OVERSEA CHINESE BANKING Corp Ltd Purchases 743,926 Shares of Zoetis Inc. (NYSE:ZTS)

OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of Zoetis Inc. (NYSE:ZTS - Free Report) by 475.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 900,261 shares of the company's stock after acquiring an additional 743,926 shares during the period. OVERSEA CHINESE BANKING Corp Ltd owned about 0.20% of Zoetis worth $148,228,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC lifted its holdings in Zoetis by 180.4% in the fourth quarter. Brighton Jones LLC now owns 4,629 shares of the company's stock worth $754,000 after acquiring an additional 2,978 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its stake in Zoetis by 5.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 419,530 shares of the company's stock valued at $68,354,000 after buying an additional 21,470 shares during the last quarter. Proficio Capital Partners LLC lifted its stake in Zoetis by 61.0% in the fourth quarter. Proficio Capital Partners LLC now owns 3,053 shares of the company's stock valued at $497,000 after buying an additional 1,157 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Zoetis in the fourth quarter valued at $8,710,000. Finally, Intact Investment Management Inc. bought a new stake in Zoetis in the 4th quarter valued at about $65,000. Institutional investors and hedge funds own 92.80% of the company's stock.

Analysts Set New Price Targets

ZTS has been the topic of a number of recent analyst reports. Stifel Nicolaus downgraded shares of Zoetis from a "buy" rating to a "hold" rating and dropped their price target for the stock from $165.00 to $160.00 in a research report on Wednesday, June 18th. UBS Group dropped their price objective on Zoetis from $189.00 to $170.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Finally, Piper Sandler boosted their price objective on Zoetis from $205.00 to $210.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Zoetis has a consensus rating of "Buy" and a consensus target price of $212.13.

Insider Activity

In other Zoetis news, EVP Roxanne Lagano sold 652 shares of the firm's 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 transaction, the executive vice president owned 15,129 shares in the company, valued at approximately $2,571,930. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is owned by corporate insiders.

Zoetis Stock Performance

Shares of Zoetis stock traded down $1.95 during trading on Tuesday, reaching $153.70. The company's stock had a trading volume of 873,794 shares, compared to its average volume of 2,586,049. Zoetis Inc. has a one year low of $139.70 and a one year high of $200.33. The business's fifty day moving average price is $161.27 and its 200-day moving average price is $161.75. The firm has a market cap of $68.43 billion, a price-to-earnings ratio of 27.59, a price-to-earnings-growth ratio of 2.57 and a beta of 0.91. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.04 and a current ratio of 1.74.

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

Zoetis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, July 18th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend is Friday, July 18th. Zoetis's dividend payout ratio is 35.91%.

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.