Covetrus (NASDAQ:CVET) Posts Earnings Results, Beats Estimates By $0.03 EPS

Covetrus (NASDAQ:CVETGet Rating) released its quarterly earnings data on Thursday. The company reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.03, MarketWatch Earnings reports. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.15 billion. Covetrus had a negative net margin of 1.18% and a positive return on equity of 1.63%. The firm’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.16 earnings per share.

Shares of NASDAQ CVET traded up $1.47 on Friday, hitting $15.45. The company’s stock had a trading volume of 1,591,591 shares, compared to its average volume of 934,981. Covetrus has a 12-month low of $13.39 and a 12-month high of $30.87. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -51.50 and a beta of 1.98. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.94 and a quick ratio of 1.10. The stock has a 50 day moving average of $16.19 and a 200-day moving average of $17.50.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN lifted its holdings in shares of Covetrus by 0.9% in the fourth quarter. Wells Fargo & Company MN now owns 171,892 shares of the company’s stock valued at $3,433,000 after purchasing an additional 1,508 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of Covetrus by 2.7% in the fourth quarter. California State Teachers Retirement System now owns 143,640 shares of the company’s stock valued at $2,868,000 after purchasing an additional 3,787 shares in the last quarter. Credit Suisse AG raised its position in shares of Covetrus by 7.6% in the fourth quarter. Credit Suisse AG now owns 98,413 shares of the company’s stock valued at $1,965,000 after buying an additional 6,985 shares during the last quarter. Legal & General Group Plc raised its position in shares of Covetrus by 3.2% in the fourth quarter. Legal & General Group Plc now owns 296,629 shares of the company’s stock valued at $5,924,000 after buying an additional 9,191 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new position in shares of Covetrus in the third quarter valued at approximately $187,000. 93.99% of the stock is currently owned by institutional investors.

Separately, Zacks Investment Research downgraded shares of Covetrus from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.17.

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.

Further Reading

Earnings History for Covetrus (NASDAQ:CVET)

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