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Zoetis (ZTS) Fell on Slower Veterinary Visits

Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. The US stock market started 2024 optimistically. In the first quarter, the fund returned 8.29% (gross) and 8.09% (net) compared to 11.41% for the Russell 1000 Growth Index and 10.56% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Polen Focus Growth Strategy featured stocks like Zoetis Inc. (NYSE:ZTS) in the first quarter 2024 investor letter. Headquartered in Parsippany, New Jersey, Zoetis Inc. (NYSE:ZTS) engages in the development, manufacture, and commercialization of animal health medicines, vaccines, and diagnostic products and services. On April 18, 2024, Zoetis Inc. (NYSE:ZTS) stock closed at $153.11 per share. One-month return of Zoetis Inc. (NYSE:ZTS) was -9.35%, and its shares lost 13.44% of their value over the last 52 weeks. Zoetis Inc. (NYSE:ZTS) has a market capitalization of $69.963 billion.

Polen Focus Growth Strategy stated the following regarding Zoetis Inc. (NYSE:ZTS) in its first quarter 2024 investor letter:

"The largest absolute detractors were Adobe, Zoetis Inc. (NYSE:ZTS), and Nike. Zoetis saw a modest slowdown in its business, mostly due to slower veterinary visits in 2023, but the company is beginning to scale biologic drugs for pain in dogs and cats. We believe these drugs are highly differentiated and should have higher-than-average profit margins that should sustain the company’s earnings growth at a low-teens or better rate for many years."

A veterinarian administering a vaccine to a herd of cattle in a farm.

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Zoetis Inc. (NYSE:ZTS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Zoetis Inc. (NYSE:ZTS) was held by 50 hedge fund portfolios, compared to 56 in the previous quarter, according to our database.

We previously discussed Zoetis Inc. (NYSE:ZTS) in another article, where we shared the list of best dividend stocks with high upside potential. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.