Mackenzie Financial Corp Buys 1,782,110 Shares of Zoetis Inc. (NYSE:ZTS)

Key Points

• Mackenzie Financial Corp significantly increased its ownership in Zoetis Inc. by 4,158.3% during the first quarter, holding 1,824,967 shares worth approximately $300.48 million.
• Recently, several major investors adjusted their stakes in Zoetis, with notable increases from firms such as Brighton Jones LLC and Bank Pictet & Cie, which grew their holdings by 180.4% and 5.4%, respectively.
• Zoetis reported a quarterly earnings per share of $1.48, exceeding analyst estimates, with revenue of $2.22 billion, indicating a year-over-year revenue growth of 1.4%.

Mackenzie Financial Corp raised its stake in Zoetis Inc. (NYSE:ZTS - Free Report) by 4,158.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,824,967 shares of the company's stock after purchasing an additional 1,782,110 shares during the period. Mackenzie Financial Corp owned 0.41% of Zoetis worth $300,481,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC increased its holdings in shares of Zoetis by 180.4% in the 4th quarter. Brighton Jones LLC now owns 4,629 shares of the company's stock valued at $754,000 after acquiring an additional 2,978 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in Zoetis by 5.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 419,530 shares of the company's stock worth $68,354,000 after purchasing an additional 21,470 shares during the period. DnB Asset Management AS increased its stake in Zoetis by 2.8% during the fourth quarter. DnB Asset Management AS now owns 83,014 shares of the company's stock valued at $13,525,000 after purchasing an additional 2,257 shares during the last quarter. Allstate Corp acquired a new stake in shares of Zoetis during the fourth quarter worth $2,186,000. Finally, L & S Advisors Inc lifted its position in shares of Zoetis by 10.3% in the 4th quarter. L & S Advisors Inc now owns 15,905 shares of the company's stock worth $2,591,000 after buying an additional 1,490 shares during the last quarter. Institutional investors and hedge funds own 92.80% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Leerink Partners downgraded shares of Zoetis from an "outperform" rating to a "market perform" rating and lowered their price objective for the company from $180.00 to $155.00 in a research report on Thursday, July 17th. Piper Sandler upped their target price on Zoetis from $205.00 to $210.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Leerink Partnrs cut Zoetis from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. UBS Group reduced their price objective on Zoetis from $189.00 to $170.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Finally, Stifel Nicolaus downgraded Zoetis from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $165.00 to $160.00 in a research note on Wednesday, June 18th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $204.63.

Zoetis Trading Down 1.1%

Shares of NYSE ZTS traded down $1.71 during mid-day trading on Thursday, hitting $147.10. 2,131,128 shares of the company traded hands, compared to its average volume of 3,040,810. The company has a quick ratio of 1.04, a current ratio of 1.74 and a debt-to-equity ratio of 1.12. Zoetis Inc. has a 1 year low of $139.70 and a 1 year high of $200.33. The stock has a market capitalization of $65.49 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 2.50 and a beta of 0.91. The business has a 50 day moving average of $159.14 and a two-hundred day moving average of $160.72.

Zoetis (NYSE:ZTS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.08. Zoetis had a net margin of 27.12% and a return on equity of 55.48%. The company had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same period in the prior year, the firm earned $1.38 earnings per share. The business's quarterly revenue was up 1.4% on a year-over-year basis. On average, sell-side analysts anticipate that Zoetis Inc. will post 6.07 earnings per share for the current fiscal year.

Zoetis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, July 18th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, July 18th. This represents a $2.00 annualized dividend and a dividend yield of 1.36%. Zoetis's dividend payout ratio is 35.91%.

Insider Buying and Selling

In other news, EVP Roxanne Lagano sold 652 shares of Zoetis stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $170.00, for a total transaction of $110,840.00. Following the completion of the sale, the executive vice president directly owned 15,129 shares in the company, valued at $2,571,930. The trade was a 4.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is owned by company insiders.

Zoetis 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.