The Police & Firemen’s Retirement System of New Jersey has increased its investment in Zoetis Inc. (NYSE: ZTS) by 3.3% during the second quarter of 2023. This move involves acquiring an additional 2,156 shares, bringing the total holdings to 67,712 shares, valued at approximately $10,560,000, according to a recent filing with the Securities and Exchange Commission.
Several institutional investors and hedge funds have also adjusted their positions in Zoetis. Notably, Nuveen LLC established a new stake in the company during the first quarter, investing around $616,375,000. Additionally, Mitsubishi UFJ Asset Management Co. Ltd. significantly increased its holdings by 113.0%, now owning 3,761,920 shares worth about $586,671,000 after acquiring nearly 2 million shares in the last quarter.
Mackenzie Financial Corp made a remarkable boost, increasing its stake by 4,158.3% in the first quarter. It now holds 1,824,967 shares valued at $300,481,000. Polen Capital Management LLC and Amundi also reported notable increases, with holdings of 8,796,847 shares and 3,595,628 shares, respectively, valued at approximately $1.45 billion and $575,691,000.
Hedge funds and institutional investors collectively own 92.80% of Zoetis’s stock, illustrating strong institutional confidence in the company.
Zoetis Stock Performance and Dividends
On Friday, Zoetis shares traded down by 0.2%, opening at $121.04. The company’s stock has a 50-day moving average of $141.57 and a 200-day moving average of $151.73. Over the past year, Zoetis has experienced a low of $117.26 and a high of $181.85. The company’s market capitalization stands at $53.34 billion, with a price-to-earnings (P/E) ratio of 20.83.
In an announcement earlier this month, Zoetis declared a quarterly dividend of $0.50 per share, scheduled for payment on December 2, 2023. Shareholders on record as of October 31, 2023 will be eligible to receive this dividend. This represents an annualized dividend of $2.00, yielding 1.7%, with a current dividend payout ratio of 33.67%.
Analyst Ratings and Market Outlook
Recent commentary from financial analysts reflects a mixed outlook on Zoetis stock. Morgan Stanley downgraded its price target 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.
Leerink Partners lowered its rating from “strong-buy” to “hold” in July, while UBS Group cut its target from $158.00 to $141.00, giving it a “neutral” rating. BTIG Research similarly reduced its target from $200.00 to $160.00, maintaining a “buy” recommendation.
Currently, six analysts rate Zoetis as a buy, while five assign it a hold rating. According to MarketBeat.com, the average rating is “Moderate Buy,” with an average price target of $180.00.
Zoetis Inc. specializes in the discovery, development, manufacturing, and commercialization of animal health medicines, vaccines, and diagnostic products. The company operates across various species, including livestock such as cattle and poultry, as well as companion animals like dogs and cats.
For those interested in further developments, details regarding hedge fund activities and insider trades for Zoetis can be found on HoldingsChannel.com.
