Covance (NYSE:CVD) issued its quarterly earnings data on Tuesday. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.03, AmericanBankingNews.com reports. The company had revenue of $606.70 million for the quarter, compared to the consensus estimate of $594.30 million. During the same quarter in the previous year, the company posted $0.72 earnings per share. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. Covance updated its FY13 guidance to $3.20 EPS.
A number of research firms have recently commented on CVD. Analysts at Zacks upgraded shares of Covance from a “neutral” rating to an “outperform” rating in a research note to investors on Thursday, October 10th. They now have a $88.70 price target on the stock. On the ratings front, analysts at Credit Suisse initiated coverage on shares of Covance in a research note to investors on Monday, September 23rd. They set an “outperform” rating and a $101.00 price target on the stock. Finally, analysts at UBS AG initiated coverage on shares of Covance in a research note to investors on Tuesday, September 17th. They set a “buy” rating and a $96.00 price target on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Covance presently has a consensus rating of “Buy” and an average target price of $84.44.
Shares of Covance (NYSE:CVD) traded up 1.32% on Tuesday, hitting $90.27. The stock had a trading volume of 950,118 shares. Covance has a 1-year low of $46.15 and a 1-year high of $85.81. The stock’s 50-day moving average is $82.79 and its 200-day moving average is $76.60. The company has a market cap of $5.046 billion and a P/E ratio of 30.91.
Covance Inc is a drug development services company providing a range of early-stage and late-stage product development services on a worldwide basis primarily to the pharmaceutical, biotechnology and medical device industries.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.