Covetrus (NASDAQ:CVET) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Covetrus (NASDAQ:CVET) from a hold rating to a buy rating in a research note released on Tuesday, reports. The brokerage currently has $20.00 price objective on the stock.

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. “

CVET has been the subject of several other research reports. Raymond James reduced their target price on shares of Covetrus from $37.00 to $27.00 and set an outperform rating for the company in a report on Friday, November 5th. TheStreet cut shares of Covetrus from a c- rating to a d+ rating in a research report on Friday, December 3rd. Finally, Morgan Stanley assumed coverage on shares of Covetrus in a research report on Thursday, November 18th. They issued an equal weight rating and a $19.00 target price for the company. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Buy and a consensus price target of $27.17.

CVET opened at $16.27 on Tuesday. The firm’s fifty day moving average is $18.31 and its two-hundred day moving average is $21.09. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.12 and a current ratio of 1.89. The firm has a market cap of $2.24 billion, a PE ratio of -39.68 and a beta of 2.11. Covetrus has a twelve month low of $15.80 and a twelve month high of $40.78.

Covetrus (NASDAQ:CVET) last issued its quarterly earnings data on Thursday, November 4th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.03). The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.16 billion. Covetrus had a positive return on equity of 0.94% and a negative net margin of 1.20%. Equities analysts forecast that Covetrus will post 0.67 EPS for the current fiscal year.

In other Covetrus news, CEO Benjamin Wolin sold 26,320 shares of the stock in a transaction dated Monday, December 27th. The shares were sold at an average price of $20.00, for a total transaction of $526,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.40% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Trustcore Financial Services LLC bought a new position in shares of Covetrus in the third quarter worth approximately $31,000. Spire Wealth Management boosted its holdings in shares of Covetrus by 208.4% during the 4th quarter. Spire Wealth Management now owns 2,794 shares of the company’s stock valued at $56,000 after buying an additional 1,888 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in shares of Covetrus during the 2nd quarter valued at $78,000. Advisory Services Network LLC purchased a new position in shares of Covetrus in the 2nd quarter worth about $141,000. Finally, Paloma Partners Management Co purchased a new position in shares of Covetrus in the 2nd quarter worth about $206,000. 94.46% of the stock is currently owned by institutional investors and hedge funds.

About Covetrus

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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