Zimmer Biomet (NYSE:ZBH) Upgraded by JPMorgan Chase & Co. to “Overweight” Rating

JPMorgan Chase & Co. upgraded shares of Zimmer Biomet (NYSE:ZBH) from a neutral rating to an overweight rating in a research report sent to investors on Tuesday, MarketBeat reports. The firm currently has $128.00 price target on the medical equipment provider’s stock, up from their prior price target of $125.00.

ZBH has been the topic of several other reports. Needham & Company LLC reiterated a “hold” rating on shares of Zimmer Biomet in a report on Thursday, October 31st. Canaccord Genuity Group cut their price target on shares of Zimmer Biomet from $120.00 to $115.00 and set a “hold” rating on the stock in a research note on Tuesday, September 10th. Evercore ISI lowered their price objective on shares of Zimmer Biomet from $113.00 to $110.00 and set an “in-line” rating for the company in a research note on Tuesday, October 1st. BTIG Research cut their target price on Zimmer Biomet from $134.00 to $126.00 and set a “buy” rating on the stock in a research report on Thursday, October 3rd. Finally, Raymond James lowered their price target on Zimmer Biomet from $128.00 to $123.00 and set an “outperform” rating for the company in a research report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $123.28.

Zimmer Biomet Stock Performance

NYSE:ZBH opened at $108.08 on Tuesday. Zimmer Biomet has a 1-year low of $101.47 and a 1-year high of $133.90. The firm has a 50 day simple moving average of $107.90 and a 200-day simple moving average of $108.55. The firm has a market cap of $21.52 billion, a PE ratio of 20.55, a P/E/G ratio of 1.96 and a beta of 1.02. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.36 and a quick ratio of 0.70.

Zimmer Biomet (NYSE:ZBH) last issued its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported $1.74 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.74. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.80 billion. Zimmer Biomet had a return on equity of 12.95% and a net margin of 14.27%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.65 EPS. On average, equities analysts expect that Zimmer Biomet will post 7.99 EPS for the current year.

Institutional Trading of Zimmer Biomet

Several institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its position in shares of Zimmer Biomet by 12.6% in the 2nd quarter. American Century Companies Inc. now owns 6,463,845 shares of the medical equipment provider’s stock worth $701,521,000 after acquiring an additional 722,041 shares in the last quarter. Equity Investment Corp bought a new position in Zimmer Biomet during the third quarter worth $70,104,000. Hotchkis & Wiley Capital Management LLC increased its stake in Zimmer Biomet by 49.1% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,752,298 shares of the medical equipment provider’s stock valued at $189,161,000 after purchasing an additional 577,320 shares during the last quarter. Magnetar Financial LLC raised its holdings in shares of Zimmer Biomet by 58.7% during the second quarter. Magnetar Financial LLC now owns 1,310,265 shares of the medical equipment provider’s stock worth $142,203,000 after purchasing an additional 484,816 shares during the period. Finally, Van ECK Associates Corp lifted its position in shares of Zimmer Biomet by 12.4% in the 3rd quarter. Van ECK Associates Corp now owns 3,736,761 shares of the medical equipment provider’s stock worth $391,239,000 after buying an additional 411,163 shares during the last quarter. 88.89% of the stock is owned by institutional investors and hedge funds.

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.