Covetrus (NASDAQ:CVET) Downgraded to “Hold” at Zacks Investment Research

Covetrus (NASDAQ:CVET) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, 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 also recently issued research reports about the stock. Stifel Nicolaus decreased their price target on shares of Covetrus from $30.00 to $18.00 and set a “hold” rating for the company in a research note on Wednesday, August 14th. Goldman Sachs Group began coverage on shares of Covetrus in a research report on Monday, September 9th. They set a “sell” rating and a $11.00 price objective for the company. Credit Suisse Group reduced their price objective on shares of Covetrus from $15.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Raymond James reduced their price objective on shares of Covetrus from $45.00 to $21.00 and set an “outperform” rating for the company in a research report on Thursday, August 15th. Finally, ValuEngine downgraded shares of Covetrus from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. Covetrus has a consensus rating of “Hold” and an average target price of $15.20.

Shares of CVET stock opened at $13.68 on Tuesday. Covetrus has a fifty-two week low of $8.16 and a fifty-two week high of $43.83. The company has a 50 day moving average price of $11.83 and a 200 day moving average price of $17.89. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.86 and a current ratio of 1.66.

Covetrus (NASDAQ:CVET) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.09. Covetrus had a negative net margin of 23.15% and a positive return on equity of 4.26%. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $963.69 million. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities analysts predict that Covetrus will post 0.63 earnings per share for the current year.

Large investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Covetrus in the 2nd quarter valued at $207,795,000. State Street Corp purchased a new stake in Covetrus in the 3rd quarter valued at $33,241,000. First Trust Advisors LP purchased a new stake in Covetrus in the 3rd quarter valued at $18,819,000. Park West Asset Management LLC purchased a new stake in Covetrus in the 2nd quarter valued at $24,460,000. Finally, Great West Life Assurance Co. Can purchased a new stake in Covetrus in the 3rd quarter valued at $11,615,000. Institutional investors and hedge funds own 91.27% 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 company was founded on April 13, 2018 and is headquartered in Melville, NY.

See Also: Retained Earnings

Get a free copy of the Zacks research report on Covetrus (CVET)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Covetrus (NASDAQ:CVET)

Receive News & Ratings for Covetrus Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covetrus and related companies with MarketBeat.com's FREE daily email newsletter.