Covetrus (NASDAQ:CVET) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of Covetrus (NASDAQ:CVET) from a hold rating to a sell rating in a research note published on Wednesday morning, 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. “

A number of other research firms have also recently commented on CVET. Raymond James cut their target price on Covetrus from $38.00 to $37.00 and set an outperform rating on the stock in a research note on Friday, August 6th. Guggenheim raised Covetrus from a neutral rating to a buy rating and set a $30.00 target price on the stock in a research note on Monday, July 12th. Barclays cut their target price on Covetrus from $46.00 to $38.00 and set an overweight rating on the stock in a research note on Monday, August 9th. Finally, Credit Suisse Group initiated coverage on Covetrus in a research note on Thursday, August 5th. They set a neutral rating and a $29.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Covetrus presently has a consensus rating of Hold and a consensus target price of $33.00.

Shares of CVET stock opened at $19.43 on Wednesday. Covetrus has a 1 year low of $17.59 and a 1 year high of $40.78. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.00 and a quick ratio of 1.22. The stock’s 50 day simple moving average is $20.95 and its two-hundred day simple moving average is $25.12. The company has a market cap of $2.67 billion, a PE ratio of -27.37 and a beta of 2.08.

Covetrus (NASDAQ:CVET) last released its earnings results on Thursday, August 5th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.51). The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.11 billion. Covetrus had a negative net margin of 1.90% and a positive return on equity of 1.05%. Equities research analysts expect that Covetrus will post 0.7 EPS for the current year.

In other Covetrus news, insider Dustin Finer sold 1,500 shares of the stock in a transaction on Tuesday, August 10th. The stock was sold at an average price of $23.14, for a total transaction of $34,710.00. Following the sale, the insider now owns 30,710 shares of the company’s stock, valued at approximately $710,629.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Ellis sold 21,196 shares of the stock in a transaction on Friday, July 16th. The shares were sold at an average price of $24.59, for a total value of $521,209.64. Following the sale, the insider now directly owns 1,479 shares in the company, valued at approximately $36,368.61. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. purchased a new stake in shares of Covetrus during the 1st quarter valued at $232,000. Russell Investments Group Ltd. purchased a new stake in shares of Covetrus during the 1st quarter valued at $226,000. New York State Common Retirement Fund lifted its holdings in shares of Covetrus by 8.3% during the 1st quarter. New York State Common Retirement Fund now owns 291,072 shares of the company’s stock valued at $8,723,000 after purchasing an additional 22,420 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Covetrus by 7,326.7% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,114 shares of the company’s stock valued at $33,000 after purchasing an additional 1,099 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Covetrus by 22.1% during the 1st quarter. Teacher Retirement System of Texas now owns 11,297 shares of the company’s stock valued at $339,000 after purchasing an additional 2,042 shares during the last quarter. 94.28% of the stock is currently owned by institutional investors and hedge funds.

Covetrus Company Profile

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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