Wells Fargo & Company Upgrades Zimmer Biomet (NYSE:ZBH) to “Equal Weight”

Zimmer Biomet (NYSE:ZBHGet Rating) was upgraded by investment analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage currently has a $124.00 price target on the medical equipment provider’s stock, up from their prior price target of $116.00. Wells Fargo & Company‘s target price suggests a potential upside of 5.08% from the stock’s previous close.

Several other equities research analysts have also commented on ZBH. Piper Sandler dropped their price target on Zimmer Biomet from $130.00 to $120.00 in a research note on Tuesday, August 2nd. Jefferies Financial Group initiated coverage on Zimmer Biomet in a research note on Wednesday, October 12th. They set an “underperform” rating and a $95.00 price target for the company. Royal Bank of Canada dropped their price target on Zimmer Biomet from $128.00 to $125.00 and set a “sector perform” rating for the company in a research note on Thursday, November 3rd. StockNews.com initiated coverage on Zimmer Biomet in a research report on Wednesday, October 12th. They issued a “buy” rating for the company. Finally, Citigroup decreased their target price on Zimmer Biomet from $119.00 to $116.00 and set a “neutral” rating for the company in a research report on Thursday, November 3rd. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Zimmer Biomet presently has an average rating of “Hold” and an average price target of $124.05.

Zimmer Biomet Stock Performance

Zimmer Biomet stock opened at $118.01 on Wednesday. The firm has a market capitalization of $24.76 billion, a P/E ratio of 89.40, a PEG ratio of 2.20 and a beta of 1.08. The stock has a fifty day moving average price of $110.06 and a 200 day moving average price of $110.87. Zimmer Biomet has a 52 week low of $100.39 and a 52 week high of $135.05. The company has a current ratio of 1.98, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41.

Zimmer Biomet (NYSE:ZBHGet Rating) last announced its quarterly earnings results on Wednesday, November 2nd. The medical equipment provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.56 by $0.02. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.64 billion. Zimmer Biomet had a return on equity of 11.92% and a net margin of 3.89%. The firm’s revenue was down 13.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.81 earnings per share. Equities research analysts anticipate that Zimmer Biomet will post 6.84 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Zimmer Biomet by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 23,809,176 shares of the medical equipment provider’s stock worth $2,489,249,000 after buying an additional 235,871 shares during the last quarter. BlackRock Inc. lifted its holdings in Zimmer Biomet by 3.3% during the 3rd quarter. BlackRock Inc. now owns 21,494,011 shares of the medical equipment provider’s stock worth $2,247,199,000 after buying an additional 683,526 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Zimmer Biomet by 11.5% during the 1st quarter. JPMorgan Chase & Co. now owns 12,772,584 shares of the medical equipment provider’s stock worth $1,633,612,000 after buying an additional 1,321,955 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Zimmer Biomet by 18.1% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 10,549,223 shares of the medical equipment provider’s stock worth $1,102,922,000 after buying an additional 1,619,881 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in Zimmer Biomet by 4.9% during the 1st quarter. American Century Companies Inc. now owns 5,837,756 shares of the medical equipment provider’s stock worth $746,649,000 after buying an additional 272,469 shares during the last quarter. Institutional investors own 89.39% of the company’s stock.

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.

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Analyst Recommendations for Zimmer Biomet (NYSE:ZBH)

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