Under the agreement, Zoetis Inc (NYSE:ZTS) has appointed Mr. Doyle to its board, as well as to the corporate governance committee. The appointment of Mr. Doyle became effective February 3, 2015. Mr. Doyle is an investment team member at Pershing Square. He has more than 20 years of experience in the healthcare industry.
Scott Ferguson‘s Sachem Head Capital also made a separate filing related to Zoetis Inc (NYSE:ZTS) and Pershing Square. Pursuant to the agreement with Zoetis Inc (NYSE:ZTS), Pershing Square and Sachem Head have agreed to certain customary standstill provisions. According to the filing, Sachem Head Capital owns around 4.40 million shares of Zoetis Inc (NYSE:ZTS), the stake represents 0.9% of common stock shares outstanding.
New Jersey-based Zoetis Inc (NYSE:ZTS) is animal health company focusing on the development and manufacturing of animal health medicines and vaccines. The company has a market cap of $21.8 billion, and pays an annual dividend of $0.32, on a yield of 0.76. Zoetis Inc (NYSE:ZTS) was spun-off from drug company Pfizer Inc. (NYSE:PFE) in February 2013. Since then, the company’s stock moved up by 41.53%. On Wednesday, Zoetis Inc (NYSE:ZTS) stock is trading up by 1.03% to $43.95. The company’s stock has improved by 45.48% since February 2014. Analysts set the average target price of the stock at $46.67. The consensus average recommendation for the stock is ‘Overweight.’
Other largest shareholders of Zoetis Inc (NYSE:ZTS) include Neil Shah’s March Altus Capital Management, which reported ownership of 290,514 shares of the company at the end of the third quarter of 2014. In its latest 13F, Eclectica Asset Management, led by Hugh Hendry, disclosed holding 32,000 shares of Zoetis Inc (NYSE:ZTS).