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

Zacks Investment Research lowered shares of Covetrus (NASDAQ:CVETGet Rating) from a hold rating to a strong sell rating in a report 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. “

CVET opened at $14.42 on Wednesday. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of -36.97 and a beta of 2.01. The company has a current ratio of 1.94, a quick ratio of 1.10 and a debt-to-equity ratio of 0.67. Covetrus has a 12 month low of $14.34 and a 12 month high of $31.24. The stock has a fifty day moving average price of $16.61 and a 200-day moving average price of $17.71.

Covetrus (NASDAQ:CVETGet Rating) last released its quarterly earnings results on Monday, February 28th. The company reported $0.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.01. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.13 billion. Covetrus had a positive return on equity of 1.63% and a negative net margin of 1.18%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 EPS. On average, equities research analysts forecast that Covetrus will post 0.89 EPS for the current year.

A number of large investors have recently made changes to their positions in the stock. Kovitz Investment Group Partners LLC increased its position in Covetrus by 44.8% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 1,371,034 shares of the company’s stock valued at $23,020,000 after buying an additional 423,994 shares in the last quarter. Strs Ohio increased its position in Covetrus by 102.9% during the 1st quarter. Strs Ohio now owns 48,900 shares of the company’s stock valued at $821,000 after buying an additional 24,800 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Covetrus by 51.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,172 shares of the company’s stock valued at $238,000 after purchasing an additional 4,820 shares during the period. Norges Bank acquired a new position in shares of Covetrus in the fourth quarter valued at about $30,146,000. Finally, Walleye Capital LLC acquired a new position in shares of Covetrus in the fourth quarter valued at about $300,000. 97.48% of the stock is currently owned by institutional investors.

Covetrus Company Profile (Get Rating)

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.

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