Zimmer Biomet (NYSE:ZBH) Updates FY24 Earnings Guidance

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

Zimmer Biomet Stock Performance

Shares of NYSE ZBH traded up $0.35 during trading on Friday, hitting $107.27. The company had a trading volume of 1,890,997 shares, compared to its average volume of 1,491,439. The stock has a 50 day simple moving average of $106.96 and a 200 day simple moving average of $110.89. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.63 and a current ratio of 1.36. Zimmer Biomet has a 12 month low of $101.47 and a 12 month high of $133.90. The firm has a market capitalization of $21.85 billion, a P/E ratio of 20.39, a price-to-earnings-growth ratio of 2.02 and a beta of 1.02.

Zimmer Biomet (NYSE:ZBH) last issued its earnings results on Wednesday, October 30th. The medical equipment provider reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.01). The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.80 billion. Zimmer Biomet had a net margin of 14.27% and a return on equity of 12.95%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the business posted $1.65 EPS. As a group, analysts anticipate that Zimmer Biomet will post 7.97 earnings per share for the current year.

Zimmer Biomet Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ZBH shares. Raymond James reduced their price objective on Zimmer Biomet from $128.00 to $123.00 and set an “outperform” rating on the stock in a research note on Monday, October 14th. UBS Group reduced their price objective on Zimmer Biomet from $112.00 to $107.00 and set a “sell” rating on the stock in a research note on Thursday, August 8th. Morgan Stanley dropped their target price on Zimmer Biomet from $130.00 to $120.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. Royal Bank of Canada dropped their target price on Zimmer Biomet from $130.00 to $120.00 and set an “outperform” rating for the company in a report on Tuesday, October 8th. Finally, Oppenheimer dropped 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. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $123.84.

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.