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

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

A number of other research analysts have also issued reports on CVET. Stifel Nicolaus decreased their target price on shares of Covetrus from $30.00 to $18.00 and set a “hold” rating on the stock in a research report on Wednesday, August 14th. Credit Suisse Group decreased their target price on shares of Covetrus from $15.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Goldman Sachs Group began coverage on shares of Covetrus in a research report on Monday, September 9th. They set a “sell” rating and a $11.00 target price on the stock. ValuEngine lowered shares of Covetrus from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Finally, Raymond James decreased their target price on shares of Covetrus from $45.00 to $21.00 and set an “outperform” rating on the stock in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $18.00.

Shares of NASDAQ:CVET traded down $0.66 on Tuesday, reaching $9.46. 8,299,053 shares of the company’s stock were exchanged, compared to its average volume of 1,667,290. The company has a fifty day moving average of $12.08 and a 200-day moving average of $22.06. Covetrus has a twelve month low of $8.16 and a twelve month high of $43.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.91 and a current ratio of 1.74.

Covetrus (NASDAQ:CVET) last announced its earnings results on Tuesday, August 13th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.04). The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.05 billion. Equities research analysts predict that Covetrus will post 0.37 earnings per share for the current year.

In other news, insider Erin Powers Brennan purchased 1,684 shares of Covetrus stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average price of $14.90 per share, for a total transaction of $25,091.60. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Macquarie Group Ltd. bought a new position in Covetrus in the 2nd quarter valued at approximately $30,000. Gamble Jones Investment Counsel bought a new position in Covetrus in the 2nd quarter valued at approximately $1,908,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in Covetrus in the 3rd quarter valued at approximately $90,000. Treasurer of the State of North Carolina bought a new position in Covetrus in the 2nd quarter valued at approximately $1,166,000. Finally, NJ State Employees Deferred Compensation Plan bought a new position in Covetrus in the 3rd quarter valued at approximately $166,000. Institutional investors and hedge funds own 92.21% of the company’s stock.

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 company was founded on April 13, 2018 and is headquartered in Melville, NY.

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