Covetrus (NASDAQ:CVET) Cut to Market Perform at Raymond James

Covetrus (NASDAQ:CVETGet Rating) was downgraded by equities researchers at Raymond James from an “outperform” rating to a “market perform” rating in a research report issued on Monday, The Fly reports.

Several other equities analysts have also recently issued reports on CVET. The Goldman Sachs Group decreased their price objective on Covetrus from $18.00 to $16.00 and set a “sell” rating for the company in a research note on Thursday. Stifel Nicolaus reiterated a “buy” rating on shares of Covetrus in a research note on Friday. Zacks Investment Research upgraded Covetrus from a “sell” rating to a “hold” rating in a research note on Friday, May 13th. Finally, Barclays decreased their target price on Covetrus from $38.00 to $26.00 in a research note on Monday, May 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $23.86.

NASDAQ CVET opened at $19.71 on Monday. The company has a market cap of $2.75 billion, a P/E ratio of -65.70 and a beta of 1.98. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.86 and a quick ratio of 1.03. The stock has a 50-day moving average of $15.97 and a two-hundred day moving average of $17.27. Covetrus has a 1-year low of $13.39 and a 1-year high of $29.01.

Covetrus (NASDAQ:CVETGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.03. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Covetrus had a positive return on equity of 1.92% and a negative net margin of 0.87%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.16 EPS. On average, analysts anticipate that Covetrus will post 0.83 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd acquired a new position in shares of Covetrus in the first quarter valued at approximately $43,000. Covestor Ltd acquired a new position in shares of Covetrus in the fourth quarter valued at approximately $47,000. Spire Wealth Management increased its holdings in shares of Covetrus by 208.4% in the fourth quarter. Spire Wealth Management now owns 2,794 shares of the company’s stock valued at $56,000 after purchasing an additional 1,888 shares during the period. Crossmark Global Holdings Inc. acquired a new position in shares of Covetrus in the first quarter valued at approximately $170,000. Finally, People s United Financial Inc. acquired a new position in shares of Covetrus in the third quarter valued at approximately $183,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

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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