Principal Financial Group Inc. reduced its position in Covetrus, Inc. (NASDAQ:CVET) by 4.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 702,114 shares of the company’s stock after selling 36,509 shares during the period. Principal Financial Group Inc. owned 0.55% of Covetrus worth $17,132,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVET. Advisor Group Holdings Inc. acquired a new stake in shares of Covetrus in the 1st quarter valued at $142,000. State Street Corp increased its stake in shares of Covetrus by 3.7% in the 1st quarter. State Street Corp now owns 2,805,902 shares of the company’s stock valued at $22,840,000 after buying an additional 101,090 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Covetrus in the 2nd quarter valued at $1,708,000. New York State Teachers Retirement System increased its stake in shares of Covetrus by 16.5% in the 2nd quarter. New York State Teachers Retirement System now owns 147,720 shares of the company’s stock valued at $2,643,000 after buying an additional 20,900 shares during the period. Finally, Strs Ohio increased its stake in shares of Covetrus by 399.0% in the 2nd quarter. Strs Ohio now owns 4,002 shares of the company’s stock valued at $71,000 after buying an additional 3,200 shares during the period. 83.70% of the stock is owned by institutional investors.
CVET has been the subject of several research reports. TheStreet raised Covetrus from a “d+” rating to a “c-” rating in a research note on Thursday, October 15th. Credit Suisse Group lifted their price objective on Covetrus from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 11th. BidaskClub cut Covetrus from a “buy” rating to a “hold” rating in a research note on Wednesday, October 28th. Raymond James boosted their target price on Covetrus from $26.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, October 21st. Finally, Stifel Nicolaus raised Covetrus from a “hold” rating to a “buy” rating and boosted their target price for the company from $23.00 to $26.00 in a research note on Wednesday, September 16th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $26.75.
NASDAQ:CVET opened at $26.22 on Friday. Covetrus, Inc. has a 1 year low of $4.05 and a 1 year high of $30.13. The company has a current ratio of 2.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.76. The stock has a market cap of $3.34 billion, a price-to-earnings ratio of -46.82, a PEG ratio of 2.13 and a beta of 2.48. The stock has a 50-day moving average price of $26.07 and a two-hundred day moving average price of $20.86.
Covetrus (NASDAQ:CVET) last issued its quarterly earnings results on Sunday, November 15th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.08. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.05 billion. Covetrus had a positive return on equity of 7.09% and a negative net margin of 1.21%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($8.56) earnings per share. Sell-side analysts forecast that Covetrus, Inc. will post 0.6 earnings per share for the current year.
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, and vitamins and supplements to wholesale and retail customers.
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