Here’s Why ZimVie (ZIMV) Advanced in Q2

Ariel Investments, an investment management company, released its “Ariel Focus Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here.  In the second quarter, the fund increased +1.97%, compared to a +4.07% and +8.74% return for the Russell 1000 Value Index and the S&P 500 Index, respectively. Global markets continued to rise in the second quarter however, the US economy continues to show signs of cooling. Despite uncertainty and volatility expected to remain high, the firm views these near-term concerns as noise from the perspective of its long-term investment horizon. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Ariel Focus Fund highlighted stocks like ZimVie Inc. (NASDAQ:ZIMV) in the second quarter 2023 investor letter. Headquartered in Westminster, Colorado, ZimVie Inc. (NASDAQ:ZIMV) is a medical technology company. On September 8, 2023, ZimVie Inc. (NASDAQ:ZIMV) stock closed at $10.79 per share. One-month return of ZimVie Inc. (NASDAQ:ZIMV) was -9.40%, and its shares lost 29.94% of their value over the last 52 weeks. ZimVie Inc. (NASDAQ:ZIMV) has a market capitalization of $286.254 million.

Ariel Focus Fund made the following comment about ZimVie Inc. (NASDAQ:ZIMV) in its Q2 2023 investor letter:

“Leading manufacturer and distributor of medical devices specializing in spine and dental products, ZimVie Inc. (NASDAQ:ZIMV, also advanced following a top- and bottom-line earnings beat and subsequent increase in full year guidance. Tailwinds from new product launches and higher than anticipated Spine sales more than offset competitive challenges and the impact of exiting China due to volume[1]based procurement. ZIMV also announced further cost savings initiatives including a 5% reduction in its global workforce. Looking ahead, we believe recent headwinds will soften and expect the management team to continue to focus on research and development, paying down debt, as well as expanding its product portfolio across its core value chain.”

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ZimVie Inc. (NASDAQ:ZIMV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held ZimVie Inc. (NASDAQ:ZIMV) at the end of second quarter which was 21 in the previous quarter.

We discussed ZimVie Inc. (NASDAQ:ZIMV) in another article and shared Ariel Focus Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.