California Public Employees Retirement System Sells 8,787 Shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

California Public Employees Retirement System reduced its position in Zimmer Biomet Holdings, Inc. (NYSE:ZBH) by 2.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 389,918 shares of the medical equipment provider’s stock after selling 8,787 shares during the period. California Public Employees Retirement System’s holdings in Zimmer Biomet were worth $47,453,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. DAVENPORT & Co LLC boosted its stake in shares of Zimmer Biomet by 7.6% during the third quarter. DAVENPORT & Co LLC now owns 6,085 shares of the medical equipment provider’s stock valued at $683,000 after purchasing an additional 428 shares during the period. Oak Thistle LLC purchased a new position in shares of Zimmer Biomet during the third quarter worth approximately $494,000. Czech National Bank increased its position in shares of Zimmer Biomet by 47.9% during the third quarter. Czech National Bank now owns 36,522 shares of the medical equipment provider’s stock worth $4,098,000 after acquiring an additional 11,831 shares during the period. Connecticut Wealth Management LLC purchased a new stake in shares of Zimmer Biomet in the third quarter valued at approximately $444,000. Finally, InTrack Investment Management Inc grew its stake in Zimmer Biomet by 17.3% in the third quarter. InTrack Investment Management Inc now owns 4,054 shares of the medical equipment provider’s stock worth $455,000 after purchasing an additional 599 shares in the last quarter. Institutional investors own 88.89% of the company’s stock.

Insider Buying and Selling at Zimmer Biomet

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

Zimmer Biomet Stock Performance

ZBH opened at $119.35 on Friday. The company has a market cap of $24.52 billion, a P/E ratio of 24.41, a price-to-earnings-growth ratio of 2.20 and a beta of 1.01. The company has a quick ratio of 0.78, a current ratio of 1.61 and a debt-to-equity ratio of 0.39. The firm’s 50-day moving average price is $125.98 and its 200-day moving average price is $119.52. Zimmer Biomet Holdings, Inc. has a 52-week low of $102.00 and a 52-week high of $149.25.

Zimmer Biomet (NYSE:ZBH) last issued its quarterly earnings results on Thursday, February 8th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.05. Zimmer Biomet had a net margin of 13.85% and a return on equity of 12.79%. The business had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same quarter in the prior year, the business posted $1.88 EPS. Zimmer Biomet’s revenue for the quarter was up 6.3% compared to the same quarter last year. As a group, equities analysts anticipate that Zimmer Biomet Holdings, Inc. will post 8.07 EPS for the current fiscal year.

Zimmer Biomet Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ZBH shares. JPMorgan Chase & Co. lifted their target price on Zimmer Biomet from $115.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, February 9th. Evercore ISI upped their price objective on shares of Zimmer Biomet from $125.00 to $130.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Barclays increased their target price on shares of Zimmer Biomet from $120.00 to $130.00 and gave the stock an “underweight” rating in a report on Monday, February 12th. Royal Bank of Canada restated an “outperform” rating and issued a $140.00 price target on shares of Zimmer Biomet in a report on Friday, February 9th. Finally, Citigroup increased their price objective on shares of Zimmer Biomet from $134.00 to $140.00 and gave the company a “neutral” rating in a research note on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $139.39.

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.