Zimmer Biomet Announces 9.1% Increase in Quarterly Dividend for First Quarter of 2016 and New Share Repurchase Authorization
WARSAW, Ind., Feb. 24, 2016 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global leader in musculoskeletal healthcare, today announced that its Board of Directors has approved the payment of a quarterly cash dividend to stockholders for the first quarter of 2016. The new payment represents an increase of 9.1 percent over the dividend declared for the first quarter of 2015. Additionally, Zimmer Biomet's Board of Directors has authorized a new share repurchase program.
"We are pleased to renew our commitment to returning value to our stockholders through an increase in our quarterly dividend and our new share repurchase program. These decisions are reflective of the Company's disciplined approach to capital allocation, a strategic component of our value creation framework," said David Dvorak, Zimmer Biomet President and CEO.
The cash dividend of $0.24 per share will be paid on or about April 29, 2016 to stockholders of record as of the close of business on March 31, 2016. Future declarations of dividends are subject to approval of the Board of Directors and may be adjusted as business needs or market conditions change.
The new share repurchase program authorizes purchases of up to $1.0 billion of the Company's common stock. The existing stock repurchase program approved by the Board of Directors in 2013 will expire on February 29, 2016.
Repurchases under the program may be made in the open market or in privately negotiated transactions from time to time in compliance with Securities and Exchange Commission regulations, depending on market conditions and other factors. The Company had approximately 199 million shares of common stock outstanding as of February 19, 2016.
About Zimmer Biomet
Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer Biomet is a global leader in musculoskeletal healthcare. We design, manufacture and market orthopaedic reconstructive products; sports medicine, biologics, extremities and trauma products; spine, bone healing, craniomaxillofacial and thoracic products; dental implants; and related surgical products.
We collaborate with healthcare professionals around the globe to advance the pace of innovation. Our products and solutions help treat patients suffering from disorders of, or injuries to, bones, joints or supporting soft tissues. Together with healthcare professionals, we help millions of people live better lives.
We have operations in more than 25 countries around the world and sell products in more than 100 countries. For more information, visit www.zimmerbiomet.com or follow Zimmer Biomet on Twitter at www.twitter.com/zimmerbiomet.
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SOURCE Zimmer Biomet Holdings, Inc.