Goldman Sachs Group initiated coverage on shares of Covetrus (NASDAQ:CVET) in a research note issued to investors on Monday morning, 24/7 WallStreet reports. The firm issued a sell rating and a $11.00 price objective on the stock.
Several other equities research analysts have also commented on CVET. ValuEngine lowered Covetrus from a buy rating to a hold rating in a research note on Tuesday, August 13th. Zacks Investment Research lowered Covetrus from a buy rating to a hold rating in a research note on Wednesday, July 17th. Raymond James reduced their price objective on Covetrus from $45.00 to $21.00 and set an outperform rating for the company in a research note on Thursday, August 15th. Credit Suisse Group set a $15.00 price objective on Covetrus and gave the stock a hold rating in a research note on Friday, August 16th. Finally, Stifel Nicolaus reduced their price objective on Covetrus from $30.00 to $18.00 and set a hold rating for the company in a research note on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $18.80.
Shares of CVET opened at $14.98 on Monday. The company has a current ratio of 1.74, a quick ratio of 0.91 and a debt-to-equity ratio of 0.51. The firm has a fifty day simple moving average of $17.73 and a two-hundred day simple moving average of $26.64. Covetrus has a 1-year low of $12.22 and a 1-year high of $43.83.
Covetrus (NASDAQ:CVET) last announced its earnings results on Tuesday, August 13th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.05 billion. As a group, analysts forecast that Covetrus will post 0.4 earnings per share for the current fiscal year.
In other news, insider Erin Powers Brennan bought 1,684 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average price of $14.90 per share, with a total value of $25,091.60. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.
A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in Covetrus in the 2nd quarter worth $207,795,000. Park West Asset Management LLC bought a new position in shares of Covetrus during the 2nd quarter valued at about $24,460,000. Mackenzie Financial Corp bought a new position in shares of Covetrus during the 2nd quarter valued at about $18,529,000. Gamble Jones Investment Counsel bought a new position in shares of Covetrus during the 2nd quarter valued at about $1,908,000. Finally, Treasurer of the State of North Carolina bought a new position in shares of Covetrus during the 2nd quarter valued at about $1,166,000. 82.21% of the stock is owned by institutional investors.
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 company was founded on April 13, 2018 and is headquartered in Melville, NY.
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