Zimmer Biomet (NYSE:ZBH) Announces Quarterly Earnings Results

Zimmer Biomet (NYSE:ZBH) issued its quarterly earnings data on Wednesday. The medical equipment provider reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.01), Briefing.com reports. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.80 billion. Zimmer Biomet had a net margin of 13.25% and a return on equity of 12.86%. The firm’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.65 earnings per share. Zimmer Biomet updated its FY 2024 guidance to 7.950-8.050 EPS and its FY24 guidance to $7.95-8.05 EPS.

Zimmer Biomet Price Performance

Shares of ZBH stock traded down $2.54 during trading hours on Thursday, reaching $107.27. 1,275,539 shares of the company were exchanged, compared to its average volume of 1,485,455. Zimmer Biomet has a fifty-two week low of $101.47 and a fifty-two week high of $133.90. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 0.63. The stock’s fifty day moving average is $107.24 and its two-hundred day moving average is $111.03. The company has a market cap of $22.07 billion, a price-to-earnings ratio of 23.76, a P/E/G ratio of 1.88 and a beta of 1.02.

Zimmer Biomet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend is Monday, September 30th. Zimmer Biomet’s payout ratio is presently 20.78%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ZBH shares. Needham & Company LLC restated a “hold” rating on shares of Zimmer Biomet in a report on Thursday. Raymond James reduced their price target on shares of Zimmer Biomet from $128.00 to $123.00 and set an “outperform” rating for the company in a report on Monday, October 14th. Royal Bank of Canada dropped their price objective on shares of Zimmer Biomet from $130.00 to $120.00 and set an “outperform” rating on the stock in a report on Tuesday, October 8th. Citigroup lowered their price target on Zimmer Biomet from $134.00 to $120.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, Oppenheimer decreased their price objective on Zimmer Biomet from $145.00 to $135.00 and set an “outperform” rating on the stock in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $123.94.

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.