Pinnacle Associates Ltd. Trims Stock Holdings in Zoetis Inc. (NYSE:ZTS)

Pinnacle Associates Ltd. reduced its stake in Zoetis Inc. (NYSE:ZTS) by 11.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,462 shares of the company’s stock after selling 2,081 shares during the period. Pinnacle Associates Ltd.’s holdings in Zoetis were worth $3,052,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Quarry LP grew its position in Zoetis by 273.2% in the 2nd quarter. Quarry LP now owns 209 shares of the company’s stock valued at $36,000 after acquiring an additional 153 shares in the last quarter. LRI Investments LLC acquired a new position in Zoetis in the 1st quarter valued at about $43,000. Fortitude Family Office LLC grew its position in Zoetis by 1,387.5% in the 3rd quarter. Fortitude Family Office LLC now owns 238 shares of the company’s stock valued at $46,000 after acquiring an additional 222 shares in the last quarter. Central Valley Advisors LLC acquired a new position in Zoetis in the 2nd quarter valued at about $49,000. Finally, EdgeRock Capital LLC acquired a new position in Zoetis in the 2nd quarter valued at about $56,000. 92.80% of the stock is currently owned by hedge funds and other institutional investors.

Zoetis Price Performance

Shares of NYSE ZTS opened at $178.78 on Friday. The company has a current ratio of 3.45, a quick ratio of 2.09 and a debt-to-equity ratio of 1.32. Zoetis Inc. has a twelve month low of $144.80 and a twelve month high of $201.92. The stock has a 50 day moving average of $188.95 and a two-hundred day moving average of $178.28. The stock has a market cap of $81.00 billion, a P/E ratio of 34.99, a P/E/G ratio of 2.84 and a beta of 0.89.

Zoetis (NYSE:ZTS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.07. Zoetis had a return on equity of 50.67% and a net margin of 26.29%. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the previous year, the business earned $1.41 earnings per share. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, research analysts forecast that Zoetis Inc. will post 5.83 earnings per share for the current year.

Zoetis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Thursday, October 31st will be paid a $0.432 dividend. This represents a $1.73 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Thursday, October 31st. Zoetis’s dividend payout ratio is currently 33.86%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ZTS shares. Piper Sandler lifted their target price on Zoetis from $195.00 to $210.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. Argus raised Zoetis to a “strong-buy” rating in a research report on Friday, August 9th. BTIG Research boosted their price objective on Zoetis from $220.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Stifel Nicolaus boosted their price objective on Zoetis from $200.00 to $210.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. boosted their price objective on Zoetis from $225.00 to $230.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $221.44.

Zoetis Company Profile

Zoetis Inc engages in the discovery, development, manufacture, and commercialization of animal health medicines, vaccines, and diagnostic products and services in the United States and internationally. The company commercializes products primarily across species, including livestock, such as cattle, swine, poultry, fish, and sheep and others; and companion animals comprising dogs, cats, and horses.