Covetrus, Inc. (NASDAQ:CVET) Receives $32.33 Average PT from Brokerages

Covetrus, Inc. (NASDAQ:CVET) has earned an average recommendation of “Buy” from the seven research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $32.33.

A number of brokerages have recently issued reports on CVET. Guggenheim raised Covetrus from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Monday, July 12th. Zacks Investment Research raised Covetrus from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Monday, June 28th.

NASDAQ:CVET traded down $0.70 during mid-day trading on Friday, hitting $24.54. The company had a trading volume of 5,040 shares, compared to its average volume of 543,172. The business has a fifty day simple moving average of $26.61. The company has a quick ratio of 1.27, a current ratio of 2.09 and a debt-to-equity ratio of 0.69. Covetrus has a 1 year low of $18.74 and a 1 year high of $40.78. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of -315.46, a price-to-earnings-growth ratio of 1.57 and a beta of 2.05.

Covetrus (NASDAQ:CVET) last released its quarterly earnings data on Thursday, May 6th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.12 by $0.04. Covetrus had a positive return on equity of 6.38% and a negative net margin of 0.02%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. As a group, sell-side analysts forecast that Covetrus will post 0.74 EPS for the current year.

In other news, insider Dustin Finer sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 4th. The stock was sold at an average price of $30.43, for a total transaction of $45,645.00. Following the completion of the transaction, the insider now directly owns 13,471 shares in the company, valued at $409,922.53. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael Ellis sold 21,196 shares of the business’s stock in a transaction that occurred on Friday, July 16th. The stock was sold at an average price of $24.59, for a total value of $521,209.64. Following the transaction, the insider now owns 1,479 shares of the company’s stock, valued at $36,368.61. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,988 shares of company stock valued at $1,713,614. 0.40% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue lifted its position in Covetrus by 2.5% in the second quarter. State of Alaska Department of Revenue now owns 68,970 shares of the company’s stock worth $1,862,000 after purchasing an additional 1,650 shares during the period. Principal Financial Group Inc. lifted its position in Covetrus by 0.9% in the first quarter. Principal Financial Group Inc. now owns 695,245 shares of the company’s stock worth $20,836,000 after purchasing an additional 6,072 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in Covetrus by 10.2% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 28,100 shares of the company’s stock worth $842,000 after purchasing an additional 2,600 shares during the period. Eaton Vance Management lifted its position in Covetrus by 4.2% in the first quarter. Eaton Vance Management now owns 16,005 shares of the company’s stock worth $480,000 after purchasing an additional 650 shares during the period. Finally, Morgan Stanley lifted its position in Covetrus by 1.6% in the first quarter. Morgan Stanley now owns 11,173,857 shares of the company’s stock worth $334,880,000 after purchasing an additional 175,090 shares during the period. Institutional investors and hedge funds own 94.72% of the company’s stock.

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

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Analyst Recommendations for Covetrus (NASDAQ:CVET)

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