Covetrus (NASDAQ:CVET) Price Target Cut to $11.00

Covetrus (NASDAQ:CVET) had its price target lowered by analysts at Credit Suisse Group from $15.00 to $11.00 in a report released on Thursday, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the stock. Credit Suisse Group’s price target indicates a potential upside of 1.10% from the company’s previous close.

CVET has been the subject of several other reports. Stifel Nicolaus decreased their price objective on Covetrus from $30.00 to $18.00 and set a “hold” rating for the company in a report on Wednesday, August 14th. Zacks Investment Research downgraded Covetrus from a “hold” rating to a “sell” rating in a report on Wednesday. Goldman Sachs Group assumed coverage on Covetrus in a report on Monday, September 9th. They issued a “sell” rating and a $11.00 price objective for the company. Raymond James decreased their price objective on Covetrus from $45.00 to $21.00 and set an “outperform” rating for the company in a report on Thursday, August 15th. Finally, ValuEngine downgraded Covetrus from a “buy” rating to a “hold” rating in a report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Covetrus currently has an average rating of “Hold” and a consensus target price of $18.00.

Shares of Covetrus stock opened at $10.88 on Thursday. Covetrus has a 52 week low of $10.47 and a 52 week high of $43.83. The company has a current ratio of 1.74, a quick ratio of 0.91 and a debt-to-equity ratio of 0.51. The firm’s 50 day moving average is $12.45 and its two-hundred day moving average is $22.72.

Covetrus (NASDAQ:CVET) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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. On average, sell-side analysts anticipate that Covetrus will post 0.37 EPS for the current year.

In other news, insider Erin Powers Brennan acquired 1,684 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average cost of $14.90 per share, with a total value of $25,091.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Gamble Jones Investment Counsel acquired a new stake in shares of Covetrus during the second quarter worth $1,908,000. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new stake in shares of Covetrus during the third quarter worth $90,000. Treasurer of the State of North Carolina acquired a new stake in shares of Covetrus during the second quarter worth $1,166,000. Park West Asset Management LLC acquired a new stake in shares of Covetrus during the second quarter worth $24,460,000. Finally, Bridge Creek Capital Management LLC acquired a new stake in shares of Covetrus during the third quarter worth $219,000. 92.23% of the stock is owned by hedge funds and other institutional investors.

Covetrus Company Profile

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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Analyst Recommendations for Covetrus (NASDAQ:CVET)

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