Covetrus (NASDAQ:CVET) Shares Down 7%

Covetrus Inc (NASDAQ:CVET) traded down 7% during trading on Wednesday . The stock traded as low as $13.54 and last traded at $13.80, 2,494,089 shares traded hands during trading. An increase of 51% from the average session volume of 1,653,508 shares. The stock had previously closed at $14.84.

Several equities research analysts have recently commented on the company. Raymond James reduced their target price on Covetrus from $45.00 to $21.00 and set an “outperform” rating for the company in a report on Thursday, August 15th. Zacks Investment Research lowered Covetrus from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Stifel Nicolaus dropped their price target on 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 set a $15.00 price target on Covetrus and gave the company a “hold” rating in a research report on Friday, August 16th. Finally, Cleveland Research initiated coverage on Covetrus in a research report on Friday, May 10th. They set a “hold” rating on the stock. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Covetrus has an average rating of “Hold” and an average target price of $20.75.

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.74 and a quick ratio of 0.91. The stock’s 50-day simple moving average is $22.00.

Covetrus (NASDAQ:CVET) last issued its earnings results on Tuesday, August 13th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.04). The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.05 billion. As a group, equities research analysts anticipate that Covetrus Inc will post 0.4 EPS for the current fiscal year.

In other news, insider Erin Powers Brennan bought 1,684 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were bought at an average cost 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 available through this hyperlink.

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Covetrus during the 2nd quarter valued at about $207,795,000. Treasurer of the State of North Carolina acquired a new position in shares of Covetrus during the 2nd quarter valued at about $1,166,000. Mackenzie Financial Corp acquired a new position in shares of Covetrus during the 2nd quarter valued at about $18,529,000. Finally, Gamble Jones Investment Counsel acquired a new position in shares of Covetrus during the 2nd quarter valued at about $1,908,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

About Covetrus (NASDAQ:CVET)

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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