PFIZER INC. $28 (New York symbol PFE; Income Portfolio, Manufacturing & Industry sector; Shares outstanding: 7.1 billion; Market cap: $198.8 billion; Price-to-sales ratio: 3.6; Dividend yield: 3.4%; TSINetwork Rating: Above Average; www.pfizer.com) has completed its plan to hand out shares in its 80.2%-owned animalhealth subsidiary to its own shareholders. This business, ZOETIS INC. $31 (New York symbol ZTS, Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 500.0 million; Market cap: $15.5 billion; Price-to-sales ratio: 3.6; Dividend yield: 0.8%; TSINetwork Rating: Average; www.zoetis.com) makes drugs and vaccines for livestock and pets.
Pfizer set the exchange ratio at 0.9898 of a Zoetis share for each Pfizer share tendered. Due to much stronger-than-expected demand for Zoetis stock, Pfizer will accept less than half of the shares tendered to the offer.
Zoetis has long-term appeal. The company spends around 8% of its sales on research, which should help it profit as developing countries like China raise more livestock for food. However, the stock trades at a high 22.0 times Zoetis’s forecast 2013 earnings of $1.41 a share. Zoetis pays a quarterly dividend of $0.065 a share, for a 0.8% annualized yield.
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