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Zoetis (ZTS) Stock Declines as Ackman Trims Stake

NEW YORK (TheStreet) -- Zoetis (ZTS - Get Report) stock is down 2.17% to $46.47 in early-afternoon trading on Tuesday after billionaire investor Bill Ackman's Pershing Square Capital Management set out to sell 16.85 million shares of the animal health care company, sources told the New York Times.

The hedge fund sold the shares for a price range between $46.75 and $47 per share, valuing the transaction at roughly $800 million.

Pershing will continue to...