In a report released today, Michael Matson from Needham maintained a Buy rating on Zimmer Biomet Holdings (NYSE: ZBH), with a price target of $150. The company’s shares opened today at $125.45, close to its 52-week high of $129.34.
Matson commented:
“In an 8-K filed this morning, ZBH disclosed that it received a FDA warning letter late Friday, 8/24.The warning letter isn’t a surprise in our view given ZBH’s previous two Form 483s. While we think that the risk of a consent decree has probably increased, we still think it is very unlikely given ZBH’s significant efforts and investments in addressing the Biomet plant issues. We don’t expect any impact to ZBH’s financial results from the warning letter and maintain our Buy rating.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 13.2% and a 63.9% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Merit Medical Systems.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Zimmer Biomet Holdings with a $138.33 average price target, representing a 10.3% upside. In a report released today, Cantor Fitzgerald also maintained a Buy rating on the stock with a $150 price target.
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Zimmer Biomet Holdings’ market cap is currently $25.51B and has a P/E ratio of 14.95. The company has a Price to Book ratio of 2.12.
Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Tony Collins, the VP, Contr & CAO of ZBH sold 2,778 shares for a total of $349,359.
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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. The company operates through three geographical segments: America, Europe and Asia Pacific.
