Zimmer Biomet (NYSE:ZBH) Updates FY24 Earnings Guidance

Zimmer Biomet (NYSE:ZBH) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $8.00-8.15 for the period, compared to the consensus earnings per share 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 Trading Up 2.7 %

ZBH traded up $3.20 on Friday, reaching $121.66. 1,847,585 shares of the company traded hands, compared to its average volume of 1,304,580. Zimmer Biomet has a one year low of $102.00 and a one year high of $147.50. The firm has a fifty day simple moving average of $125.30 and a two-hundred day simple moving average of $120.02. The company has a market cap of $25.00 billion, a P/E ratio of 26.33, a price-to-earnings-growth ratio of 2.23 and a beta of 1.03. The company has a quick ratio of 0.78, a current ratio of 1.66 and a debt-to-equity ratio of 0.38.

Zimmer Biomet (NYSE:ZBH) last announced its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $0.07. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.87 billion. Zimmer Biomet had a net margin of 12.93% and a return on equity of 12.70%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter last year, the business posted $1.89 EPS. As a group, equities research analysts expect that Zimmer Biomet will post 8.1 earnings per share for the current year.

Zimmer Biomet Dividend Announcement

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

Wall Street Analyst Weigh In

ZBH has been the topic of a number of research reports. Citigroup raised their target price on shares of Zimmer Biomet from $134.00 to $140.00 and gave the company a neutral rating in a research report on Wednesday, April 3rd. Oppenheimer lifted their price objective on shares of Zimmer Biomet from $150.00 to $155.00 and gave the stock an outperform rating in a research report on Friday. Barclays lifted their price objective on shares of Zimmer Biomet from $120.00 to $130.00 and gave the stock an underweight rating in a research report on Monday, February 12th. TheStreet upgraded shares of Zimmer Biomet from a c rating to a b- rating in a research note on Thursday, February 8th. Finally, StockNews.com cut shares of Zimmer Biomet from a strong-buy rating to a buy rating in a research note on Monday, February 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $135.40.

Insider Activity at Zimmer Biomet

In related news, VP Chad F. Phipps sold 26,156 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were 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 owns 44,145 shares of the company’s stock, valued at $5,677,929.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.95% of the stock is currently owned by 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.