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From 700 Thousand to 7 Million Shares - Steven Cohen's Increase of Zoetis
Posted by: Monica Wolfe (IP Logged)
Date: June 25, 2013 04:48PM
On June 14 Steven Cohen went from holding a small stake in Zoetis (ZTS) to becoming the second largest shareholder of the company’s stock. Cohen bought into Zoetis Inc. during the first quarter, purchasing 727,721 shares at an average price of $33.11. Since his initial buy, the price per share has decreased by approximately 8%.
Most recently, on June 14, Cohen increased is position 950.12% by adding 6,914,256 shares of Zoetis. These shares traded at an average price of $30.80 per share. Since Cohen’s buy, the price per share has dropped approximately 1%. Cohen now owns a total of 7,641,977 shares, representing approximately 7.73% of shares outstanding.
Cohen’s holding history as of March 31:
Zoetis, formerly a business unit of Pfizer, is a global animal health company dedicated to supporting customers and their businesses. Zoetis discovers, develops, manufactures and markets veterinary vaccines and medicines, with a focus on both farm and companion animals.
Recent Happenings at Zoetis
On June 24, Zoetis became fully independent with the acceptance of Pfizer shares tendered in exchange offer. The company released a press release stating:
As of today [June 24], according to the terms of the exchange offer that commenced on May 22, 2013, Pfizer has accepted shares of Pfizer stock in exchange for all of its 400,985,000 shares of Zoetis common stock, according to the preliminary results of its exchange offer announced in a Pfizer press release today. Following Pfizer’s acceptance of shares of Pfizer common stock, Pfizer no longer holds any ownership interest in Zoetis, making Zoetis a fully independent company.
Zoetis has also become one of the newest members of the S&P 500. S&P Dow Jones Indices announced its intent to add Zoetis to the S&P 500 GICS (Global Industry Classification Standard) Pharmaceuticals Sub-Industry index as of June 21.
The company generated annual revenues of $4.3 billion in 2012. It has more than 9,300 employees worldwide and a local presence in approximately 70 countries, including 29 manufacturing facilities in 11 countries.
Zoetis raised $2.2 billion in its IPO of 86.1 million shares in February, over-performing at $26 per share in the largest public offering since Facebook’s last year. At the time of the offering Pfizer had an ownership stake of at least 80%.
Zoetis declared a third-quarter dividend payable to holders of the company’s common stock of $0.065 per share. The dividend is payable on Sept. 2 to shareholders of the record Aug. 1, 2013.
The company’s first-quarter results highlighted:
· Revenues of $1.09 billion, an increase of 4% compared to the first quarter 2012.
· Net income of $140 million, or fully diluted EPS of $0.28.
· Adjusted net income of $179 million, or adjusted diluted EPS of $0.36
· Full-Year 2013 adjusted diluted EPS guidance of $1.36-$1.42
Zoetis’ historical price, revenue and net income:
Zoetis has a market cap of $15.19 billion; its shares were traded at around $30.79 with a P/E ratio of 33.10 and a P/S ratio of 3.50. The dividend yield of Zoetis stocks is 0.20%.
Ten Gurus initiated positions in Zoetis during the first quarter. Steven Cohen is the first guru to further his holdings in Zoetis. Click here to see these gurus’ holding histories.
Check out Steven Cohen’s current portfolio here.
Guru Discussed: Steven Cohen: Current Portfolio, Stock Picks
Stocks Discussed: ZTS,