Zimmer Biomet (NYSE:ZBH) Updates FY24 Earnings Guidance

Zimmer Biomet (NYSE:ZBH) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $8.00-8.15 for the period, compared to the consensus EPS estimate of $8.06. The company issued revenue guidance of $7.73-7.80 billion, compared to the consensus revenue estimate of $7.75 billion.

Zimmer Biomet Stock Performance

Shares of ZBH traded up $0.07 on Thursday, reaching $119.63. 331,247 shares of the stock traded hands, compared to its average volume of 1,444,928. The firm has a market cap of $24.58 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 2.21 and a beta of 1.03. Zimmer Biomet has a 12 month low of $102.00 and a 12 month high of $147.50. The stock’s 50-day moving average price is $125.65 and its 200-day moving average price is $119.91. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.61 and a quick ratio of 0.78.

Zimmer Biomet (NYSE:ZBH) last announced its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $0.07. Zimmer Biomet had a net margin of 13.85% and a return on equity of 12.79%. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.87 billion. The business’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.89 EPS. Equities analysts forecast that Zimmer Biomet will post 8.08 EPS for the current fiscal year.

Zimmer Biomet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Friday, March 29th were paid a dividend of $0.24 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.96 annualized dividend and a yield of 0.80%. Zimmer Biomet’s dividend payout ratio is currently 19.63%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ZBH shares. StockNews.com cut Zimmer Biomet from a strong-buy rating to a buy rating in a report on Monday, February 19th. Royal Bank of Canada reissued an outperform rating and set a $140.00 price objective on shares of Zimmer Biomet in a report on Friday, February 9th. Truist Financial lifted their price target on shares of Zimmer Biomet from $133.00 to $135.00 and gave the stock a hold rating in a research report on Friday, February 9th. Evercore ISI lifted their target price on shares of Zimmer Biomet from $125.00 to $130.00 and gave the stock an in-line rating in a report on Thursday, April 4th. Finally, Raymond James increased their price target on Zimmer Biomet from $133.00 to $137.00 and gave the company an outperform rating in a research note on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $139.39.

Insider Buying and Selling at Zimmer Biomet

In other news, VP Chad F. Phipps sold 26,156 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $128.62, for a total transaction of $3,364,184.72. Following the sale, the vice president now owns 44,145 shares in the company, valued at approximately $5,677,929.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.95% of the company’s stock.

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.