Zimmer Biomet (NYSE:ZBH) Issues FY24 Earnings Guidance

Zimmer Biomet (NYSE:ZBH) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $8.00-8.15 for the period, compared to the consensus estimate of $8.06. The company issued revenue guidance of $7.73-7.80 billion, compared to the consensus revenue estimate of $7.75 billion.

Zimmer Biomet Price Performance

Shares of Zimmer Biomet stock traded up $3.20 during midday trading on Friday, hitting $121.66. 1,847,585 shares of the company traded hands, compared to its average volume of 1,304,580. The stock has a market cap of $25.00 billion, a price-to-earnings ratio of 26.33, a PEG ratio of 2.23 and a beta of 1.03. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.78 and a current ratio of 1.66. The firm’s fifty day moving average price is $125.30 and its 200-day moving average price is $120.02. Zimmer Biomet has a 12 month low of $102.00 and a 12 month high of $147.50.

Zimmer Biomet (NYSE:ZBH) last posted its earnings results on Thursday, May 2nd. The medical equipment provider reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.07. Zimmer Biomet had a net margin of 12.93% and a return on equity of 12.70%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the firm posted $1.89 EPS. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Zimmer Biomet will post 8.1 earnings per share for the current year.

Zimmer Biomet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Friday, March 29th were given a dividend of $0.24 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.79%. Zimmer Biomet’s payout ratio is presently 20.78%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ZBH. Canaccord Genuity Group restated a hold rating and set a $130.00 price target on shares of Zimmer Biomet in a research report on Friday, February 23rd. TheStreet raised shares of Zimmer Biomet from a c rating to a b- rating in a report on Thursday, February 8th. Truist Financial cut their price objective on shares of Zimmer Biomet from $137.00 to $130.00 and set a hold rating for the company in a report on Friday. Needham & Company LLC reiterated a hold rating on shares of Zimmer Biomet in a research note on Thursday. Finally, 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 report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and an average price target of $135.40.

Insider Activity at Zimmer Biomet

In other Zimmer Biomet news, VP Chad F. Phipps sold 26,156 shares of the company’s stock in a transaction on 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 sale, the vice president now directly owns 44,145 shares in the company, valued at approximately $5,677,929.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.95% of the stock is owned by company insiders.

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.