State of New Jersey Common Pension Fund D Invests $1.18 Million in Covetrus Inc (NASDAQ:CVET)

State of New Jersey Common Pension Fund D bought a new position in shares of Covetrus Inc (NASDAQ:CVET) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 99,100 shares of the company’s stock, valued at approximately $1,178,000. State of New Jersey Common Pension Fund D owned 0.09% of Covetrus at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Ridgewood Investments LLC bought a new stake in Covetrus in the 3rd quarter valued at $129,000. CWM LLC bought a new stake in shares of Covetrus in the 3rd quarter worth about $1,980,000. State of Michigan Retirement System bought a new stake in shares of Covetrus in the 3rd quarter worth about $336,000. Fenimore Asset Management Inc. bought a new stake in shares of Covetrus in the 3rd quarter worth about $467,000. Finally, Virginia Retirement Systems ET AL acquired a new position in Covetrus during the 3rd quarter worth about $215,000. 91.73% of the stock is currently owned by institutional investors and hedge funds.

Covetrus stock traded up $1.58 during trading hours on Tuesday, reaching $11.63. 21,604 shares of the company’s stock traded hands, compared to its average volume of 3,663,771. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.91 and a current ratio of 1.74. Covetrus Inc has a fifty-two week low of $8.16 and a fifty-two week high of $43.83. The firm’s 50 day moving average is $10.64 and its 200-day moving average is $19.88.

Covetrus (NASDAQ:CVET) last released its earnings results on Tuesday, August 13th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.05 billion. Equities analysts anticipate that Covetrus Inc will post 0.42 earnings per share for the current year.

In other Covetrus news, insider Erin Powers Brennan bought 1,684 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were bought at an average cost of $14.90 per share, for a total transaction of $25,091.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Several research analysts recently issued reports on CVET shares. Goldman Sachs Group started coverage on shares of Covetrus in a research report on Monday, September 9th. They set a “sell” rating and a $11.00 price target on the stock. Credit Suisse Group reduced their price target on shares of Covetrus from $15.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Zacks Investment Research upgraded shares of Covetrus from a “sell” rating to a “hold” rating in a research report on Monday. Stifel Nicolaus reduced their price target on shares of Covetrus from $30.00 to $18.00 and set a “hold” rating on the stock in a research report on Wednesday, August 14th. Finally, Raymond James reduced their price target on shares of Covetrus from $45.00 to $21.00 and set an “outperform” rating on the stock in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. Covetrus has a consensus rating of “Hold” and a consensus price target of $18.00.

About Covetrus

Covetrus, Inc engages in developing technologies and services for animal health industry. It also provides products, software, and services to help drive improved patient health, strong client relationships, and successful financial outcomes for veterinary professionals. The company was founded on April 13, 2018 and is headquartered in Melville, NY.

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Institutional Ownership by Quarter for Covetrus (NASDAQ:CVET)

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