Zimmer Biomet (ZBH) Stock Rating Reaffirmed by Canaccord Genuity
Zimmer Biomet (NYSE:ZBH)‘s stock had its “hold” rating restated by investment analysts at Canaccord Genuity in a note issued to investors on Tuesday. They currently have a $125.00 price objective on the medical equipment provider’s stock. Canaccord Genuity’s price objective points to a potential upside of 3.15% from the company’s previous close.
The analysts wrote, “We maintain our HOLD rating following the announcement that Zimmer has named Bryan Hanson, former EVP and President of Medtronic’s Minimally Invasive Therapies Group, as CEO effective immediately. The announcement ends the five-month search for a new leader after former CEO David Dvorak resigned early in the Q3/17. Additionally, interim CEO Dan Florin will remain with the company as CFO. We view the hire positively as it removes the near-term overhang of management uncertainty and adds a seasoned medtech veteran to the management team and board. Additionally, we expect the new CEO to be well received by investors given our recent diligence suggested Mr. Hanson was at the top of investors’ short list of potential candidates.””
ZBH has been the subject of several other research reports. Royal Bank of Canada lowered their price objective on shares of Zimmer Biomet to $125.00 and set an “outperform” rating for the company in a research report on Tuesday, November 7th. Zacks Investment Research downgraded shares of Zimmer Biomet from a “hold” rating to a “sell” rating in a research note on Monday, November 6th. BMO Capital Markets reduced their target price on shares of Zimmer Biomet from $140.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, November 2nd. Jefferies Group reissued a “buy” rating and issued a $136.00 target price on shares of Zimmer Biomet in a research note on Friday, November 3rd. Finally, Deutsche Bank raised shares of Zimmer Biomet from a “hold” rating to a “buy” rating and set a $128.00 target price on the stock in a research note on Tuesday, November 14th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $135.14.
Zimmer Biomet (NYSE:ZBH) last released its quarterly earnings data on Wednesday, November 1st. The medical equipment provider reported $1.72 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.74 by ($0.02). Zimmer Biomet had a net margin of 8.36% and a return on equity of 16.29%. The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter last year, the business earned $1.79 EPS. Zimmer Biomet’s revenue for the quarter was down .8% compared to the same quarter last year. equities research analysts forecast that Zimmer Biomet will post 8.03 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the stock. CWA Asset Management Group LLC increased its stake in Zimmer Biomet by 1.8% in the 2nd quarter. CWA Asset Management Group LLC now owns 1,952 shares of the medical equipment provider’s stock worth $251,000 after buying an additional 34 shares during the period. Advisory Services Network LLC increased its stake in Zimmer Biomet by 1.0% in the 2nd quarter. Advisory Services Network LLC now owns 3,690 shares of the medical equipment provider’s stock worth $474,000 after buying an additional 37 shares during the period. Armor Investment Advisors LLC increased its stake in Zimmer Biomet by 2.0% in the 2nd quarter. Armor Investment Advisors LLC now owns 2,600 shares of the medical equipment provider’s stock worth $334,000 after buying an additional 50 shares during the period. Geneva Advisors LLC increased its stake in Zimmer Biomet by 2.7% in the 2nd quarter. Geneva Advisors LLC now owns 2,107 shares of the medical equipment provider’s stock worth $271,000 after buying an additional 55 shares during the period. Finally, Sandy Spring Bank increased its stake in Zimmer Biomet by 5.4% in the 2nd quarter. Sandy Spring Bank now owns 1,288 shares of the medical equipment provider’s stock worth $166,000 after buying an additional 66 shares during the period. 85.92% of the stock is currently owned by institutional investors.
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About Zimmer Biomet
Zimmer Biomet Holdings, Inc is engaged in designing, manufacturing and marketing of orthopedic reconstructive products; sports medicine, biologics, extremities and trauma products; office-based technologies; spine, craniomaxillofacial and thoracic products; dental implants, and related surgical products.
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