Covetrus (NASDAQ:CVET) Upgraded to “Hold” at Zacks Investment Research
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. “
A number of other equities research analysts have also recently commented on the stock. Raymond James cut their price target on shares of Covetrus from $45.00 to $21.00 and set an outperform rating on the stock in a report on Thursday, August 15th. Stifel Nicolaus cut their price target on shares of Covetrus from $30.00 to $18.00 and set a hold rating on the stock in a report on Wednesday, August 14th. ValuEngine cut shares of Covetrus from a buy rating to a hold rating in a report on Tuesday, August 13th. Credit Suisse Group dropped their target price on shares of Covetrus from $15.00 to $11.00 and set a neutral rating on the stock in a report on Thursday, October 17th. Finally, Goldman Sachs Group initiated coverage on shares of Covetrus in a report on Monday, September 9th. They issued a sell rating and a $11.00 target price on the stock. One 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 $18.00.
Covetrus (NASDAQ:CVET) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.12 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.04). The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.05 billion. On average, equities research analysts forecast that Covetrus will post 0.35 earnings per share for the current fiscal year.
In related news, insider Erin Powers Brennan bought 1,684 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $14.90 per share, for a total transaction of $25,091.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Covetrus in the second quarter worth approximately $207,795,000. First Trust Advisors LP purchased a new stake in Covetrus in the third quarter worth approximately $18,819,000. Park West Asset Management LLC bought a new position in Covetrus in the second quarter worth approximately $24,460,000. Great West Life Assurance Co. Can bought a new position in Covetrus in the third quarter worth approximately $11,615,000. Finally, Mackenzie Financial Corp bought a new position in Covetrus in the second quarter worth approximately $18,529,000. Institutional investors own 90.54% of the company’s stock.
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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