Sofinnova Investments Inc. Acquires Shares of 10,630 Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

Sofinnova Investments Inc. acquired a new position in shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 10,630 shares of the medical equipment provider’s stock, valued at approximately $1,154,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in Zimmer Biomet by 12.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,642,801 shares of the medical equipment provider’s stock worth $1,404,638,000 after buying an additional 1,215,935 shares during the last quarter. American Century Companies Inc. lifted its stake in Zimmer Biomet by 12.6% during the second quarter. American Century Companies Inc. now owns 6,463,845 shares of the medical equipment provider’s stock worth $701,521,000 after purchasing an additional 722,041 shares during the last quarter. Primecap Management Co. CA boosted its holdings in Zimmer Biomet by 10.5% in the fourth quarter. Primecap Management Co. CA now owns 5,086,578 shares of the medical equipment provider’s stock valued at $619,037,000 after purchasing an additional 484,151 shares in the last quarter. Victory Capital Management Inc. increased its stake in Zimmer Biomet by 6.7% in the second quarter. Victory Capital Management Inc. now owns 3,364,624 shares of the medical equipment provider’s stock valued at $365,163,000 after purchasing an additional 211,637 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in Zimmer Biomet by 5.3% during the second quarter. Van ECK Associates Corp now owns 3,325,598 shares of the medical equipment provider’s stock worth $360,927,000 after purchasing an additional 167,038 shares in the last quarter. Institutional investors and hedge funds own 88.89% of the company’s stock.

Analysts Set New Price Targets

ZBH has been the topic of several research analyst reports. JPMorgan Chase & Co. cut their price target on shares of Zimmer Biomet from $125.00 to $120.00 and set a “neutral” rating on the stock in a research note on Monday. Canaccord Genuity Group reduced their target price on Zimmer Biomet from $120.00 to $115.00 and set a “hold” rating for the company in a report on Tuesday, September 10th. Piper Sandler lowered Zimmer Biomet from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $140.00 to $115.00 in a research report on Monday, July 1st. Royal Bank of Canada decreased their price objective on Zimmer Biomet from $140.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Finally, The Goldman Sachs Group initiated coverage on shares of Zimmer Biomet in a research report on Thursday, May 30th. They set a “neutral” rating and a $129.00 target price on the stock. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $125.17.

Zimmer Biomet Stock Performance

NYSE:ZBH opened at $107.38 on Tuesday. The firm’s fifty day simple moving average is $109.92 and its 200-day simple moving average is $115.91. The company has a quick ratio of 0.63, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The stock has a market cap of $22.09 billion, a PE ratio of 23.24, a price-to-earnings-growth ratio of 1.92 and a beta of 1.02. Zimmer Biomet Holdings, Inc. has a fifty-two week low of $102.00 and a fifty-two week high of $133.90.

Zimmer Biomet (NYSE:ZBH) last issued its earnings results on Wednesday, August 7th. The medical equipment provider reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.02. The company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.94 billion. Zimmer Biomet had a net margin of 13.25% and a return on equity of 12.86%. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.82 earnings per share. Analysts expect that Zimmer Biomet Holdings, Inc. will post 8.02 earnings per share for the current fiscal year.

Zimmer Biomet Announces Dividend

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

About Zimmer Biomet

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.