Millennium Management LLC raised its position in shares of PetIQ Inc (NASDAQ:PETQ) by 17.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 75,172 shares of the company’s stock after buying an additional 11,150 shares during the period. Millennium Management LLC’s holdings in PetIQ were worth $2,019,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in PETQ. Wasatch Advisors Inc. boosted its position in PetIQ by 452.1% during the 2nd quarter. Wasatch Advisors Inc. now owns 1,944,321 shares of the company’s stock valued at $52,224,000 after buying an additional 1,592,157 shares during the period. State of New Jersey Common Pension Fund D boosted its position in PetIQ by 571.4% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 940,000 shares of the company’s stock valued at $25,248,000 after buying an additional 800,000 shares during the period. Pembroke Management LTD purchased a new stake in PetIQ during the 2nd quarter valued at $18,637,000. Massachusetts Financial Services Co. MA boosted its position in PetIQ by 89.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 576,968 shares of the company’s stock valued at $15,497,000 after buying an additional 272,588 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in PetIQ by 368.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 312,224 shares of the company’s stock valued at $8,379,000 after buying an additional 245,601 shares during the period. 73.98% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ PETQ opened at $32.05 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.00 and a quick ratio of 0.90. PetIQ Inc has a 12 month low of $17.03 and a 12 month high of $43.93. The firm has a market capitalization of $859.59 million, a price-to-earnings ratio of 82.18, a P/E/G ratio of 1.76 and a beta of 0.42.
In other PetIQ news, CEO Mccord Christensen sold 15,474 shares of the company’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $28.02, for a total value of $433,581.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John Newland sold 5,500 shares of the company’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $26.78, for a total transaction of $147,290.00. The disclosure for this sale can be found here. Insiders sold a total of 3,064,477 shares of company stock valued at $113,844,980 over the last 90 days. Company insiders own 45.26% of the company’s stock.
PETQ has been the subject of several analyst reports. CL King initiated coverage on shares of PetIQ in a research report on Friday, September 28th. They set a “buy” rating and a $49.00 price target for the company. Raymond James reissued a “buy” rating and set a $45.00 price target (up previously from $33.00) on shares of PetIQ in a research report on Wednesday, September 19th. Jefferies Financial Group restated a “buy” rating on shares of PetIQ in a report on Friday, August 24th. SunTrust Banks upped their price objective on shares of PetIQ to $40.00 and gave the stock a “buy” rating in a report on Wednesday, August 15th. Finally, ValuEngine upgraded shares of PetIQ from a “hold” rating to a “buy” rating in a report on Thursday, July 12th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $40.67.
PetIQ Company Profile
PetIQ, Inc operates as a pet health and wellness company. It provides veterinarian services and veterinarian-grade pet products, including prescription (Rx) medications, over-the-counter (OTC) flea and tick preventatives, and health and wellness products for dogs and cats. The company offers pet prescription medications, including products for arthritis, thyroid, and diabetes and pain treatments, as well as heartworm preventatives, antibiotics, and other specialty medications; over-the-counter medications and supplies, such as flea and tick control products in various forms comprising spot on treatments, chewables, and collars; and health and wellness products consisting of specialty treats and other pet products, which include dental treats and nutritional supplements.
Further Reading: Fundamental Analysis and Individual Investors
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