Zimmer Biomet (NYSE:ZBH) Posts Earnings Results, Misses Expectations By $0.01 EPS

Zimmer Biomet (NYSE:ZBH) issued its quarterly earnings results on Wednesday. The medical equipment provider reported $1.74 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.01), Briefing.com reports. The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.80 billion. Zimmer Biomet had a return on equity of 12.86% and a net margin of 13.25%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the firm earned $1.65 earnings per share. Zimmer Biomet updated its FY 2024 guidance to 7.950-8.050 EPS and its FY24 guidance to $7.95-8.05 EPS.

Zimmer Biomet Price Performance

Shares of Zimmer Biomet stock traded down $2.52 during trading on Thursday, reaching $107.29. 990,354 shares of the company’s stock were exchanged, compared to its average volume of 1,483,996. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.63 and a current ratio of 1.29. Zimmer Biomet has a 1-year low of $101.47 and a 1-year high of $133.90. The company has a market cap of $22.07 billion, a P/E ratio of 23.76, a PEG ratio of 1.88 and a beta of 1.02. The firm’s 50-day moving average price is $107.24 and its 200 day moving average price is $111.03.

Zimmer Biomet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend is Monday, September 30th. Zimmer Biomet’s dividend payout ratio is presently 20.78%.

Analyst Ratings Changes

ZBH has been the topic of a number of analyst reports. Royal Bank of Canada dropped their price objective on Zimmer Biomet from $130.00 to $120.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 8th. TD Cowen cut their price target on shares of Zimmer Biomet from $143.00 to $119.00 and set a “hold” rating for the company in a research note on Friday, September 6th. Truist Financial reaffirmed a “hold” rating and issued a $112.00 target price (down from $117.00) on shares of Zimmer Biomet in a report on Friday, September 13th. JPMorgan Chase & Co. reduced their price target on Zimmer Biomet from $125.00 to $120.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, Wolfe Research initiated coverage on Zimmer Biomet in a research note on Tuesday, September 10th. They set a “peer perform” rating for the company. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $123.94.

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.