The Police & Firemen’s Retirement System of New Jersey has raised its investment in Zoetis Inc. (NYSE: ZTS) by 3.3% during the second quarter of 2023. According to data from HoldingsChannel, the retirement system now holds 67,712 shares of the animal health company after acquiring an additional 2,156 shares in that period. As of its latest filing with the U.S. Securities and Exchange Commission (SEC), the value of these holdings amounts to approximately $10.56 million.
Several institutional investors and hedge funds have also adjusted their positions in Zoetis. Notably, Nuveen LLC entered a new investment in the company worth about $616.4 million during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake significantly by 113.0% in the second quarter, now owning 3,761,920 shares valued at $586.67 million after purchasing an additional 1,995,491 shares.
Mackenzie Financial Corp also made a dramatic move, boosting its holdings by an astonishing 4,158.3% in the first quarter, resulting in ownership of 1,824,967 shares valued at $300.48 million. Furthermore, Polen Capital Management LLC increased its stake by 17.6%, owning 8,796,847 shares valued at $1.45 billion after acquiring an additional 1,313,653 shares. Amundi similarly expanded its investment by 30.8%, now holding 3,595,628 shares worth $575.69 million. Overall, institutional investors now own approximately 92.8% of Zoetis’s stock.
Zoetis Stock Performance and Dividend Announcement
As of the latest trading session, Zoetis shares experienced a slight decline of 0.2%, opening at $121.04. The company’s 50-day moving average is $141.57, while the 200-day moving average stands at $151.73. Over the past year, the stock has reached a low of $117.26 and a high of $181.85. Zoetis boasts a market capitalization of $53.34 billion, a price-to-earnings ratio of 20.83, and a dividend payout ratio of 33.67%.
In a recent announcement, Zoetis declared a quarterly dividend of $0.50 per share, which will be distributed on December 2, 2023. Shareholders of record on October 31, 2023 will receive this payment, resulting in an annualized dividend of $2.00 and a yield of 1.7%.
Analyst Ratings and Market Sentiment
Recent commentary from analysts has reflected a mixed outlook on Zoetis stock. Morgan Stanley revised its price target for Zoetis shares from $211.00 to $175.00, maintaining an “overweight” rating. Conversely, Piper Sandler increased its target from $210.00 to $215.00, also assigning an “overweight” rating.
In contrast, Leerink Partners downgraded its rating from “strong-buy” to “hold” in a note released on July 17, 2023. UBS Group cut its target from $158.00 to $141.00 while setting a “neutral” rating. BTIG Research lowered its target from $200.00 to $160.00, maintaining a “buy” rating.
Currently, six analysts have rated Zoetis as a “Buy,” while five have assigned a “Hold” rating. According to data from MarketBeat.com, the average rating for the stock is categorized as a “Moderate Buy” with an average price target of $180.00.
Zoetis Inc. specializes in the discovery, development, manufacture, and commercialization of animal health products, including medicines, vaccines, and diagnostic services. The company’s portfolio serves a wide range of species, encompassing livestock such as cattle, swine, and poultry, as well as companion animals including dogs and cats.
For those interested in tracking further developments regarding Zoetis and its investors, HoldingsChannel.com provides up-to-date information on institutional holdings and insider trades.
