Zimmer Biomet Holdings was Upgraded to a Buy Rating at Needham

By Austin Angelo

Zimmer Biomet Holdings (NYSE: ZBH) received a Buy rating from Needham analyst Michael Matson today. The company’s shares closed yesterday at $105.40.

According to TipRanks.com, Matson is a 5-star analyst with an average return of 6.7% and a 61.0% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp., Cardiovascular Systems, and Baxter International.

Currently, the analyst consensus on Zimmer Biomet Holdings is Strong Buy and the average price target is $143, representing a 35.7% upside.

In a report released yesterday, Piper Jaffray also maintained a Buy rating on the stock.

Based on Zimmer Biomet Holdings’ latest earnings report from June 30, the company posted quarterly revenue of $1.93B and quarterly net profit of -$31.3M. In comparison, last year the company earned revenue of $1.76B and had a net profit of $22.2M.

Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is negative on the stock. Most recently, in September 2016, Daniel Williamson, the Group President of ZBH sold 2,716 shares for a total of $352,944.

Zimmer Biomet Holdings, Inc. designs, manufactures and markets orthopaedic reconstructive products; sports medicine, extremities and trauma products; craniomaxillofacial and thoracic products; dental implants; and related surgical products. It operates through three major geographic segments: America, Europe and Asia Pacific. The Americas segment comprises principally of the U.S. and includes other North, Central and South American markets. The Europe segment comprises principally of Europe and includes the Middle East and African markets. The Asia Pacific segment comprises primarily of Japan and includes other Asian and Pacific markets. Its products and solutions help treat patients suffering from disorders of, or injuries to, bones, joints or supporting soft tissues. The company was founded by Justin O. Zimmer in 1927 and is headquartered in Warsaw, IN.