Zimmer Biomet (NYSE:ZBH) Updates FY24 Earnings Guidance

Zimmer Biomet (NYSE:ZBH - Get Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $7.95-8.05 for the period, compared to the consensus EPS estimate of $7.96. Zimmer Biomet also updated its FY 2024 guidance to 7.950-8.050 EPS.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wolfe Research initiated coverage on Zimmer Biomet in a research note on Tuesday, September 10th. They set a "peer perform" rating on the stock. TD Cowen cut their price target on shares of Zimmer Biomet from $143.00 to $119.00 and set a "hold" rating on the stock in a report on Friday, September 6th. Canaccord Genuity Group reduced their price objective on shares of Zimmer Biomet from $120.00 to $115.00 and set a "hold" rating for the company in a research report on Tuesday, September 10th. Evercore ISI dropped their target price on shares of Zimmer Biomet from $113.00 to $110.00 and set an "in-line" rating on the stock in a research report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. reduced their target price on Zimmer Biomet from $125.00 to $120.00 and set a "neutral" rating for the company in a report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $123.94.

Zimmer Biomet Stock Performance

Shares of ZBH stock traded up $5.93 during trading on Wednesday, reaching $109.81. 3,246,472 shares of the company's stock traded hands, compared to its average volume of 1,486,455. The firm's 50-day moving average is $107.29 and its 200 day moving average is $111.04. The company has a market capitalization of $22.59 billion, a P/E ratio of 22.48, a PEG ratio of 1.88 and a beta of 1.02. Zimmer Biomet has a 1 year low of $101.47 and a 1 year high of $133.90. The company has a current ratio of 1.29, a quick ratio of 0.63 and a debt-to-equity ratio of 0.31.

Zimmer Biomet (NYSE:ZBH - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The medical equipment provider reported $2.01 EPS for the quarter, topping analysts' consensus estimates of $1.99 by $0.02. Zimmer Biomet had a return on equity of 12.86% and a net margin of 13.25%. The firm had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period last year, the company earned $1.82 earnings per share. The business's revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts expect that Zimmer Biomet will post 7.97 EPS for the current year.

Zimmer Biomet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date is Monday, September 30th. Zimmer Biomet's payout ratio is 20.78%.

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.