Zoetis Inc Class A

ZTS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$822.00	Gzp	Jhjxsdbkx

Zoetis Earnings: Lumpiness With Distributors Damped Companion Animal Segment Growth

Debbie Wang

May 4, 2023

Wide-moat Zoetis delivered unusually muted first-quarter performance thanks to U.S. distributor stocking patterns, but these types of timing differences typically do not shift our long-term valuations much. We’re holding steady on our fair value estimate.

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