Zoetis (ZTS) Stock Declines as Ackman Trims Stake
NEW YORK (TheStreet) -- Zoetis (ZTS) - Get Report stock is down 2.17% to $46.47 in early-afternoon trading on Tuesday after billionaire investor Bill Ackman's Pershing Square Capital Management set out to sell 16.85 million shares of the animal health care company, sources told the New York Times.
The hedge fund sold the shares for a price range between $46.75 and $47 per share, valuing the transaction at roughly $800 million.
Pershing will continue to own 25 million shares in the company, according to the Times.
The hedge fund paid $1.5 billion for an 8.5% stake in Zoetis in November 2014, according to an SEC filing. The stock has climbed roughly 8.6% since then.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B+.
Zoetis' strengths include its increase in net income, revenue growth, solid stock price performance, growth in earnings per share and expanding profit margins.
You can view the full analysis from the report here: ZTS
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
