Billionaire investor William Ackman’s Pershing Square now holds a 5% stake in Zoetis after the hedge fund sold about $800 million worth of shares in the animal health company, according to a regulatory filing.
Ackman sold 16.85 million Zoetis (zts) shares at an average price of $46.55 each, the filing showed on Tuesday.
The fund had reported an 8.6% stake in the company in a filing on April 22.
Zoetis, which was spun off from Pfizer (pfe) in 2013, reported better-than-expected quarterly revenue and profit last week.
Pershing Square was a top industry performer in 2014, when it delivered a 40% return. But more recently it has been close to the bottom, losing 20% last year.