Zimmer Biomet stock upgraded to buy by Argus

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Zimmer Biomet stock upgraded to buy by Argus

On Tuesday, Zimmer Biomet Holdings Inc. (NYSE: ZBH ) received an upgrade from a Hold to a Buy rating by a research firm. The firm set a new price target for the medical device company at $150.00. The upgrade is a result of Zimmer Biomet's strategic focus on launching new products and engaging in mergers and acquisitions to stimulate future growth.

The company's recent initiatives include the ROSA system, which is designed to assist in robotic surgeries for the implantation of replacement knee, hip, and shoulder joints, as well as its application in neurosurgery. Zimmer Biomet is also introducing a cementless knee implant that promises to reduce procedure times and improve staffing efficiency in hospitals.

These innovations are part of Zimmer Biomet's broader plan to launch over 40 new products in the next two to three years. This ambitious product rollout is expected to address the growing demand for medical procedures that enhance mobility and quality of life, particularly in aging populations across advanced economies in Asia, Europe, and North America.

InvestingPro Insights

Zimmer Biomet Holdings Inc. (NYSE:ZBH) is capturing the attention of investors and analysts alike with its strategic maneuvers in the medical device industry. According to recent data from InvestingPro, the company boasts a market capitalization of $24.49 billion and is trading at an adjusted P/E ratio of 20.41 for the last twelve months as of Q1 2024. This valuation comes in the wake of a 4.85% revenue growth during the same period, underscoring the company's progressive financial trajectory.

In line with the company's forward-thinking approach, the InvestingPro Tips highlight that management has been actively repurchasing shares, signaling confidence in the company's future performance. Moreover, Zimmer Biomet has consistently paid dividends for 13 consecutive years, with a modest dividend yield of 0.81% as of the latest data, and analysts project the company to remain profitable this year, reinforcing the company's financial stability.

For those looking to delve deeper into Zimmer Biomet's potential, there are additional InvestingPro Tips available that provide a more nuanced understanding of the company's prospects. With a coupon code PRONEWS24, interested readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription to access these insights. There are 6 more tips available on InvestingPro that can help investors make informed decisions about Zimmer Biomet.

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