Covetrus (NASDAQ:CVET) Stock Rating Upgraded by Zacks Investment Research

Covetrus (NASDAQ:CVET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, reports. The firm presently has a $15.00 price target on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.11% from the company’s current price.

According to Zacks, “Covetrus, Inc. provides animal-health technology and services. The Company combines practice management software, prescription management, multi-channel client engagement services and supply chain infrastructure to promote connectivity between veterinarians and their clients. Covetrus, Inc. is based in NY, United States. “

Several other research analysts have also recently weighed in on CVET. Credit Suisse Group lowered their price target on shares of Covetrus from $15.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Stifel Nicolaus cut their price objective on shares of Covetrus from $30.00 to $18.00 and set a “hold” rating for the company in a research report on Wednesday, August 14th. ValuEngine cut shares of Covetrus from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Raymond James reduced their target price on shares of Covetrus from $45.00 to $21.00 and set an “outperform” rating on the stock in a research note on Thursday, August 15th. Finally, Goldman Sachs Group assumed coverage on shares of Covetrus in a report on Monday, September 9th. They issued a “sell” rating and a $11.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Covetrus currently has an average rating of “Hold” and an average price target of $15.20.

Covetrus stock traded down $0.05 during trading on Wednesday, reaching $13.50. 790,853 shares of the company were exchanged, compared to its average volume of 1,837,680. Covetrus has a 52-week low of $8.16 and a 52-week high of $43.83. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.86 and a current ratio of 1.66. The stock’s 50 day simple moving average is $12.32 and its two-hundred day simple moving average is $17.40.

Covetrus (NASDAQ:CVET) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.09. Covetrus had a positive return on equity of 4.26% and a negative net margin of 23.15%. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $963.69 million. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, research analysts predict that Covetrus will post 0.63 EPS for the current year.

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Covetrus in the second quarter valued at $207,795,000. State Street Corp acquired a new position in shares of Covetrus in the 3rd quarter valued at $33,241,000. First Trust Advisors LP acquired a new position in shares of Covetrus in the 3rd quarter valued at $18,819,000. Park West Asset Management LLC purchased a new position in shares of Covetrus during the 2nd quarter worth $24,460,000. Finally, Great West Life Assurance Co. Can purchased a new position in shares of Covetrus during the 3rd quarter worth $11,615,000. 91.66% of the stock is owned by institutional investors.

Covetrus Company Profile

Covetrus, Inc engages in developing technologies and services for animal health industry. It also provides products, software, and services to help drive improved patient health, strong client relationships, and successful financial outcomes for veterinary professionals. The company was founded on April 13, 2018 and is headquartered in Melville, NY.

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