Covetrus (NASDAQ:CVET) Shares Up 5.4%

Covetrus Inc (NASDAQ:CVET)’s stock price was up 5.4% during mid-day trading on Friday . The company traded as high as $14.67 and last traded at $14.53, approximately 2,311,134 shares were traded during trading. An increase of 25% from the average daily volume of 1,849,981 shares. The stock had previously closed at $13.78.

Several research firms have recently commented on CVET. ValuEngine downgraded Covetrus from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Goldman Sachs Group assumed coverage on Covetrus in a research note on Monday, September 9th. They set a “sell” rating and a $11.00 target price on the stock. Zacks Investment Research raised Covetrus from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Thursday. Raymond James reduced their price target on Covetrus from $45.00 to $21.00 and set an “outperform” rating for the company in a research note on Thursday, August 15th. Finally, Stifel Nicolaus decreased their price objective on Covetrus from $30.00 to $18.00 and set a “hold” rating on the stock in a report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $15.20.

The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.86 and a current ratio of 1.66. The business’s 50-day moving average is $11.95 and its 200 day moving average is $17.75.

Covetrus (NASDAQ:CVET) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $963.69 million. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, analysts anticipate that Covetrus Inc will post 0.63 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. bought a new stake in shares of Covetrus in the second quarter valued at approximately $30,000. Huntington National Bank acquired a new position in Covetrus in the 3rd quarter valued at $25,000. Oppenheimer Asset Management Inc. acquired a new position in Covetrus in the 3rd quarter valued at $31,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Covetrus during the 3rd quarter valued at $53,000. Finally, M&R Capital Management Inc. bought a new stake in shares of Covetrus during the 3rd quarter valued at $59,000. Institutional investors own 91.27% of the company’s stock.

About Covetrus (NASDAQ:CVET)

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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