Covetrus (NASDAQ:CVET) Downgraded to Hold at Zacks Investment Research

Covetrus (NASDAQ:CVET) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

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. “

Separately, Credit Suisse Group cut their price target on Covetrus from $15.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $15.20.

Shares of NASDAQ:CVET traded up $0.02 on Tuesday, reaching $13.70. The company had a trading volume of 911,700 shares, compared to its average volume of 1,659,989. Covetrus has a 52-week low of $8.16 and a 52-week high of $43.83. The firm’s 50 day simple moving average is $13.48 and its 200-day simple moving average is $15.39. The company has a current ratio of 1.66, a quick ratio of 0.86 and a debt-to-equity ratio of 0.86.

Covetrus (NASDAQ:CVET) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.17 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $963.69 million. Covetrus’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, equities research analysts predict that Covetrus will post 0.63 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in CVET. Huntington National Bank purchased a new position in shares of Covetrus in the 3rd quarter valued at $25,000. Macquarie Group Ltd. purchased a new position in shares of Covetrus in the 2nd quarter valued at $30,000. Oppenheimer Asset Management Inc. purchased a new position in Covetrus during the 3rd quarter worth $31,000. Steward Partners Investment Advisory LLC purchased a new position in Covetrus during the 3rd quarter worth $53,000. Finally, M&R Capital Management Inc. purchased a new position in Covetrus during the 3rd quarter worth $59,000. Institutional investors and hedge funds own 91.71% of the company’s stock.

About Covetrus

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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Analyst Recommendations for Covetrus (NASDAQ:CVET)

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