Covetrus (NASDAQ:CVET) Stock Rating Lowered by Stifel Nicolaus

Covetrus (NASDAQ:CVETGet Rating) was downgraded by Stifel Nicolaus from a “buy” rating to a “hold” rating in a note issued to investors on Monday, The Fly reports.

Several other brokerages have also recently issued reports on CVET. Raymond James cut Covetrus from an “outperform” rating to a “market perform” rating in a research note on Monday, May 23rd. William Blair cut Covetrus from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 25th. The Goldman Sachs Group reduced their price objective on Covetrus from $18.00 to $16.00 and set a “sell” rating on the stock in a research note on Thursday, May 19th. Morgan Stanley raised their target price on Covetrus from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, May 23rd. Finally, Barclays cut Covetrus from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $26.00 to $21.00 in a research note on Thursday, May 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $24.00.

CVET stock opened at $20.70 on Monday. Covetrus has a twelve month low of $13.39 and a twelve month high of $29.01. 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 company has a market capitalization of $2.89 billion, a P/E ratio of -69.00 and a beta of 1.92. The firm has a 50 day simple moving average of $17.07 and a 200-day simple moving average of $17.50.

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

Several hedge funds and other institutional investors have recently modified their holdings of CVET. BlackRock Inc. grew its holdings in Covetrus by 3.7% during the fourth quarter. BlackRock Inc. now owns 16,486,343 shares of the company’s stock worth $329,231,000 after acquiring an additional 591,380 shares during the period. Vanguard Group Inc. grew its holdings in Covetrus by 2.9% during the first quarter. Vanguard Group Inc. now owns 11,549,462 shares of the company’s stock worth $193,916,000 after acquiring an additional 322,572 shares during the period. Wellington Management Group LLP grew its holdings in Covetrus by 6.2% during the first quarter. Wellington Management Group LLP now owns 8,357,496 shares of the company’s stock worth $140,323,000 after acquiring an additional 485,051 shares during the period. JPMorgan Chase & Co. grew its holdings in Covetrus by 3.2% during the first quarter. JPMorgan Chase & Co. now owns 4,945,606 shares of the company’s stock worth $83,037,000 after acquiring an additional 151,302 shares during the period. Finally, State Street Corp grew its holdings in Covetrus by 1.3% during the first quarter. State Street Corp now owns 3,843,625 shares of the company’s stock worth $64,534,000 after acquiring an additional 49,718 shares during the period. Institutional investors and hedge funds own 93.99% of the company’s stock.

About Covetrus (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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