Covetrus (NASDAQ:CVET) Rating Lowered to Sell at Zacks Investment Research

Covetrus (NASDAQ:CVET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, 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. “

Other research analysts have also recently issued research reports about the stock. Raymond James increased their target price on shares of Covetrus from $31.00 to $39.00 and gave the stock an “outperform” rating in a report on Monday, March 8th. Barclays initiated coverage on shares of Covetrus in a report on Wednesday, February 17th. They issued an “overweight” rating and a $48.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $33.40.

Covetrus stock traded down $0.50 during trading hours on Tuesday, reaching $30.25. 552,004 shares of the stock were exchanged, compared to its average volume of 786,591. The company has a market cap of $4.12 billion, a P/E ratio of -54.02, a price-to-earnings-growth ratio of 2.64 and a beta of 2.28. The company has a current ratio of 2.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.76. Covetrus has a twelve month low of $10.45 and a twelve month high of $40.78. The stock has a 50 day moving average of $29.90 and a two-hundred day moving average of $30.72.

Covetrus (NASDAQ:CVET) last announced its quarterly earnings data on Sunday, February 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.05. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.06 billion. Covetrus had a negative net margin of 1.21% and a positive return on equity of 7.09%. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share. On average, analysts expect that Covetrus will post 0.6 earnings per share for the current fiscal year.

In related news, CEO Benjamin Wolin sold 5,556 shares of the firm’s stock in a transaction that occurred on Wednesday, February 10th. The shares were sold at an average price of $38.34, for a total value of $213,017.04. Also, insider Dustin Finer sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 6th. The shares were sold at an average price of $29.38, for a total transaction of $44,070.00. Following the completion of the transaction, the insider now owns 16,471 shares of the company’s stock, valued at approximately $483,917.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,758 shares of company stock valued at $1,293,756. 1.20% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. raised its holdings in Covetrus by 25.2% in the 4th quarter. Assetmark Inc. now owns 2,075 shares of the company’s stock valued at $60,000 after buying an additional 417 shares during the last quarter. Annapolis Financial Services LLC bought a new position in Covetrus during the 4th quarter worth approximately $77,000. Scott Investment Partners LLP bought a new position in Covetrus during the 4th quarter worth approximately $83,000. Peconic Partners LLC bought a new position in Covetrus during the 4th quarter worth approximately $86,000. Finally, Perigon Wealth Management LLC bought a new position in Covetrus during the 4th quarter worth approximately $87,000. Institutional investors and hedge funds own 94.10% of the company’s stock.

Covetrus Company Profile

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.

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