Magellan Asset Management Ltd Grows Stock Position in Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

Magellan Asset Management Ltd increased its holdings in Zimmer Biomet Holdings, Inc. (NYSE:ZBH) by 43.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 394,374 shares of the medical equipment provider’s stock after buying an additional 119,869 shares during the quarter. Magellan Asset Management Ltd owned 0.20% of Zimmer Biomet worth $41,658,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its position in shares of Zimmer Biomet by 398.7% during the 4th quarter. Franklin Resources Inc. now owns 3,497,764 shares of the medical equipment provider’s stock valued at $369,469,000 after acquiring an additional 2,796,372 shares during the period. Norges Bank bought a new stake in Zimmer Biomet during the fourth quarter valued at about $216,223,000. Sound Shore Management Inc. CT bought a new stake in Zimmer Biomet during the fourth quarter valued at about $81,447,000. Equity Investment Corp raised its stake in shares of Zimmer Biomet by 57.2% in the fourth quarter. Equity Investment Corp now owns 1,021,062 shares of the medical equipment provider’s stock worth $107,855,000 after buying an additional 371,653 shares during the period. Finally, Van ECK Associates Corp raised its stake in shares of Zimmer Biomet by 5.9% in the fourth quarter. Van ECK Associates Corp now owns 3,955,449 shares of the medical equipment provider’s stock worth $417,814,000 after buying an additional 218,688 shares during the period. 88.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ZBH shares. JPMorgan Chase & Co. raised shares of Zimmer Biomet from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $125.00 to $128.00 in a report on Tuesday, December 17th. Royal Bank of Canada decreased their price objective on shares of Zimmer Biomet from $130.00 to $125.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Barclays cut their price target on Zimmer Biomet from $118.00 to $112.00 and set an “underweight” rating for the company in a research note on Monday, February 10th. JMP Securities restated a “market outperform” rating and issued a $140.00 price objective on shares of Zimmer Biomet in a research report on Friday, February 7th. Finally, Truist Financial reissued a “hold” rating and set a $113.00 target price (down previously from $118.00) on shares of Zimmer Biomet in a research note on Monday, February 10th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Zimmer Biomet currently has a consensus rating of “Hold” and a consensus price target of $124.15.

Insider Activity

In related news, SVP Lori Winkler sold 1,443 shares of Zimmer Biomet stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $104.40, for a total transaction of $150,649.20. Following the completion of the sale, the senior vice president now owns 8,768 shares in the company, valued at $915,379.20. This trade represents a 14.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.70% of the company’s stock.

Zimmer Biomet Trading Up 0.2 %

Shares of ZBH opened at $112.54 on Thursday. The company’s fifty day simple moving average is $107.35 and its 200-day simple moving average is $107.18. The company has a market cap of $22.40 billion, a P/E ratio of 25.29, a P/E/G ratio of 1.95 and a beta of 1.04. The company has a current ratio of 1.91, a quick ratio of 0.99 and a debt-to-equity ratio of 0.43. Zimmer Biomet Holdings, Inc. has a twelve month low of $97.69 and a twelve month high of $130.89.

Zimmer Biomet (NYSE:ZBH) last announced its quarterly earnings data on Thursday, February 6th. The medical equipment provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.01. Zimmer Biomet had a net margin of 11.77% and a return on equity of 12.99%. During the same period in the prior year, the company earned $2.20 earnings per share. As a group, analysts expect that Zimmer Biomet Holdings, Inc. will post 8.22 EPS for the current year.

Zimmer Biomet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a dividend of $0.24 per share. The ex-dividend date is Monday, March 31st. This represents a $0.96 annualized dividend and a dividend yield of 0.85%. Zimmer Biomet’s dividend payout ratio (DPR) is 21.57%.

Zimmer Biomet 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.