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ZBH

Zimmer Biomet

$113.40

-1.35 (-1.18%)

12:34
01/12/17
01/12
12:34
01/12/17
12:34

Zimmer Biomet announces DOJ, SEC resolution over Biomet FCPA matters

Zimmer Biomet announced it has concluded agreements with the Department of Justice and the Securities and Exchange Commission to resolve the previously disclosed U.S. Foreign Corrupt Practices Act matters involving Biomet, as well as in relation to the former deferred prosecution agreement and consent to final judgment that Biomet entered into with DOJ and SEC on March 26, 2012. "All of the Biomet conduct underlying today's settlement announcement has been reported in the past and occurred years prior to Zimmer's acquisition of Biomet in June 2015," the company noted. As part of the new settlement, the company has entered into a deferred prosecution agreement with the DOJ with a term of three years; JERDS Luxembourg, the parent company of Biomet 3i Mexico and an indirect, wholly-owned subsidiary of Biomet, has entered into a plea agreement with the DOJ; and Biomet has entered into a new settlement agreement with the SEC. The company has also agreed to oversight by an independent compliance monitor, which will focus on the company's legacy Biomet operations, as integrated into Zimmer Biomet. As a result of the resolution, the company will pay fines, penalties, disgorgement and interest to the DOJ and SEC in an aggregate amount of approximately $30.5M. The amounts to be paid were previously recorded in the company's financial statements and will not impact its 2017 outlook. "We look forward to continuing to integrate the legacy Biomet business operations into our robust corporate compliance program," the company remarked.

ZBH Zimmer Biomet
$113.40

-1.35 (-1.18%)

12/15/16
12/15/16
NO CHANGE

Expert says Zimmer likely to receive warning letter, says Wells Fargo
After Zimmer Bioment disclosed that it had received a Form 483 from the FDA on November 22, Wells Fargo's FDA legal consultant says that the form is "is one of the longest and most serious" he has ever seen ,and he thinks that Zimmer will probably receive a warning letter, according to the firm. The consultant does not expect the issues raised by the letter to be completely resolved until 2018 at the earliest. He thinks that the 483 and the warning letter probably won't impact Zimmer's business in the near-term, but he says that another bad inspection for the facility "could increase the risk of an injunction at some point." Such an injunction could negatively impact the company's business, Wells quotes the consultant as saying. Wells keeps an Outperform rating on the shares.
12/15/16
UBSW
12/15/16
UPGRADE
Target $133
UBSW
Buy
Stryker upgraded to Buy from Neutral at UBS
UBS analyst Matt Miksic upgraded Stryker (SYK) to Buy from Neutral after a survey of doctors conducted in conjunction with the firm's Evidence Lab showed evidence for share gain potential in the U.S. total knee market for its MAKO robotic-arm assisted surgery. The analyst, who also downgraded Zimmer Biomet (ZBH) to Sell from Neutral this morning based on concerns over the survey findings, raised his price target on Stryker shares to $133 from $121.
12/15/16
12/15/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Valeant (VRX) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst David Risinger saying the thesis that management would stabilize the business and execute asset sales has been wrong. 2. General Mills (GIS) downgraded to Sector Perform from Outperform at RBC Capital with analyst David Palmer saying he believes that accelerating U.S. volume declines which occurred over the last three months will limit the company's EPS growth. 3. Toyota (TM) downgraded to Neutral from Outperform at Macquarie. 4. Zimmer Biomet (ZBH) downgraded to Sell from Neutral at UBS with analyst Matt Miksic citing a survey of 139 U.S. orthopedic surgeons, which he said shows evidence of the share gain potential of Stryker's (SYK) MAKO in the U.S. total knee market. 5. Brinker (EAT) downgraded to Underperform from Market Perform at BMO Capital with analyst Andrew Strelzik citing valuation and the company's relatively weak margin outlook. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/05/17
JPMS
01/05/17
NO CHANGE
Target $134
JPMS
Overweight
JPMorgan sees Zimmer guiding 2017 below consensus
JPMorgan analyst Michael Weinstein sees Zimmer Biomet guiding 2017 earnings per share to $8.50-$8.60, below the consensus estimate of $8.68. The recent strengthening of the U.S. dollar is eating into the company's ability to deliver on its 10% EPS growth goal, Weinstein tells investors in a research note. While 2016 did not go the way Zimmer wanted, expectations are a lot lower today, the analyst contends. He sees management commentary at his firm's upcoming healthcare conference and the Q4 earnings call as potential catalysts. Weinstein keeps an Overweight rating on Zimmer with a $134 price target. The company should benefit from corporate tax reform as its 23%-24% effective rate is at the upper end of its MedTech peers, the analyst argues.

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UHT

Universal Health Realty

$75.28

1.705 (2.32%)

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CERN

Cerner

$70.36

0.23 (0.33%)

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CACC

Credit Acceptance

$326.25

3.97 (1.23%)

11:34
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CSGP

CoStar Group

$287.83

-2.67 (-0.92%)

11:33
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ROG

Rogers Corporation

$158.59

1.4 (0.89%)

11:30
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Rogers Corporation management to meet with Needham »

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ROG

Rogers Corporation

$158.89

1.7 (1.08%)

11:29
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Conference/Events
Rogers Corporation management to meet with B. Riley FBR »

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HDP

Hortonworks

$19.76

0.18 (0.92%)

11:25
12/13/17
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Conference/Events
Hortonworks management to meet with Needham »

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CACC

Credit Acceptance

$326.25

3.97 (1.23%)

11:20
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$NSD

NASDAQ Market Internals

11:17
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Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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$NYE

NYSE Market Internals

11:16
12/13/17
12/13
11:16
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Technical Analysis
NYSE market internals summary »

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RL

Ralph Lauren

$96.15

-3.99 (-3.98%)

11:13
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Ralph Lauren falls after Bofa/Merrill downgrade cites 'dimming' margin story »

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TGT

Target

$61.58

0.555 (0.91%)

11:10
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Target: Shipt to continue to run business independently post-acquisition »

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TMUS

T-Mobile

$63.48

0.41 (0.65%)

, T

AT&T

$37.75

-0.35 (-0.92%)

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Cable, telecom stocks dip as T-Mobile plans to bring 'un-carrier' to TV »

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TMUS

T-Mobile

$63.48

0.41 (0.65%)

T

AT&T

$37.75

-0.35 (-0.92%)

ROKU

Roku

$46.95

-1.03 (-2.15%)

CMCSA

Comcast

$39.51

1.07 (2.78%)

CMCSK

Comcast

CHTR

Charter

$329.99

-1.5 (-0.45%)

VZ

Verizon

$52.82

-0.375 (-0.71%)

03/08/13
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LITE

Lumentum

$51.75

-1.75 (-3.27%)

, FNSR

Finisar

$19.30

-0.51 (-2.57%)

11:09
12/13/17
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11:09
Recommendations
Lumentum, Finisar, Apple analyst commentary  »

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LITE

Lumentum

$51.75

-1.75 (-3.27%)

FNSR

Finisar

$19.30

-0.51 (-2.57%)

AAPL

Apple

$171.70

-0.97 (-0.56%)

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NFLX

Netflix

$185.73

-0.49 (-0.26%)

11:09
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Periodicals
Netflix executive fired over Masterson assault comments, Page Six says »

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TGT

Target

$61.64

0.62 (1.02%)

11:06
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Technical Analysis
Technical View: Target spikes after acquiring Shipt for $550M »

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TGT

Target

$61.70

0.68 (1.11%)

11:02
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TGT

Target

$61.69

0.67 (1.10%)

11:01
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Breaking Hot Stocks news story on Target »

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TGT

Target

$61.72

0.71 (1.16%)

11:01
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Hot Stocks
Target to buy same-day delivery platform Shipt for $550M in cash »

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AYI

Acuity Brands

$165.44

-8.79 (-5.05%)

10:59
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Technical Analysis
Technical View: Acuity Brands tumbles, levels to watch »

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Conference/Events
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VIPS

Vipshop

$8.30

0.115 (1.41%)

10:50
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NVS

Novartis

$84.72

0.2568 (0.30%)

10:45
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