Sawgrass Asset Management LLC Cuts Holdings in Zoetis Inc. (NYSE:ZTS)

Sawgrass Asset Management LLC cut its position in shares of Zoetis Inc. (NYSE:ZTS) by 23.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 70,742 shares of the company’s stock after selling 21,530 shares during the period. Zoetis comprises approximately 1.4% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 23rd biggest holding. Sawgrass Asset Management LLC’s holdings in Zoetis were worth $13,822,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Asset Dedication LLC increased its position in Zoetis by 4.8% during the 2nd quarter. Asset Dedication LLC now owns 1,174 shares of the company’s stock valued at $204,000 after purchasing an additional 54 shares during the period. Forza Wealth Management LLC increased its holdings in Zoetis by 1.8% during the second quarter. Forza Wealth Management LLC now owns 3,313 shares of the company’s stock valued at $574,000 after buying an additional 58 shares during the period. Cherry Creek Investment Advisors Inc. raised its stake in Zoetis by 2.0% in the third quarter. Cherry Creek Investment Advisors Inc. now owns 3,021 shares of the company’s stock worth $590,000 after buying an additional 58 shares in the last quarter. L. Roy Papp & Associates LLP lifted its holdings in Zoetis by 2.8% during the second quarter. L. Roy Papp & Associates LLP now owns 2,221 shares of the company’s stock worth $385,000 after buying an additional 60 shares during the period. Finally, Grove Bank & Trust boosted its position in Zoetis by 0.5% during the 3rd quarter. Grove Bank & Trust now owns 11,763 shares of the company’s stock valued at $2,298,000 after acquiring an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 92.80% of the company’s stock.

Zoetis Stock Up 0.3 %

ZTS stock opened at $175.14 on Friday. The company has a market capitalization of $79.02 billion, a P/E ratio of 32.92, a price-to-earnings-growth ratio of 2.69 and a beta of 0.90. Zoetis Inc. has a 12 month low of $144.80 and a 12 month high of $201.92. The firm’s fifty day simple moving average is $187.09 and its 200-day simple moving average is $180.23. The company has a debt-to-equity ratio of 1.26, a current ratio of 3.69 and a quick ratio of 2.27.

Zoetis (NYSE:ZTS) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.46 by $0.12. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.29 billion. Zoetis had a net margin of 26.55% and a return on equity of 51.98%. The firm’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.36 earnings per share. As a group, equities research analysts forecast that Zoetis Inc. will post 5.9 earnings per share for the current year.

Zoetis Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Thursday, October 31st will be issued a $0.432 dividend. This represents a $1.73 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date is Thursday, October 31st. Zoetis’s payout ratio is presently 32.52%.

Analysts Set New Price Targets

ZTS has been the subject of several recent research reports. Argus raised Zoetis to a “strong-buy” rating in a research report on Friday, August 9th. BTIG Research increased their price target on shares of Zoetis from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. lifted their price objective on shares of Zoetis from $225.00 to $230.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Stifel Nicolaus increased their target price on shares of Zoetis from $200.00 to $210.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Piper Sandler lifted their price target on shares of Zoetis from $195.00 to $210.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $221.44.

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.