PNC Financial Services Group Inc. Reduces Stock Position in Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

PNC Financial Services Group Inc. lowered its stake in shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH) by 10.6% during the 4th quarter, HoldingsChannel reports. The fund owned 195,222 shares of the medical equipment provider’s stock after selling 23,235 shares during the period. PNC Financial Services Group Inc.’s holdings in Zimmer Biomet were worth $23,759,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. American Century Companies Inc. lifted its position in shares of Zimmer Biomet by 21.2% during the third quarter. American Century Companies Inc. now owns 4,863,741 shares of the medical equipment provider’s stock worth $545,809,000 after acquiring an additional 852,186 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Zimmer Biomet by 3.9% in the fourth quarter. Victory Capital Management Inc. now owns 3,199,302 shares of the medical equipment provider’s stock worth $389,355,000 after purchasing an additional 118,839 shares during the period. Van ECK Associates Corp increased its holdings in shares of Zimmer Biomet by 23.7% in the fourth quarter. Van ECK Associates Corp now owns 2,838,558 shares of the medical equipment provider’s stock worth $345,452,000 after purchasing an additional 543,344 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Zimmer Biomet by 16.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,760,021 shares of the medical equipment provider’s stock worth $335,895,000 after purchasing an additional 386,019 shares during the period. Finally, Boston Partners increased its stake in Zimmer Biomet by 29.2% in the third quarter. Boston Partners now owns 2,694,832 shares of the medical equipment provider’s stock valued at $302,366,000 after acquiring an additional 608,959 shares during the last quarter. Hedge funds and other institutional investors own 88.89% of the company’s stock.

Zimmer Biomet Trading Down 0.1 %

Shares of Zimmer Biomet stock opened at $118.97 on Wednesday. The company has a market capitalization of $24.48 billion, a P/E ratio of 25.75, a P/E/G ratio of 2.15 and a beta of 1.03. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.80 and a current ratio of 1.66. The company has a fifty day moving average of $123.97 and a 200 day moving average of $121.51. Zimmer Biomet Holdings, Inc. has a fifty-two week low of $102.00 and a fifty-two week high of $147.50.

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

Zimmer Biomet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, June 26th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend is Wednesday, June 26th. Zimmer Biomet’s dividend payout ratio (DPR) is presently 20.78%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Truist Financial reduced their target price on Zimmer Biomet from $137.00 to $130.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Oppenheimer increased their target price on Zimmer Biomet from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 target price on shares of Zimmer Biomet in a research note on Friday, February 9th. Argus raised Zimmer Biomet from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a research note on Tuesday. Finally, Citigroup raised their price objective on Zimmer Biomet from $134.00 to $140.00 and gave the company a “neutral” rating in a research note on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Zimmer Biomet has a consensus rating of “Hold” and a consensus target price of $134.40.

Insider Buying and Selling at Zimmer Biomet

In other Zimmer Biomet news, VP Chad F. Phipps sold 26,156 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $128.62, for a total transaction of $3,364,184.72. Following the completion of the transaction, the vice president now owns 44,145 shares of the company’s stock, valued at approximately $5,677,929.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.70% of the company’s stock.

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.