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Pershing Square No Longer Holds A Position In Zoetis

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Pershing Square No Longer Holds A Position In Zoetis

Billionaire investor Bill Ackman acquired an approximate 8.5 percent stake in Zoetis Inc (NYSE: ZTS), a producer of animal medicines and vaccinations, back in November 2014.

Ackman and his hedge fund Pershing Square Capital Management first bought 5.5 million shares of Zoetis in 2014 at $34 per share and added to his position over the years. The New York Times reported in May of this year that Ackman was looking to sell its entire 16.85 million share stake in Zoetis for a price range of $46.75 to $47 per share or a total consideration of around $800 million.

The New York times also noted that Ackman paid $1.5 billion for the entire stake of Zoetis.

Zoetis' stock was trading at $51.02 on Thursday.

Pershing Eliminates Its Stake

Pershing Square confirmed with Benzinga on Thursday that Ackman announced during the fund's quarterly investor call that it completed sold its stake in Zoetis.

Posted-In: Bill Ackman Bill Ackman Zoetis New York TimesBiotech News Hedge Funds Asset Sales General Best of Benzinga

 

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