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

Zacks Investment Research lowered shares of Covetrus (NASDAQ:CVET) from a buy rating to a hold rating in a report published on Tuesday morning, 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. “

Separately, Credit Suisse Group reduced their price target on Covetrus from $15.00 to $11.00 and set a neutral rating for the company in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Covetrus currently has an average rating of Hold and a consensus price target of $15.20.

CVET opened at $13.70 on Tuesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.66 and a quick ratio of 0.86. Covetrus has a 12 month low of $8.16 and a 12 month high of $43.83. The stock has a fifty day moving average price of $13.48 and a 200-day moving average price of $15.39.

Covetrus (NASDAQ:CVET) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.09. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $963.69 million. Covetrus had a positive return on equity of 4.26% and a negative net margin of 23.15%. Covetrus’s revenue was up 10.3% on a year-over-year basis. Analysts expect that Covetrus will post 0.63 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Macquarie Group Ltd. bought a new position in shares of Covetrus in the 2nd quarter worth $30,000. Huntington National Bank bought a new position in shares of Covetrus in the 3rd quarter worth $25,000. Oppenheimer Asset Management Inc. bought a new position in shares of Covetrus in the 3rd quarter worth $31,000. Steward Partners Investment Advisory LLC bought a new position in shares of Covetrus in the 3rd quarter worth $53,000. Finally, M&R Capital Management Inc. bought a new position in shares of Covetrus in the 3rd quarter worth $59,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Covetrus (NASDAQ:CVET)

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