Zimmer Biomet (NYSE:ZBH) Updates FY 2024 Earnings Guidance

by · The Markets Daily

Zimmer Biomet (NYSE:ZBH – Get Free Report) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 7.950-8.050 for the period, compared to the consensus EPS estimate of 7.950. The company issued revenue guidance of $7.7 billion-$7.7 billion, compared to the consensus revenue estimate of $7.7 billion. Zimmer Biomet also updated its FY24 guidance to $7.95-8.05 EPS.

Zimmer Biomet Stock Performance

NYSE ZBH traded up $0.35 during mid-day trading on Friday, reaching $107.27. 1,890,997 shares of the stock were exchanged, compared to its average volume of 1,491,439. The company has a market capitalization of $21.85 billion, a P/E ratio of 20.56, a P/E/G ratio of 2.02 and a beta of 1.02. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.63 and a current ratio of 1.36. The business’s 50 day moving average is $107.11 and its 200-day moving average is $111.00. Zimmer Biomet has a 1 year low of $101.47 and a 1 year high of $133.90.

Zimmer Biomet (NYSE:ZBH – Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.01). Zimmer Biomet had a return on equity of 12.95% and a net margin of 14.27%. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period in the previous year, the company posted $1.65 EPS. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities research analysts forecast that Zimmer Biomet will post 7.97 EPS for the current fiscal year.

Zimmer Biomet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.89%. The ex-dividend date was Monday, September 30th. Zimmer Biomet’s payout ratio is presently 18.25%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Zimmer Biomet from $110.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Thursday. Oppenheimer reduced their target price on Zimmer Biomet from $145.00 to $135.00 and set an “outperform” rating for the company in a report on Tuesday, October 15th. Truist Financial lifted their price target on Zimmer Biomet from $112.00 to $117.00 and gave the stock a “hold” rating in a research note on Friday. Evercore ISI reduced their price objective on 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. Finally, BTIG Research lowered their target price on shares of Zimmer Biomet from $134.00 to $126.00 and set a “buy” rating on the stock in a research note on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Zimmer Biomet presently has an average rating of “Hold” and an average target price of $123.84.

View Our Latest Report on ZBH

Zimmer Biomet Company Profile

(Get Free Report)

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.

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