[SCHEDULE 13G/A] Zimmer Biomet Holdings, Inc. SEC Filing

Rhea-AI Filing Summary

Schedule 13G/A summary: Dodge & Cox reports beneficial ownership of 22,097,463 shares of Zimmer Biomet common stock, representing 11.2% of the class. The firm reports sole voting power over 20,878,838 shares and sole dispositive power over 22,097,463 shares, with no shared voting or dispositive power. The filing identifies Dodge & Cox as an investment adviser and states the shares are held in the ordinary course of business and not for the purpose of changing or influencing control. The Dodge & Cox Stock Fund is disclosed as holding 14,622,400 shares (7.4%).

Positive

• Material institutional stake: Dodge & Cox reports beneficial ownership of 22,097,463 shares, equal to 11.2% of the class.
• Sole dispositive authority disclosed: The filer reports sole power to dispose of 22,097,463 shares and sole voting power for 20,878,838 shares.
• Significant fund holding identified: Dodge & Cox Stock Fund holds 14,622,400 shares (7.4%).
• Passive classification: Filing indicates holdings are held in the ordinary course and not for the purpose of influencing control (Schedule 13G/IA).

Negative

• Concentration risk: A single reporting person holds a sizable position (11.2%) concentrating voting and dispositive authority.
• Limited transparency: Aggregated reporting of client holdings means the filing does not identify individual beneficial owners beyond the disclosed fund, reducing granularity for investors.

Insights

Financial Analyst

TL;DR: A material passive stake of 11.2% by Dodge & Cox is notable for size but filed as passive, limiting immediate governance implications.

Dodge & Cox's reported 22.1 million share position is large relative to the company's public float and exceeds the 5% reporting threshold, making it material to investors. The Schedule 13G classification and the filing language that the position is held in the ordinary course indicate a passive intent rather than an active control pursuit. The disclosed split between voting power (20,878,838) and dispositive power (22,097,463) shows the adviser has practical control over sale decisions while asserting non-control intent. This position could influence liquidity and market depth for large blocks but provides no explicit change in corporate strategy.

Corporate Governance Expert

TL;DR: Concentrated sole voting and dispositive power is governance-relevant, but the filer reports passive intent and aggregated client holdings.

The filing documents concentrated authority: Dodge & Cox reports sole voting power over roughly 20.9 million shares and sole dispositive power over 22.1 million shares, with no shared powers. That concentration is governance-significant because a single institutional holder can meaningfully influence votes if it chooses to act. However, the Schedule 13G disclosure and the note that client-level listings are not required for registered funds mean limited transparency on which specific client accounts underpin the position. Absent an active engagement statement, this remains a passive, material holding.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

ZIMMER BIOMET HOLDINGS, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

98956P102

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 98956P102

1

Names of Reporting Persons

Dodge & Cox

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 20,878,838.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 22,097,463.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,097,463.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ZIMMER BIOMET HOLDINGS, INC.
(b)	Address of issuer's principal executive offices: 345 East Main Street, Warsaw, Indiana 46580
Item 2.
(a)	Name of person filing: Dodge & Cox
(b)	Address or principal business office or, if none, residence: 555 California Street 40th Floor, San Francisco, CA 94104
(c)	Citizenship: California, USA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 98956P102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 22,097,463
(b)	Percent of class: 11.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 20,878,838
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 22,097,463
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The clients of Dodge & Cox, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, and the proceeds from the sale of, ZIMMER BIOMET HOLDINGS, INC. Dodge & Cox Stock Fund, an investment company registered under the Investment Company Act of 1940, has an interest of 14,622,400 or 7.4%, of the class of securities reported herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dodge & Cox

Signature:	/S/ Katherine M. Primas
Name/Title:	Chief Compliance Officer
Date:	08/13/2025

FAQ

How many Zimmer Biomet (ZBH) shares does Dodge & Cox report owning?

22,097,463 shares, representing 11.2% of the common stock class.

What voting and dispositive powers does Dodge & Cox have for ZBH?

Sole voting power: 20,878,838 shares; Sole dispositive power: 22,097,463 shares; Shared powers: 0.

Is Dodge & Cox filing as an active investor seeking control of ZBH?

No. The filing states the shares are held in the ordinary course of business and not for the purpose of changing or influencing control; Dodge & Cox is reported as an investment adviser (IA).

How many ZBH shares does the Dodge & Cox Stock Fund hold?

14,622,400 shares, equal to 7.4% of the class.

Does the filing list individual client beneficiaries of the Dodge & Cox holdings?

No. The filing notes that clients have rights to dividends and proceeds and that listing shareholders of registered investment companies or beneficiaries is not required.