Covetrus, Inc. (NASDAQ:CVET) Given Average Recommendation of "Hold" by Brokerages

Covetrus, Inc. (NASDAQ:CVET – Get Rating) has been given a consensus recommendation of "Hold" by the eight brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $21.80.

Several research analysts have weighed in on the company. William Blair lowered Covetrus from an "outperform" rating to a "market perform" rating in a report on Wednesday, May 25th. Raymond James lowered Covetrus from an "outperform" rating to a "market perform" rating in a report on Monday, May 23rd. Barclays lowered Covetrus from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $26.00 to $21.00 in a report on Thursday, May 26th. Stifel Nicolaus downgraded Covetrus from a "buy" rating to a "hold" rating and set a $22.00 price target on the stock. in a research note on Monday, June 13th. Finally, Morgan Stanley lifted their price target on Covetrus from $19.00 to $21.00 and gave the company an "equal weight" rating in a research note on Monday, May 23rd.

Get Covetrus alerts:

Covetrus Price Performance

NASDAQ:CVET opened at $20.76 on Tuesday. Covetrus has a 12-month low of $13.39 and a 12-month high of $25.83. The company has a quick ratio of 1.03, a current ratio of 1.86 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $2.89 billion, a P/E ratio of -69.20 and a beta of 1.77. The stock's fifty day simple moving average is $20.48 and its 200-day simple moving average is $18.00.

Covetrus (NASDAQ:CVET – Get Rating) last posted its earnings results on Thursday, May 5th. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01). The business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.15 billion. Covetrus had a positive return on equity of 1.92% and a negative net margin of 0.87%. The business's revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.16 earnings per share. Equities research analysts expect that Covetrus will post 0.83 earnings per share for the current year.

Insider Buying and Selling at Covetrus

In related news, Director Edward Mcnamara sold 34,525 shares of Covetrus stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $20.52, for a total value of $708,453.00. Following the sale, the director now owns 31,807 shares of the company's stock, valued at $652,679.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Edward Mcnamara sold 34,525 shares of Covetrus stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $20.52, for a total value of $708,453.00. Following the sale, the director now owns 31,807 shares of the company's stock, valued at $652,679.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Benjamin Wolin sold 5,293 shares of Covetrus stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $20.75, for a total value of $109,829.75. Following the completion of the sale, the chief executive officer now directly owns 198,238 shares in the company, valued at approximately $4,113,438.50. The disclosure for this sale can be found here. Insiders have sold 45,111 shares of company stock valued at $927,319 in the last 90 days. 0.60% of the stock is currently owned by company insiders.

Institutional Trading of Covetrus

A number of hedge funds and other institutional investors have recently modified their holdings of CVET. Select Equity Group L.P. increased its position in Covetrus by 3,737.6% during the first quarter. Select Equity Group L.P. now owns 1,513,820 shares of the company's stock worth $25,417,000 after buying an additional 1,474,373 shares during the last quarter. Fort Washington Investment Advisors Inc. OH acquired a new position in Covetrus during the first quarter worth approximately $11,927,000. Dimensional Fund Advisors LP increased its position in Covetrus by 36.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,501,140 shares of the company's stock worth $41,997,000 after buying an additional 661,866 shares during the last quarter. Wellington Management Group LLP increased its position in Covetrus by 6.2% during the first quarter. Wellington Management Group LLP now owns 8,357,496 shares of the company's stock worth $140,323,000 after buying an additional 485,051 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its position in Covetrus by 87.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,028,735 shares of the company's stock worth $20,544,000 after buying an additional 479,008 shares during the last quarter. Institutional investors and hedge funds own 93.99% of the company's stock.

Covetrus Company Profile

(Get Rating)

Covetrus, Inc, together with its subsidiaries, operates as an animal-health technology and services company. It engages in the sale of animal-health consumable products, including proprietary and Covetrus branded products, small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products, parasiticides, and vitamins and supplements to wholesale and retail customers.

Recommended Stories

• Get a free copy of the StockNews.com research report on Covetrus (CVET)
• The Institutions Like The Color Of PPG Industries
• Taking a Look at Nvidia's Stock Amidst The Semiconductor Chip Gut
• Palantir Stock is Showing Signs of Life
• What Investors Need to Know to Beat the Market
• Alcoa Is Well-Positioned For 2022 and 2023

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.