PNC Financial Services Group Inc. Sells 4,376 Shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

PNC Financial Services Group Inc. reduced its holdings in shares of Zimmer Biomet Holdings, Inc. (NYSE:ZBH) by 2.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 154,408 shares of the medical equipment provider’s stock after selling 4,376 shares during the quarter. PNC Financial Services Group Inc. owned 0.08% of Zimmer Biomet worth $17,476,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dodge & Cox lifted its holdings in shares of Zimmer Biomet by 12.0% in the fourth quarter. Dodge & Cox now owns 19,118,436 shares of the medical equipment provider’s stock valued at $2,019,480,000 after purchasing an additional 2,044,645 shares in the last quarter. Nuveen Asset Management LLC increased its position in Zimmer Biomet by 191.8% in the fourth quarter. Nuveen Asset Management LLC now owns 1,389,405 shares of the medical equipment provider’s stock worth $146,763,000 after buying an additional 913,310 shares during the last quarter. FMR LLC increased its position in Zimmer Biomet by 91.6% in the fourth quarter. FMR LLC now owns 1,438,011 shares of the medical equipment provider’s stock worth $151,897,000 after buying an additional 687,675 shares during the last quarter. Freestone Grove Partners LP purchased a new position in shares of Zimmer Biomet in the fourth quarter valued at $67,954,000. Finally, Boston Trust Walden Corp purchased a new position in Zimmer Biomet during the first quarter worth about $54,108,000. Institutional investors and hedge funds own 88.89% of the company’s stock.

Zimmer Biomet Stock Up 2.0%

ZBH stock opened at $92.48 on Tuesday. Zimmer Biomet Holdings, Inc. has a fifty-two week low of $89.22 and a fifty-two week high of $116.71. The company has a quick ratio of 1.46, a current ratio of 2.44 and a debt-to-equity ratio of 0.53. The firm’s 50-day simple moving average is $93.16 and its 200 day simple moving average is $100.07. The stock has a market cap of $18.30 billion, a PE ratio of 20.46, a price-to-earnings-growth ratio of 2.12 and a beta of 0.68.

Zimmer Biomet (NYSE:ZBH) last posted its quarterly earnings data on Monday, May 5th. The medical equipment provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.04. Zimmer Biomet had a net margin of 11.86% and a return on equity of 12.73%. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period last year, the company earned $1.94 earnings per share. The firm’s revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that Zimmer Biomet Holdings, Inc. will post 8.22 EPS for the current year.

Zimmer Biomet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, June 26th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Thursday, June 26th. Zimmer Biomet’s payout ratio is presently 21.24%.

Insider Activity at Zimmer Biomet

In related news, insider Sang Yi sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. Following the completion of the sale, the insider owned 20,424 shares in the company, valued at $1,940,280. The trade was a 4.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ZBH shares. Roth Capital raised Zimmer Biomet from a “neutral” rating to a “buy” rating and set a $135.00 price target for the company in a research note on Tuesday, July 15th. Wells Fargo & Company lowered their price target on Zimmer Biomet from $113.00 to $98.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lowered their price target on Zimmer Biomet from $128.00 to $105.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Stifel Nicolaus set a $115.00 target price on Zimmer Biomet and gave the stock a “buy” rating in a report on Tuesday, May 6th. Finally, Truist Financial set a $101.00 target price on Zimmer Biomet in a report on Tuesday, May 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $111.39.

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.