presently has a $128.00 price target on the medical equipment provider’s stock, up from their prior price target of $125.00. JPMorgan Chase & Co.‘s price objective points to a potential upside of 20.91% from the company’s previous close.

ZBH has been the subject of a number of other reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Zimmer Biomet in a report on Thursday, October 31st. BTIG Research reduced their price objective 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 began coverage on Zimmer Biomet in a report on Tuesday, September 10th. They issued a “peer perform” rating on the stock. TD Cowen cut their price target on Zimmer Biomet from $143.00 to $119.00 and set a “hold” rating for the company in a report on Friday, September 6th. Finally, Royal Bank of Canada raised their price objective on Zimmer Biomet from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Zimmer Biomet currently has an average rating of “Hold” and a consensus target price of $123.33.

Zimmer Biomet Price Performance

NYSE ZBH opened at $105.86 on Tuesday. The stock has a market capitalization of $21.07 billion, a price-to-earnings ratio of 20.13, a PEG 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 company has a debt-to-equity ratio of 0.38, a current ratio of 1.36 and a quick ratio of 0.70. The business’s fifty day moving average price is $107.95 and its 200-day moving average price is $108.53.

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

Institutional Investors Weigh In On Zimmer Biomet

A number of hedge funds have recently made changes to their positions in ZBH. Geode Capital Management LLC increased its stake in Zimmer Biomet by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,879,385 shares of the medical equipment provider’s stock worth $524,942,000 after acquiring an additional 125,852 shares during the last quarter. M&T Bank Corp increased its position in Zimmer Biomet by 48.4% in the third quarter. M&T Bank Corp now owns 26,719 shares of the medical equipment provider’s stock worth $2,884,000 after purchasing an additional 8,709 shares during the last quarter. National Pension Service raised its stake in Zimmer Biomet by 3.8% during the third quarter. National Pension Service now owns 369,547 shares of the medical equipment provider’s stock valued at $39,893,000 after purchasing an additional 13,612 shares in the last quarter. River Global Investors LLP lifted its position in Zimmer Biomet by 31.3% during the third quarter. River Global Investors LLP now owns 21,084 shares of the medical equipment provider’s stock valued at $2,276,000 after purchasing an additional 5,030 shares during the last quarter. Finally, Border to Coast Pensions Partnership Ltd increased its holdings in shares of Zimmer Biomet by 4.5% in the 3rd quarter. Border to Coast Pensions Partnership Ltd now owns 155,254 shares of the medical equipment provider’s stock worth $16,711,000 after buying an additional 6,623 shares during the last quarter. 88.89% of the stock is currently owned by hedge funds and other institutional investors.

Zimmer Biomet Company Profile

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.