Covetrus (NASDAQ:CVET) Downgraded by Zacks Investment Research

Covetrus (NASDAQ:CVET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Covetrus, Inc. provides animal-health technology and services. The Company combines practice management software, prescription management, multi-channel client engagement services and supply chain infrastructure to promote connectivity between veterinarians and their clients. Covetrus, Inc. is based in NY, United States. “

Other research analysts have also issued research reports about the company. Barclays reduced their target price on Covetrus from $46.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, August 9th. Raymond James cut their price objective on Covetrus from $38.00 to $37.00 and set an “outperform” rating for the company in a report on Friday, August 6th. Guggenheim raised Covetrus from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, July 12th. Finally, Credit Suisse Group assumed coverage on Covetrus in a report on Thursday, August 5th. They set a “neutral” rating and a $29.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $33.00.

CVET stock traded up $0.90 during mid-day trading on Wednesday, reaching $19.43. 665,054 shares of the company traded hands, compared to its average volume of 716,578. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.00 and a quick ratio of 1.22. The company has a market capitalization of $2.67 billion, a P/E ratio of -27.37 and a beta of 2.08. Covetrus has a 52-week low of $17.59 and a 52-week high of $40.78. The company has a fifty day moving average price of $20.95 and a 200-day moving average price of $25.12.

Covetrus (NASDAQ:CVET) last posted its earnings results on Thursday, August 5th. The company reported ($0.34) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.51). The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Covetrus had a negative net margin of 1.90% and a positive return on equity of 1.05%. As a group, analysts forecast that Covetrus will post 0.7 EPS for the current year.

In other Covetrus news, insider Dustin Finer sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 10th. The stock was sold at an average price of $23.14, for a total value of $34,710.00. Following the completion of the sale, the insider now owns 30,710 shares in the company, valued at $710,629.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Ellis sold 21,196 shares of the business’s stock in a transaction that occurred on Friday, July 16th. The shares were sold at an average price of $24.59, for a total value of $521,209.64. Following the completion of the sale, the insider now owns 1,479 shares of the company’s stock, valued at approximately $36,368.61. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in CVET. Sei Investments Co. raised its holdings in shares of Covetrus by 1.5% during the second quarter. Sei Investments Co. now owns 38,476 shares of the company’s stock valued at $1,028,000 after acquiring an additional 586 shares in the last quarter. Eaton Vance Management raised its holdings in shares of Covetrus by 4.2% during the first quarter. Eaton Vance Management now owns 16,005 shares of the company’s stock valued at $480,000 after acquiring an additional 650 shares in the last quarter. Profund Advisors LLC raised its holdings in shares of Covetrus by 5.6% during the first quarter. Profund Advisors LLC now owns 13,246 shares of the company’s stock valued at $397,000 after acquiring an additional 704 shares in the last quarter. Northeast Financial Consultants Inc raised its holdings in shares of Covetrus by 7.1% during the first quarter. Northeast Financial Consultants Inc now owns 10,616 shares of the company’s stock valued at $318,000 after acquiring an additional 708 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its holdings in shares of Covetrus by 2.2% during the second quarter. State Board of Administration of Florida Retirement System now owns 36,135 shares of the company’s stock valued at $976,000 after acquiring an additional 779 shares in the last quarter. Hedge funds and other institutional investors own 94.28% of the company’s stock.

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 firm geographically operates through the segments: North America, Europe and Asia Pacific (APAC) & Emerging Markets.

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