Covetrus (NASDAQ:CVET) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Covetrus (NASDAQ:CVET) from a hold rating to a buy rating in a research note released on Tuesday morning, Zacks.com reports. The brokerage currently has $20.00 price objective on the stock.

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. “

A number of other equities research analysts also recently weighed in on CVET. TheStreet downgraded Covetrus from a c- rating to a d+ rating in a research report on Friday, December 3rd. Raymond James dropped their price objective on Covetrus from $37.00 to $27.00 and set an outperform rating on the stock in a research report on Friday, November 5th. Finally, Morgan Stanley started coverage on Covetrus in a research report on Thursday, November 18th. They set an equal weight rating and a $19.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Buy and an average target price of $27.17.

CVET opened at $16.27 on Tuesday. Covetrus has a 12-month low of $15.80 and a 12-month high of $40.78. The company has a current ratio of 1.89, a quick ratio of 1.12 and a debt-to-equity ratio of 0.68. The business’s fifty day simple moving average is $18.31 and its 200-day simple moving average is $21.09. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of -39.68 and a beta of 2.11.

Covetrus (NASDAQ:CVET) last posted its quarterly earnings results on Thursday, November 4th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.03). Covetrus had a positive return on equity of 0.94% and a negative net margin of 1.20%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.16 billion. On average, equities research analysts predict that Covetrus will post 0.67 EPS for the current year.

In other Covetrus news, CEO Benjamin Wolin sold 26,320 shares of the business’s stock in a transaction on Monday, December 27th. The stock was sold at an average price of $20.00, for a total transaction of $526,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.40% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Trustcore Financial Services LLC acquired a new position in Covetrus during the 3rd quarter worth $31,000. Spire Wealth Management boosted its position in shares of Covetrus by 208.4% in the 4th quarter. Spire Wealth Management now owns 2,794 shares of the company’s stock valued at $56,000 after purchasing an additional 1,888 shares during the period. Dark Forest Capital Management LP acquired a new stake in shares of Covetrus in the 2nd quarter valued at about $78,000. Advisory Services Network LLC acquired a new stake in shares of Covetrus in the 2nd quarter valued at about $141,000. Finally, People s United Financial Inc. purchased a new stake in Covetrus during the 3rd quarter valued at approximately $183,000. 94.46% of the stock is owned by hedge funds and other institutional investors.

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 firm geographically operates through the segments: North America, Europe and Asia Pacific (APAC) & Emerging Markets.

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