WARSAW, Ind. - Zimmer Biomet Holdings, Inc. (NYSE:ZBH), a prominent player in the medical technology industry with a market capitalization of $21.5 billion, has declared a quarterly cash dividend for the fourth quarter of 2024. The company's Board of Directors has confirmed that stockholders will receive a dividend of $0.24 per share, representing a current yield of 0.89%. This dividend is slated for distribution on or around January 31, 2025, to shareholders who are on record by the close of business on December 30, 2024. According to InvestingPro, the company has maintained dividend payments for 13 consecutive years.
Zimmer Biomet, with over 90 years of experience, focuses on enhancing patient experiences through its diverse range of products and advanced digital and robotic technologies. These innovations are designed to leverage data and analytics, including artificial intelligence, to optimize mobility and improve health outcomes. The company's influence extends globally, with operations in more than 25 countries and product sales in over 100 countries, generating annual revenues of $7.6 billion with an impressive gross margin of 71.9%.
The announcement of the dividend is part of Zimmer Biomet's commitment to providing value to its stockholders and reflects its sustained financial performance. Dividend payments are a way for companies to distribute a portion of their earnings back to their shareholders and can be indicative of a company's health and stability.
Investors typically view regular dividend payments as a sign of a company's strong financial health and its management's confidence in the future profitability. Zimmer Biomet's declaration of its quarterly dividend demonstrates its ongoing commitment to its shareholders and its position within the medical technology market.
The information provided in this article is based on a press release statement from Zimmer Biomet Holdings, Inc.
In other recent news, Zimmer Biomet, a medical device company, has been making significant strides despite challenges. The company reported a 4% increase in net sales for the third quarter, reaching $1.824 billion, and an earnings per share of $1.74. Zimmer Biomet also repurchased approximately $600 million in shares during Q3 2024 and adjusted its full-year revenue growth projection to 4.25%-4.75%. The company's free cash flow is expected to reach around $1 billion, with adjusted EPS anticipated to be between $7.95 and $8.05.
In the wake of these developments, JPMorgan (NYSE:JPM) upgraded Zimmer Biomet's stock from Neutral to Overweight, foreseeing a potential for the company's earnings multiple to expand. Truist Securities, on the other hand, maintained a Hold rating on the stock due to persistent ERP issues but increased its price target from $112.00 to $117.00. Oppenheimer retained its Outperform rating and $135.00 price target on Zimmer Biomet, demonstrating confidence in the company's resilience and growth potential.
Zimmer Biomet also received FDA approval for its Oxford Cementless Partial Knee system, making it the only FDA-approved cementless partial knee implant in the U.S. This approval came after extensive testing and studies, demonstrating the safety and effectiveness of the implant. The company plans a U.S. nationwide launch of this product in the first quarter of 2025. These are the recent developments in Zimmer Biomet's performance and strategy.
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