M&T Bank Corp Cuts Stock Holdings in Zoetis Inc. (NYSE:ZTS)

M&T Bank Corp cut its position in Zoetis Inc. (NYSE:ZTS - Free Report) by 11.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 252,414 shares of the company's stock after selling 31,256 shares during the period. M&T Bank Corp owned about 0.06% of Zoetis worth $41,559,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. HUB Investment Partners LLC lifted its position in Zoetis by 4.7% during the fourth quarter. HUB Investment Partners LLC now owns 1,373 shares of the company's stock valued at $224,000 after purchasing an additional 62 shares during the last quarter. Coppell Advisory Solutions LLC lifted its position in Zoetis by 18.0% during the fourth quarter. Coppell Advisory Solutions LLC now owns 420 shares of the company's stock valued at $68,000 after purchasing an additional 64 shares during the last quarter. Ironwood Investment Management LLC lifted its position in Zoetis by 0.8% during the fourth quarter. Ironwood Investment Management LLC now owns 8,354 shares of the company's stock valued at $1,361,000 after purchasing an additional 68 shares during the last quarter. Legacy Financial Advisors Inc. lifted its position in Zoetis by 5.8% during the fourth quarter. Legacy Financial Advisors Inc. now owns 1,282 shares of the company's stock valued at $209,000 after purchasing an additional 70 shares during the last quarter. Finally, Broadway Wealth Solutions Inc. lifted its position in Zoetis by 4.4% during the first quarter. Broadway Wealth Solutions Inc. now owns 1,746 shares of the company's stock valued at $287,000 after purchasing an additional 73 shares during the last quarter. Institutional investors own 92.80% of the company's stock.

Zoetis Trading Down 2.4%

ZTS stock traded down $3.89 during trading on Friday, hitting $154.91. The company had a trading volume of 2,267,443 shares, compared to its average volume of 2,591,358. The firm has a market capitalization of $68.97 billion, a P/E ratio of 27.81, a PEG ratio of 2.63 and a beta of 0.91. Zoetis Inc. has a 52-week low of $139.70 and a 52-week high of $200.33. The company has a 50 day simple moving average of $161.32 and a 200-day simple moving average of $161.86. 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 (NYSE:ZTS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.40 by $0.08. The company had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.20 billion. Zoetis had a net margin of 27.12% and a return on equity of 55.48%. The firm's revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.38 EPS. As a group, research analysts forecast that Zoetis Inc. will post 6.07 earnings per share for the current fiscal year.

Zoetis Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, July 18th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.29%. The ex-dividend date is Friday, July 18th. Zoetis's dividend payout ratio is presently 35.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. UBS Group reduced their target price on shares of Zoetis from $189.00 to $170.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Piper Sandler increased their target price on shares of Zoetis from $205.00 to $210.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Finally, Stifel Nicolaus downgraded shares of Zoetis from a "buy" rating to a "hold" rating and reduced their target price for the company from $165.00 to $160.00 in a research note on Wednesday, June 18th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $212.13.

Insider Buying and Selling

In related news, EVP Roxanne Lagano sold 652 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $170.00, for a total value of $110,840.00. Following the transaction, the executive vice president owned 15,129 shares of the company's stock, valued at $2,571,930. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.18% of the stock is owned by corporate 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.