Zimmer Biomet (ZBH)

• Market cap: $21.3B
• 1 day: 1.24%
• 5 days: 0.32%
• 1 month: -1.97%
• 3 months: 0.66%
• 6 months: 0.82%
• Year to date: -11.76%
• 1 year: -10.73%
• 5 years: -28.74%
• 10 years: -6.89%
• Sector: Healthcare
• Industry: Orthopedic, Prosthetic & Surgical Appliances & Supplies

About: Zimmer Biomet designs, manufactures, and markets orthopedic reconstructive implants as well as supplies and surgical equipment for orthopedic surgery. With the acquisitions of Centerpulse in 2003 and Biomet in 2015, Zimmer holds the leading share of the reconstructive market in the United States, Europe, and Japan. Roughly two thirds of total revenue is derived from sales of large joints; another fourth comes from extremities, trauma, sports medicine, and related surgical products. The firm spun out its dental and spine businesses in 2022.

Employees: 18,000

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

3% less funds holding

Funds holding: 992 [Q2] → 961 (-31) [Q3]

3.56% less ownership

Funds ownership: 91.54% [Q2] → 87.98% (-3.56%) [Q3]

5% less capital invested

Capital invested by funds: $20.4B [Q2] → $19.3B (-$1.12B) [Q3]

25% less funds holding in top 10

Funds holding in top 10: 8 [Q2] → 6 (-2) [Q3]

26% less repeat investments, than reductions

Existing positions increased: 293 | Existing positions reduced: 394

28% less first-time investments, than exits

New positions opened: 79 | Existing positions closed: 110

64% less call options, than puts

Call options by funds: $46.2M | Put options by funds: $127M

Research analyst outlook

9 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $110 3% upside
• Avg. target: $122 14% upside
• High target: $135 26% upside

9 analyst ratings

• positive: 5 56%
• neutral: 3 33%
• negative: 1 11%

Truist Securities Richard Newitter 80% 1-year accuracy 40 / 50 met price target	10% upside $118	Hold Maintained	18 Dec 2024
JP Morgan Robbie Marcus 48% 1-year accuracy 10 / 21 met price target	19% upside $128	Overweight Upgraded	17 Dec 2024
Barclays Matt Miksic 61% 1-year accuracy 22 / 36 met price target	10% upside $118	Underweight Maintained	12 Dec 2024
RBC Capital Shagun Singh 51% 1-year accuracy 40 / 78 met price target	17% upside $125	Outperform Maintained	4 Nov 2024
Wells Fargo Larry Biegelsen 51% 1-year accuracy 24 / 47 met price target	9% upside $117	Equal-Weight Maintained	31 Oct 2024