Covetrus (NASDAQ:CVET) Shares Down 9.6%

Covetrus, Inc. (NASDAQ:CVET)’s share price dropped 9.6% during mid-day trading on Wednesday . The stock traded as low as $25.45 and last traded at $25.73. Approximately 28,434 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 785,671 shares. The stock had previously closed at $28.46.

CVET has been the subject of several recent analyst reports. 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. Raymond James lifted 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. Finally, Zacks Investment Research cut shares of Covetrus from a “hold” rating to a “sell” rating in a report on Tuesday, May 4th. One equities 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 company’s stock. Covetrus presently has an average rating of “Hold” and an average price target of $33.40.

The company has a quick ratio of 1.34, a current ratio of 2.05 and a debt-to-equity ratio of 0.76. The firm’s fifty day moving average price is $29.58 and its two-hundred day moving average price is $30.84. The stock has a market capitalization of $3.47 billion, a PE ratio of -47.05, a PEG ratio of 2.64 and a beta of 2.28.

Covetrus (NASDAQ:CVET) last released its quarterly earnings data on Sunday, February 28th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.05. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Covetrus had a negative net margin of 1.21% and a positive return on equity of 7.09%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 earnings per share. As a group, analysts predict that Covetrus, Inc. will post 0.6 EPS for the current year.

In other Covetrus news, Director Edward Mcnamara sold 6,288 shares of the company’s stock in a transaction that occurred on Wednesday, March 10th. The shares were sold at an average price of $32.34, for a total value of $203,353.92. Following the completion of the transaction, the director now directly owns 34,525 shares in the company, valued at $1,116,538.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Benjamin Wolin sold 2,778 shares of the company’s stock in a transaction that occurred on Tuesday, March 16th. The stock was sold at an average price of $33.28, for a total transaction of $92,451.84. Following the completion of the transaction, the chief executive officer now owns 61,582 shares of the company’s stock, valued at $2,049,448.96. The disclosure for this sale can be found here. Insiders have sold 30,442 shares of company stock valued at $931,185 over the last 90 days. 1.20% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of CVET. Strs Ohio boosted its position in shares of Covetrus by 1,002.0% during the third quarter. Strs Ohio now owns 44,102 shares of the company’s stock worth $1,076,000 after acquiring an additional 40,100 shares during the last quarter. Frontier Capital Management Co. LLC bought a new position in shares of Covetrus during the fourth quarter worth $16,958,000. Dudley & Shanley Inc. bought a new position in shares of Covetrus during the fourth quarter worth $15,254,000. Nisa Investment Advisors LLC boosted its position in shares of Covetrus by 6.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 15,055 shares of the company’s stock worth $433,000 after acquiring an additional 900 shares during the last quarter. Finally, Moody Lynn & Lieberson LLC raised its stake in Covetrus by 99.9% during the fourth quarter. Moody Lynn & Lieberson LLC now owns 65,033 shares of the company’s stock valued at $1,869,000 after purchasing an additional 32,500 shares in the last quarter. Hedge funds and other institutional investors own 94.10% of the company’s stock.

About Covetrus (NASDAQ:CVET)

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.

Read More: How is Preferred Stock Different from Common Stock?

Receive News & Ratings for Covetrus Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covetrus and related companies with MarketBeat.com's FREE daily email newsletter.