Arizona State Retirement System lessened its holdings in Covetrus, Inc. (NASDAQ:CVET) by 17.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,678 shares of the company’s stock after selling 5,730 shares during the quarter. Arizona State Retirement System’s holdings in Covetrus were worth $747,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in CVET. BlackRock Inc. grew its holdings in Covetrus by 6.1% in the first quarter. BlackRock Inc. now owns 16,893,323 shares of the company’s stock worth $506,293,000 after purchasing an additional 972,278 shares during the period. Lord Abbett & CO. LLC grew its holdings in Covetrus by 307.4% in the first quarter. Lord Abbett & CO. LLC now owns 876,738 shares of the company’s stock worth $26,276,000 after purchasing an additional 661,551 shares during the period. JPMorgan Chase & Co. grew its holdings in Covetrus by 17.7% in the first quarter. JPMorgan Chase & Co. now owns 3,888,222 shares of the company’s stock worth $116,530,000 after purchasing an additional 585,304 shares during the period. Allianz Asset Management GmbH grew its holdings in Covetrus by 141.7% in the first quarter. Allianz Asset Management GmbH now owns 542,463 shares of the company’s stock worth $16,258,000 after purchasing an additional 318,033 shares during the period. Finally, Jennison Associates LLC grew its holdings in shares of Covetrus by 66.1% during the first quarter. Jennison Associates LLC now owns 699,388 shares of the company’s stock valued at $20,961,000 after buying an additional 278,391 shares during the last quarter. Institutional investors and hedge funds own 94.28% of the company’s stock.
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CVET has been the topic of a number of recent analyst reports. Credit Suisse Group initiated coverage on shares of Covetrus in a report on Thursday, August 5th. They set a “neutral” rating and a $29.00 price target on the stock. Zacks Investment Research cut shares of Covetrus from a “buy” rating to a “sell” rating in a report on Friday, August 6th. Raymond James cut their price target on shares of Covetrus from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Friday, August 6th. Guggenheim upgraded shares of Covetrus from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, July 12th. Finally, Barclays cut their price target on shares of Covetrus from $46.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, August 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Covetrus currently has a consensus rating of “Buy” and an average price target of $31.83.
In other news, CEO Benjamin Wolin sold 1,498 shares of the firm’s stock in a transaction on Tuesday, July 13th. The shares were sold at an average price of $26.46, for a total transaction of $39,637.08. Following the sale, the chief executive officer now directly owns 139,136 shares in the company, valued at approximately $3,681,538.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dustin Finer sold 1,500 shares of the firm’s stock in a transaction on Tuesday, August 10th. The shares were sold at an average price of $23.14, for a total transaction of $34,710.00. Following the sale, the insider now owns 30,710 shares in the company, valued at $710,629.40. The disclosure for this sale can be found here. Insiders sold 60,888 shares of company stock worth $1,566,440 over the last quarter. Insiders own 0.40% of the company’s stock.
Shares of Covetrus stock opened at $21.24 on Monday. The company has a market cap of $2.92 billion, a price-to-earnings ratio of -29.92 and a beta of 2.02. The company’s 50 day moving average is $24.38 and its 200 day moving average is $27.78. Covetrus, Inc. has a twelve month low of $18.74 and a twelve month high of $40.78. The company has a quick ratio of 1.22, a current ratio of 2.00 and a debt-to-equity ratio of 0.69.
Covetrus (NASDAQ:CVET) last issued its quarterly earnings data on Thursday, August 5th. The company reported ($0.34) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.51). Covetrus had a negative net margin of 1.90% and a positive return on equity of 1.05%. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.11 billion. Sell-side analysts expect that Covetrus, Inc. will post 0.7 EPS for the current fiscal year.
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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