Covetrus (NASDAQ:CVET) Cut to Equal Weight at Barclays

Covetrus (NASDAQ:CVETGet Rating) was downgraded by analysts at Barclays from an “overweight” rating to an “equal weight” rating in a report released on Thursday, The Fly reports.

A number of other research firms also recently weighed in on CVET. William Blair downgraded Covetrus from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Stifel Nicolaus restated a “buy” rating on shares of Covetrus in a research note on Friday, May 20th. Zacks Investment Research upgraded Covetrus from a “sell” rating to a “hold” rating in a research note on Friday, May 13th. Raymond James downgraded Covetrus from an “outperform” rating to a “market perform” rating in a research report on Monday. Finally, Morgan Stanley boosted their target price on Covetrus from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.14.

NASDAQ:CVET opened at $20.61 on Thursday. The firm has a market cap of $2.87 billion, a P/E ratio of -68.70 and a beta of 1.98. The company has a current ratio of 1.86, a quick ratio of 1.03 and a debt-to-equity ratio of 0.65. The stock’s 50 day simple moving average is $16.18 and its 200-day simple moving average is $17.31. Covetrus has a 12-month low of $13.39 and a 12-month high of $29.01.

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

A number of large investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA grew its stake in shares of Covetrus by 7.5% in the first quarter. BNP Paribas Arbitrage SA now owns 110,585 shares of the company’s stock valued at $1,857,000 after buying an additional 7,678 shares in the last quarter. Gabelli Funds LLC grew its stake in shares of Covetrus by 26.4% in the first quarter. Gabelli Funds LLC now owns 106,568 shares of the company’s stock valued at $1,789,000 after buying an additional 22,268 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in shares of Covetrus by 2.4% in the first quarter. Gamco Investors INC. ET AL now owns 206,486 shares of the company’s stock valued at $3,467,000 after buying an additional 4,899 shares in the last quarter. Jane Street Group LLC boosted its holdings in Covetrus by 11.4% in the first quarter. Jane Street Group LLC now owns 18,356 shares of the company’s stock valued at $308,000 after purchasing an additional 1,879 shares during the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in Covetrus in the first quarter valued at about $43,000. Institutional investors own 93.99% of the company’s stock.

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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