A newly-amended 13D filing with the Securities and Exchange Commission revealed that billionaire William Ackman‘s Pershing Square has decreased its stake in Zoetis Inc. (NYSE:ZTS) to 18.9 million common shares, which amass 3.8% of the company’s total outstanding stock. Previously, Pershing Square held close to 25 million shares that accounted for 5.0% of Zoetis’ outstanding stock, as reported in a 13D filing in May.
Zoetis is a company that produces a variety of animal health medicines and vaccines, mainly for domestic animals. The company’s stock has gained 3.28% over the last 12 months. In its latest financial report for the first quarter of 2016, Zoetis disclosed earnings per share of $0.41, in-line with estimates, on revenue of $1.16 billion, which slightly topped estimates of $1.10 billion. At the beginning of June, Jefferies Group reiterated its ‘Buy’ rating on the stock and raised its price target on it to $58 from $57. On the other hand, Citigroup Inc. downgraded the stock to ‘Neutral’ from ‘Buy’, though it raised its price target on it to $50 from $46.
At the end of the first quarter, 48 investors in our database held long positions in Zoetis (NYSE:ZTS), compared to 54 hedge funds long the stock a quarter earlier. Among them, the biggest position was held by Pershing Square, while the second-biggest position was reported by Paul Marshall and Ian Wace’s Marshall Wace LLP, and was worth around $398.4 million. Other investors with similar bullishness contained William von Mueffling’s Cantillon Capital Management, Steve Cohen’s Point72 Asset Management, and Ryan Pedlow’s Two Creeks Capital Management.
Investors who are no longer optimistic about investing in Zoetis (NYSE:ZTS) include Scott Ferguson’s Sachem Head Capital, which dumped the biggest position of all the hedgies watched by Insider Monkey, worth an estimated $201.3 million in stock. Ken Griffin’s Citadel Investment Group, also said goodbye to its Zoetis position, worth about $145.4 million.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Pershing Square Capital Management||18,891,304||18,891,304||18,891,304||3.8%|
|PS Management GP||18,891,304||18,891,304||18,891,304||3.8%|
|William A. Ackman||18,891,304||18,891,304||18,891,304||3.8%|
Page 1 of 7 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO § 240.13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. 6)*
Under the Securities Exchange Act of 1934
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
Stephen Fraidin, Esq.
Steve Milankov, Esq.
Pershing Square Capital Management, L.P.
888 Seventh Avenue, 42nd Floor
New York, New York 10019
Alan Sinsheimer, Esq.
Sullivan & Cromwell LLP
125 Broad Street
York, New York 10004
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
July 7, 2016
Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which
is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for
other parties to whom copies are to be sent.
|*||The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information |
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).