Zoetis (ZTS) Stock Forecast, Price Target & Predictions
ZTS Stock Forecast
Zoetis stock forecast is as follows: an average price target of $227.71 (represents a 16.35% upside from ZTS’s last price of $195.71) and a rating consensus of 'Buy', based on 7 wall street analysts offering a 1-year stock forecast.
ZTS Price Target
The average price target for Zoetis (ZTS) is $227.71 based on 1-year price targets from 7 Wall Street analysts in the past 3 months, with a price target range of $254.00 to $195.00. This represents a potential 16.35% upside from ZTS's last price of $195.71.
ZTS Analyst Ratings
According to 7 Wall Street analysts, Zoetis's rating consensus is 'Buy'. The analyst rating breakdown for ZTS stock is 0 'Strong Buy' (0.00%), 7 'Buy' (100.00%), 0 'Hold' (0.00%), 0 'Sell' (0.00%), and 0 'Strong Sell' (0.00%).
Zoetis Price Target by Analyst
| Date | Analyst | Company | Price Target | Price when Published | Price Target/Price when Published | Price Target/Last Closing Price |
|---|---|---|---|---|---|---|
| Aug 07, 2024 | Balaji Prasad | Barclays | $242.00 | $185.29 | 30.61% | 23.65% |
| Aug 05, 2024 | Jonathan Block | Stifel Nicolaus | $200.00 | $176.31 | 13.44% | 2.19% |
| Apr 16, 2024 | David Westenberg | Piper Sandler | $195.00 | $149.77 | 30.20% | -0.36% |
| Apr 02, 2024 | Jonathan Block | Stifel Nicolaus | $195.00 | $167.02 | 16.75% | -0.36% |
| Nov 15, 2022 | - | Morgan Stanley | $248.00 | $150.25 | 65.06% | 26.72% |
| Feb 21, 2022 | David Steinberg | Jefferies | $254.00 | $191.32 | 32.76% | 29.78% |
| Aug 25, 2021 | Jasper Hellweg | Argus Research | $225.00 | $203.86 | 10.37% | 14.97% |
| Aug 09, 2021 | Katie Tryhane | Credit Suisse | $230.00 | $199.16 | 15.49% | 17.52% |
The latest Zoetis stock forecast, released on Aug 07, 2024 by Balaji Prasad from Barclays, set a price target of $242.00, which represents a 30.61% increase from the stock price at the time of the forecast ($185.29), and a 23.65% increase from ZTS last price ($195.71).
Zoetis Price Target by Period
| 1M | 3M | 12M | |
|---|---|---|---|
| # Anlaysts | - | 2 | 4 |
| Avg Price Target | - | $221.00 | $208.00 |
| Last Closing Price | $195.71 | $195.71 | $195.71 |
| Upside/Downside | -100.00% | 12.92% | 6.28% |
In the current month, the average price target of Zoetis stock is -, according to 0 Wall Street analyst offering twelve months forecast. The average price target represents a -100.00% decrease as opposed to Zoetis's last price of $195.71. This month's average price target is down -100.00% compared to last quarter, and down -100.00% compared to last year.
Analyst Ratings Upgrades/Downgrades
| Date | Company | Previous Rating | New Rating | Rating Change |
|---|---|---|---|---|
| Aug 14, 2024 | Piper Sandler | Overweight | Overweight | Hold |
| Aug 07, 2024 | Barclays | Overweight | Overweight | Hold |
| Jul 25, 2024 | BTIG | - | Buy | Initialise |
| Apr 16, 2024 | Piper Sandler | Overweight | Overweight | Hold |
| Apr 12, 2024 | William Blair | Outperform | Outperform | Hold |
| Feb 13, 2024 | William Blair | Outperform | Outperform | Hold |
| Feb 15, 2023 | RBC Capital | - | Outperform | Upgrade |
| Feb 15, 2023 | Piper Sandler | - | Overweight | Upgrade |
| Feb 15, 2023 | CFRA | - | Buy | Upgrade |
| Nov 15, 2022 | Morgan Stanley | Overweight | Overweight | Hold |
Zoetis's last stock rating was published by Piper Sandler on Aug 14, 2024. The company gave ZTS a "Overweight" rating, the same as its previous rate.
Zoetis Financial Forecast
Zoetis Revenue Forecast
| Dec 26 | Sep 26 | Jun 26 | Mar 26 | Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jul 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - | - | - | $2.21B | $2.15B | $2.18B | $2.00B | $2.04B | $2.00B | - | $1.99B | $1.97B | $1.99B | $1.95B | $1.87B | $1.81B | $1.79B | $1.55B | $1.53B | $1.67B | $1.58B |
| Avg Forecast | $2.66B | $2.57B | $2.66B | $2.44B | $2.49B | $2.43B | $2.48B | $2.31B | $2.35B | $2.29B | $2.31B | $2.15B | $2.19B | $2.17B | $2.16B | $2.01B | $2.00B | $2.08B | $2.03B | $1.98B | $1.93B | $1.93B | $1.83B | $1.72B | $1.74B | $1.63B | $1.35B | $1.50B | $1.64B | $1.58B |
| High Forecast | $2.69B | $2.60B | $2.69B | $2.46B | $2.51B | $2.45B | $2.50B | $2.33B | $2.37B | $2.31B | $2.34B | $2.17B | $2.20B | $2.19B | $2.18B | $2.03B | $2.02B | $2.10B | $2.03B | $2.02B | $1.98B | $1.98B | $1.87B | $1.76B | $1.78B | $1.67B | $1.39B | $1.54B | $1.68B | $1.61B |
| Low Forecast | $2.64B | $2.55B | $2.64B | $2.41B | $2.47B | $2.41B | $2.46B | $2.29B | $2.32B | $2.27B | $2.29B | $2.13B | $2.18B | $2.16B | $2.14B | $2.00B | $1.98B | $2.06B | $2.03B | $1.94B | $1.90B | $1.90B | $1.79B | $1.69B | $1.71B | $1.60B | $1.33B | $1.48B | $1.61B | $1.55B |
| # Analysts | 5 | 4 | 5 | 4 | 4 | 3 | 4 | 3 | 5 | 8 | 5 | 3 | 6 | 8 | 5 | 4 | 4 | 3 | 5 | 3 | 4 | 5 | 6 | 8 | 5 | 5 | 10 | 7 | 4 | 4 |
| Surprise % | - | - | - | - | - | - | - | - | - | - | - | - | 1.01% | 0.99% | 1.01% | 0.99% | 1.02% | 0.96% | - | 1.00% | 1.02% | 1.03% | 1.07% | 1.09% | 1.04% | 1.10% | 1.14% | 1.02% | 1.02% | 1.00% |
Zoetis's average Quarter revenue forecast for Mar 24 based on 3 analysts is $2.15B, with a low forecast of $2.13B, and a high forecast of $2.17B. ZTS's average Quarter revenue forecast represents a -2.69% decrease compared to the company's last Quarter revenue of $2.21B (Dec 23).
Zoetis EBITDA Forecast
| Dec 26 | Sep 26 | Jun 26 | Mar 26 | Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jul 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 5 | 4 | 5 | 4 | 4 | 3 | 4 | 3 | 5 | 8 | 5 | 3 | 6 | 8 | 5 | 4 | 4 | 3 | 5 | 3 | 4 | 5 | 6 | 8 | 5 | 5 | 10 | 7 | 4 | 4 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | $599.00M | $836.00M | $975.00M | $818.00M | $691.00M | $853.00M | - | $907.00M | $678.00M | $825.00M | $806.00M | $854.00M | $124.00M | $770.00M | $652.00M | $660.00M | $602.00M | $691.00M |
| Avg Forecast | $1.03B | $995.16M | $1.03B | $941.62M | $962.27M | $938.93M | $958.68M | $893.55M | $906.55M | $883.55M | $893.90M | $994.18M | $845.87M | $839.75M | $833.35M | $903.80M | $774.24M | $783.75M | $783.03M | $821.64M | $649.75M | $712.50M | $723.91M | $663.30M | $118.30M | $619.35M | $397.31M | $590.93M | $574.64M | $643.89M |
| High Forecast | $1.04B | $1.00B | $1.04B | $950.79M | $971.64M | $948.07M | $968.01M | $902.24M | $915.37M | $891.27M | $902.60M | $1.19B | $849.73M | $847.24M | $841.46M | $1.08B | $781.77M | $940.50M | $783.03M | $985.97M | $779.70M | $855.00M | $868.69M | $795.96M | $141.96M | $743.22M | $476.77M | $709.12M | $689.56M | $772.66M |
| Low Forecast | $1.02B | $985.76M | $1.02B | $932.73M | $953.18M | $930.06M | $949.63M | $885.11M | $897.99M | $875.84M | $885.46M | $795.35M | $842.01M | $834.94M | $825.48M | $723.04M | $766.92M | $627.00M | $783.03M | $657.31M | $519.80M | $570.00M | $579.13M | $530.64M | $94.64M | $495.48M | $317.85M | $472.74M | $459.71M | $515.11M |
| Surprise % | - | - | - | - | - | - | - | - | - | - | - | - | 0.71% | 1.00% | 1.17% | 0.91% | 0.89% | 1.09% | - | 1.10% | 1.04% | 1.16% | 1.11% | 1.29% | 1.05% | 1.24% | 1.64% | 1.12% | 1.05% | 1.07% |
3 analysts predict ZTS's average Quarter EBITDA for Mar 24 to be $994.18M, with a high of $1.19B and a low of $795.35M. This is 65.97% upper than Zoetis's previous annual EBITDA (Dec 23) of $599.00M.
Zoetis Net Income Forecast
| Dec 26 | Sep 26 | Jun 26 | Mar 26 | Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jul 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 5 | 4 | 5 | 4 | 4 | 3 | 4 | 3 | 5 | 8 | 5 | 3 | 6 | 8 | 5 | 4 | 4 | 3 | 5 | 3 | 4 | 5 | 6 | 8 | 5 | 5 | 10 | 7 | 4 | 4 |
| Net Income | - | - | - | - | - | - | - | - | - | - | - | - | $525.00M | $596.00M | $671.00M | $552.00M | $461.00M | $529.00M | - | $595.00M | $413.00M | $552.00M | $512.00M | $559.00M | $357.00M | $479.00M | $377.00M | $423.00M | $384.00M | $433.00M |
| Avg Forecast | $820.80M | $804.84M | $836.76M | $709.08M | $736.04M | $736.80M | $765.99M | $680.51M | $652.46M | $665.15M | $677.20M | $660.94M | $600.27M | $618.52M | $596.39M | $600.85M | $524.80M | $524.40M | $556.02M | $546.23M | $396.75M | $476.73M | $459.85M | $434.17M | $340.59M | $385.28M | $229.73M | $378.73M | $366.55M | $403.48M |
| High Forecast | $831.18M | $815.02M | $847.34M | $718.05M | $745.35M | $746.13M | $775.68M | $689.12M | $660.72M | $683.38M | $685.77M | $793.13M | $609.30M | $641.26M | $603.93M | $721.02M | $531.44M | $629.28M | $556.02M | $655.48M | $476.10M | $572.07M | $551.82M | $521.01M | $408.70M | $462.34M | $275.68M | $454.48M | $439.85M | $484.17M |
| Low Forecast | $810.72M | $794.96M | $826.49M | $700.37M | $727.01M | $727.76M | $756.58M | $672.15M | $644.45M | $646.93M | $668.88M | $528.75M | $595.75M | $604.87M | $589.07M | $480.68M | $518.35M | $419.52M | $556.02M | $436.98M | $317.40M | $381.38M | $367.88M | $347.34M | $272.47M | $308.23M | $183.79M | $302.99M | $293.24M | $322.78M |
| Surprise % | - | - | - | - | - | - | - | - | - | - | - | - | 0.87% | 0.96% | 1.13% | 0.92% | 0.88% | 1.01% | - | 1.09% | 1.04% | 1.16% | 1.11% | 1.29% | 1.05% | 1.24% | 1.64% | 1.12% | 1.05% | 1.07% |
Zoetis's average Quarter net income forecast for Mar 24 is $660.94M, with a range of $528.75M to $793.13M. ZTS's average Quarter net income forecast represents a 25.89% increase compared to the company's last Quarter net income of $525.00M (Dec 23).
Zoetis SG&A Forecast
| Dec 26 | Sep 26 | Jun 26 | Mar 26 | Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jul 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 5 | 4 | 5 | 4 | 4 | 3 | 4 | 3 | 5 | 8 | 5 | 3 | 6 | 8 | 5 | 4 | 4 | 3 | 5 | 3 | 4 | 5 | 6 | 8 | 5 | 5 | 10 | 7 | 4 | 4 |
| SG&A | - | - | - | - | - | - | - | - | - | - | - | - | $565.00M | $525.00M | $556.00M | $505.00M | $514.00M | $501.00M | - | $465.00M | $593.00M | $504.00M | $495.00M | $409.00M | $520.00M | $424.00M | $393.00M | $389.00M | $472.00M | $391.00M |
| Avg Forecast | $680.00M | $658.02M | $680.90M | $622.62M | $636.28M | $620.84M | $633.90M | $590.83M | $599.43M | $584.22M | $591.07M | $516.53M | $559.31M | $555.26M | $551.03M | $469.57M | $511.94M | $478.80M | $517.76M | $426.89M | $568.29M | $435.27M | $444.58M | $317.67M | $496.09M | $341.04M | $239.48M | $348.29M | $450.55M | $364.34M |
| High Forecast | $686.62M | $664.43M | $687.52M | $628.68M | $642.47M | $626.88M | $640.07M | $596.58M | $605.27M | $589.33M | $596.82M | $619.84M | $561.86M | $560.22M | $556.39M | $563.49M | $516.92M | $574.56M | $517.76M | $512.26M | $681.95M | $522.33M | $533.50M | $381.20M | $595.31M | $409.25M | $287.38M | $417.95M | $540.65M | $437.21M |
| Low Forecast | $673.58M | $651.81M | $674.47M | $616.74M | $630.27M | $614.98M | $627.91M | $585.25M | $593.77M | $579.12M | $585.49M | $413.22M | $556.76M | $552.08M | $545.82M | $375.66M | $507.11M | $383.04M | $517.76M | $341.51M | $454.63M | $348.22M | $355.67M | $254.14M | $396.87M | $272.83M | $191.59M | $278.63M | $360.44M | $291.47M |
| Surprise % | - | - | - | - | - | - | - | - | - | - | - | - | 1.01% | 0.95% | 1.01% | 1.08% | 1.00% | 1.05% | - | 1.09% | 1.04% | 1.16% | 1.11% | 1.29% | 1.05% | 1.24% | 1.64% | 1.12% | 1.05% | 1.07% |
Zoetis's average Quarter SG&A projection for Mar 24 is $516.53M, based on 3 Wall Street analysts, with a range of $413.22M to $619.84M. The forecast indicates a -8.58% fall compared to ZTS last annual SG&A of $565.00M (Dec 23).
Zoetis EPS Forecast
| Dec 26 | Sep 26 | Jun 26 | Mar 26 | Dec 25 | Sep 25 | Jun 25 | Mar 25 | Dec 24 | Sep 24 | Jun 24 | Mar 24 | Dec 23 | Sep 23 | Jun 23 | Mar 23 | Dec 22 | Sep 22 | Jul 22 | Mar 22 | Dec 21 | Sep 21 | Jun 21 | Mar 21 | Dec 20 | Sep 20 | Jun 20 | Mar 20 | Dec 19 | Sep 19 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # Analysts | 5 | 4 | 5 | 4 | 4 | 3 | 4 | 3 | 5 | 8 | 5 | 3 | 6 | 8 | 5 | 4 | 4 | 3 | 5 | 3 | 4 | 5 | 6 | 8 | 5 | 5 | 10 | 7 | 4 | 4 |
| EPS | - | - | - | - | - | - | - | - | - | - | - | - | $1.14 | $1.29 | $1.45 | $1.19 | $0.99 | $1.13 | - | $1.26 | $0.87 | $1.16 | $1.08 | $1.18 | $0.75 | $1.01 | $0.79 | $0.89 | $0.81 | $0.91 |
| Avg Forecast | $1.80 | $1.76 | $1.83 | $1.55 | $1.61 | $1.62 | $1.68 | $1.49 | $1.43 | $1.46 | $1.49 | $1.35 | $1.32 | $1.36 | $1.31 | $1.25 | $1.15 | $1.24 | $1.21 | $1.23 | $0.96 | $1.11 | $1.09 | $1.04 | $0.86 | $0.91 | $0.64 | $0.86 | $0.88 | $0.88 |
| High Forecast | $1.82 | $1.79 | $1.86 | $1.57 | $1.63 | $1.64 | $1.70 | $1.51 | $1.45 | $1.50 | $1.50 | $1.36 | $1.34 | $1.41 | $1.32 | $1.26 | $1.17 | $1.25 | $1.21 | $1.27 | $0.99 | $1.14 | $1.12 | $1.07 | $0.89 | $0.94 | $0.66 | $0.89 | $0.91 | $0.91 |
| Low Forecast | $1.78 | $1.74 | $1.81 | $1.54 | $1.59 | $1.60 | $1.66 | $1.47 | $1.41 | $1.42 | $1.47 | $1.33 | $1.31 | $1.33 | $1.29 | $1.23 | $1.14 | $1.22 | $1.21 | $1.20 | $0.94 | $1.09 | $1.06 | $1.01 | $0.84 | $0.89 | $0.63 | $0.84 | $0.86 | $0.86 |
| Surprise % | - | - | - | - | - | - | - | - | - | - | - | - | 0.87% | 0.95% | 1.11% | 0.96% | 0.86% | 0.91% | - | 1.02% | 0.90% | 1.04% | 1.00% | 1.14% | 0.87% | 1.11% | 1.23% | 1.03% | 0.92% | 1.03% |
According to 3 Wall Street analysts, Zoetis's projected average Quarter EPS for Mar 24 is $1.35, with a low estimate of $1.33 and a high estimate of $1.36. This represents a 18.06% increase compared to ZTS previous annual EPS of $1.14 (Dec 23).
Zoetis Peer Comparison by Price Target
| Ticker | Company | Last Closing Price | Avg Price Target | Upside/Downside | Avg Rating |
|---|---|---|---|---|---|
| EBS | Emergent BioSolutions | $6.88 | $51.50 | 648.55% | Buy |
| ASRT | Assertio | $1.30 | $2.88 | 121.54% | Buy |
| ELAN | Elanco Animal Health | $14.29 | $25.83 | 80.76% | Buy |
| ALVO | Alvotech | $11.01 | $16.00 | 45.32% | Hold |
| BHC | Bausch Health Companies | $7.18 | $10.20 | 42.06% | Hold |
| AMPH | Amphastar Pharmaceuticals | $48.64 | $66.00 | 35.69% | Buy |
| ITCI | Intra-Cellular Therapies | $75.11 | $94.00 | 25.15% | Buy |
| CTLT | Catalent | $60.35 | $74.30 | 23.12% | Hold |
| NBIX | Neurocrine Biosciences | $122.31 | $146.60 | 19.86% | Buy |
| ZTS | Zoetis | $195.71 | $227.71 | 16.35% | Buy |
| VTRS | Viatris | $11.82 | $13.75 | 16.33% | Hold |
| TEVA | Teva Pharmaceutical Industries | $17.85 | $19.17 | 7.39% | Buy |
| PETQ | PetIQ | $30.76 | $31.00 | 0.78% | Buy |
| HLN | Haleon | $10.65 | $9.15 | -14.08% | Buy |
ZTS Forecast FAQ
Is Zoetis a good buy?
Yes, according to 7 Wall Street analysts, Zoetis (ZTS) is considered a 'Buy'. The rating consensus is based on 0 'Strong Buy' and 7 'Buy' recommendations, accounting for 100.00% of ZTS's total ratings.
What is ZTS's price target?
Zoetis (ZTS) average price target is $227.71 with a range of $195 to $254, implying a 16.35% from its last price of $195.71. The data is based on 7 Wall Street analysts who provided a twelve-month price target estimate in the last three months.
Will Zoetis stock go up soon?
According to Wall Street analysts' prediction for ZTS stock, the company can go up by 16.35% (from the last price of $195.71 to the average price target of $227.71), up by 29.78% based on the highest stock price target, and down by -0.36% based on the lowest stock price target.
Can Zoetis stock reach $300?
ZTS's average twelve months analyst stock price target of $227.71 does not support the claim that Zoetis can reach $300 in the near future.
What are Zoetis's analysts' financial forecasts?
Zoetis's analysts financial forecasts for the fiscal year (Dec 2025) are as follows: average revenue is $9.71B (high $9.8B, low $9.62B), average EBITDA is $3.75B (high $3.79B, low $3.72B), average net income is $2.92B (high $2.96B, low $2.88B), average SG&A $2.48B (high $2.51B, low $2.46B), and average EPS is $6.4 (high $6.48, low $6.32). ZTS's analysts financial forecasts for the fiscal year (Dec 2026) are as follows: average revenue is $10.34B (high $10.44B, low $10.24B), average EBITDA is $3.99B (high $4.03B, low $3.96B), average net income is $3.17B (high $3.21B, low $3.13B), average SG&A $2.64B (high $2.67B, low $2.62B), and average EPS is $6.96 (high $7.04, low $6.87).
Did the ZTS's actual financial results beat the analysts' financial forecasts?
Based on Zoetis's last annual report (Dec 2023), the company's revenue was $8.54B, beating the average analysts forecast of $8.53B by 0.16%. Apple's EBITDA was $3.22B, missing the average prediction of $3.42B by -5.98%. The company's net income was $2.34B, missing the average estimation of $2.42B by -2.98%. Apple's SG&A was $2.15B, beating the average forecast of $2.14B by 0.74%. Lastly, the company's EPS was $5.08, missing the average prediction of $5.23 by -2.79%. In terms of the last quarterly report (Dec 2023), Zoetis's revenue was $2.21B, beating the average analysts' forecast of $2.19B by 1.13%. The company's EBITDA was $599M, missing the average prediction of $845.87M by -29.19%. Zoetis's net income was $525M, missing the average estimation of $600.27M by -12.54%. The company's SG&A was $565M, beating the average forecast of $559.31M by 1.02%. Lastly, the company's EPS was $1.14, missing the average prediction of $1.32 by -13.40%