Covington Capital Management Decreases Stock Position in Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

Covington Capital Management cut its holdings in Zimmer Biomet Holdings, Inc. (NYSE:ZBHGet Rating) by 44.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 250 shares of the medical equipment provider’s stock after selling 204 shares during the quarter. Covington Capital Management’s holdings in Zimmer Biomet were worth $26,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ZBH. Vanguard Group Inc. raised its stake in Zimmer Biomet by 19.0% in the first quarter. Vanguard Group Inc. now owns 23,102,761 shares of the medical equipment provider’s stock valued at $2,954,843,000 after buying an additional 3,695,510 shares during the last quarter. Norges Bank purchased a new position in shares of Zimmer Biomet in the fourth quarter worth about $256,611,000. Capital International Investors raised its stake in shares of Zimmer Biomet by 41.4% in the fourth quarter. Capital International Investors now owns 5,530,514 shares of the medical equipment provider’s stock worth $702,596,000 after purchasing an additional 1,618,582 shares during the last quarter. Ceredex Value Advisors LLC purchased a new position in shares of Zimmer Biomet in the first quarter worth about $197,607,000. Finally, Neuberger Berman Group LLC raised its stake in shares of Zimmer Biomet by 194.1% in the first quarter. Neuberger Berman Group LLC now owns 2,220,049 shares of the medical equipment provider’s stock worth $283,967,000 after purchasing an additional 1,465,089 shares during the last quarter. 89.39% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Zimmer Biomet

In other news, insider Zuilen Wilfred Van sold 531 shares of Zimmer Biomet stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $105.22, for a total value of $55,871.82. Following the completion of the sale, the insider now directly owns 2,240 shares of the company’s stock, valued at $235,692.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.73% of the company’s stock.

Zimmer Biomet Stock Performance

Shares of NYSE:ZBH opened at $113.40 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.81 and a quick ratio of 0.95. The business’s 50 day moving average price is $110.38 and its 200-day moving average price is $115.61. The firm has a market capitalization of $23.79 billion, a PE ratio of 103.39, a P/E/G ratio of 3.34 and a beta of 1.14. Zimmer Biomet Holdings, Inc. has a 1 year low of $100.39 and a 1 year high of $153.76.

Zimmer Biomet (NYSE:ZBHGet Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The medical equipment provider reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.19. The firm had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.72 billion. Zimmer Biomet had a return on equity of 12.20% and a net margin of 3.10%. The business’s revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.90 earnings per share. As a group, equities research analysts expect that Zimmer Biomet Holdings, Inc. will post 6.8 earnings per share for the current fiscal year.

Zimmer Biomet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a $0.24 dividend. The ex-dividend date is Thursday, September 29th. This represents a $0.96 dividend on an annualized basis and a yield of 0.85%. Zimmer Biomet’s dividend payout ratio is currently 88.07%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Truist Financial reduced their price objective on Zimmer Biomet to $115.00 in a research note on Friday, July 22nd. Piper Sandler dropped their target price on Zimmer Biomet from $130.00 to $120.00 in a report on Tuesday, August 2nd. Citigroup raised their target price on Zimmer Biomet from $114.00 to $119.00 in a report on Wednesday, August 3rd. Needham & Company LLC lowered Zimmer Biomet from a “buy” rating to a “hold” rating in a report on Friday, May 27th. Finally, Stifel Nicolaus dropped their target price on Zimmer Biomet from $140.00 to $120.00 in a report on Monday, July 18th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $133.50.

About Zimmer Biomet

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Zimmer Biomet Holdings, Inc, together with its subsidiaries, operates in the musculoskeletal healthcare business in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company designs, manufactures, and markets orthopaedic reconstructive products, such as knee and hip products; S.E.T.

Further Reading

Institutional Ownership by Quarter for Zimmer Biomet (NYSE:ZBH)

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