ZimVie (ZIMV) Declined on Lower Guidance in Q3

Ariel Investments, an investment management company, released its “Ariel Focus Fund” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined -7.45%, compared to -5.62% return for the Russell 1000 Value Index and -4.88% loss for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Ariel Investment highlighted stocks like ZimVie Inc. (NASDAQ:ZIMV) in its Q3 2022 investor letter. Headquartered in Westminster, Colorado, ZimVie Inc. (NASDAQ:ZIMV) is a  medical technology company. On December 2, 2022, ZimVie Inc. (NASDAQ:ZIMV) stock closed at $9.21 per share. One-month return of ZimVie Inc. (NASDAQ:ZIMV) was 10.17%, and its shares lost 40.00% of their value in three months. ZimVie Inc. (NASDAQ:ZIMV) has a market capitalization of $240.273 million.

Ariel Investment made the following comment about ZimVie Inc. (NASDAQ:ZIMV) in its Q3 2022 investor letter:

“By comparison, shares of leading manufacturer and distributor of medical devices specializing in spine and dental products ZimVie Inc. (NASDAQ:ZIMV) sharply declined in the quarter, following a downward revision in full-year guidance. Over the long-term, we believe the foreign exchange headwinds the company is facing will soften and expect the management team to enhance its focus on research and development, as well as expand the 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, 20 hedge fund portfolios held ZimVie Inc. (NASDAQ:ZIMV) at the end of the third quarter, which was 16 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 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.