National Bank of Canada FI has reduced its stake in Zoetis Inc. (NYSE: ZTS) by 11.2% during the second quarter of 2023, as revealed in its latest filing with the Securities and Exchange Commission. The firm now holds 424,390 shares after selling 53,400 shares, bringing the total value of its holdings in Zoetis to approximately $66,177,000.
Several other institutional investors have also made moves regarding their positions in Zoetis. Notably, Nova Wealth Management Inc. acquired a new stake in the company during the first quarter, valued at $25,000. 1248 Management LLC and Saudi Central Bank followed suit with new positions worth about $27,000 and $29,000, respectively. Additionally, REAP Financial Group LLC significantly increased its stake by 201.5% during the second quarter, now owning 196 shares valued at $31,000. NewSquare Capital LLC also raised its position by 69.1%, bringing its total to 208 shares worth $32,000. Overall, institutional investors and hedge funds currently own 92.80% of Zoetis stock.
Market Performance and Financial Overview
As of Monday, the shares of Zoetis opened at $118.60. The company maintains a debt-to-equity ratio of 1.31, a quick ratio of 2.28, and a current ratio of 3.64. The stock has a 50-day moving average of $130.95 and a 200-day moving average of $145.94. Over the last year, Zoetis has experienced a 52-week low of $115.25 and a high of $181.85, with a market capitalization of $52.26 billion. The company’s price-to-earnings (P/E) ratio stands at 19.97, while the price-to-earnings growth (PEG) ratio is 2.46, and it has a beta of 0.97.
In addition to its market performance, Zoetis recently announced an increase in its quarterly dividend. The company plans to pay a dividend of $0.53 per share on March 3, 2024, to investors on record as of January 20, 2024. This marks an increase from its previous quarterly dividend of $0.50, resulting in an annualized dividend of $2.12 and a yield of 1.8%. The current dividend payout ratio for Zoetis is 33.67%.
Analyst Ratings and Market Outlook
Recent actions by analysts indicate a mixed outlook for Zoetis. On November 5, 2023, JPMorgan Chase & Co. lowered its price target for the company from $230.00 to $200.00, maintaining an “overweight” rating. Similarly, Morgan Stanley reduced its target from $211.00 to $175.00 while also rating the stock as “overweight.” KeyCorp initiated coverage with a “sector weight” rating on November 20, 2023, while HSBC set a price objective of $140.00. BTIG Research reiterated a “buy” rating and issued a price target of $160.00.
Overall, five investment analysts have rated Zoetis as a “buy,” while seven have assigned a “hold” rating. According to data from MarketBeat, Zoetis has an average rating of “hold” with an average target price of $164.20.
Zoetis Inc. is a global leader in the discovery, development, manufacture, and commercialization of animal health products, including medicines, vaccines, and diagnostic services. The company primarily focuses on livestock, such as cattle and poultry, as well as companion animals like dogs and cats.
For investors looking to stay updated on Zoetis and its market performance, it is advisable to monitor the latest filings and analyst reports.
