Ackman's Pershing Square cuts stake in Zoetis
Reuters
Published May 11, 2016 06:43AM ET
Ackman's Pershing Square cuts stake in Zoetis
(Reuters) - Billionaire investor William Ackman's Pershing Square (NYSE:SQ) now holds a 5 percent stake in Zoetis Inc (NYSE:ZTS) after the hedge fund sold about $800 million worth of shares in the animal health company, according to a regulatory filing.
Ackman sold 16.85 million Zoetis shares at an average price of $46.55 each, the filing showed on Tuesday.
The fund had reported an 8.6 percent stake in the company in a filing on April 22.
Zoetis, which was spun off from Pfizer Inc (NYSE:PFE) in 2013, reported better-than-expected quarterly revenue and profit last week.
Pershing Square was a top industry performer in 2014, when it delivered a 40 percent return. But more recently it has been close to the bottom, losing 20 percent last year.
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Written By: Reuters
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