Covetrus (NASDAQ:CVET) Earns Sell Rating from Analysts at Goldman Sachs Group

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Research analysts at Goldman Sachs Group assumed coverage on shares of Covetrus (NASDAQ:CVET) in a report issued on Monday, MarketBeat reports. The firm set a “sell” rating and a $11.00 price target on the stock. Goldman Sachs Group’s target price indicates a potential downside of 26.22% from the stock’s current price.

Several other research firms have also issued reports on CVET. ValuEngine lowered Covetrus from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Zacks Investment Research downgraded Covetrus from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Stifel Nicolaus cut their target price on Covetrus from $30.00 to $18.00 and set a “hold” rating on the stock in a research report on Wednesday, August 14th. Raymond James decreased their price target on Covetrus from $45.00 to $21.00 and set an “outperform” rating on the stock in a report on Thursday, August 15th. Finally, Credit Suisse Group set a $15.00 price target on Covetrus and gave the stock a “hold” rating in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Covetrus presently has an average rating of “Hold” and an average target price of $18.80.

Shares of NASDAQ:CVET opened at $14.91 on Monday. The company has a quick ratio of 0.91, a current ratio of 1.74 and a debt-to-equity ratio of 0.51. Covetrus has a 12 month low of $12.22 and a 12 month high of $43.83. The company has a 50-day moving average price of $17.92 and a 200 day moving average price of $26.75.

Covetrus (NASDAQ:CVET) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.04). The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.05 billion. Research analysts expect that Covetrus will post 0.4 earnings per share for the current fiscal year.

In other news, insider Erin Powers Brennan purchased 1,684 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average cost of $14.90 per share, for a total transaction of $25,091.60. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

Several hedge funds have recently modified their holdings of the stock. Park West Asset Management LLC bought a new stake in shares of Covetrus during the 2nd quarter worth approximately $24,460,000. Hancock Whitney Corp bought a new position in Covetrus in the 2nd quarter valued at $728,000. Treasurer of the State of North Carolina bought a new position in Covetrus in the 2nd quarter valued at $1,166,000. Mackenzie Financial Corp bought a new position in Covetrus in the 2nd quarter valued at $18,529,000. Finally, BlackRock Inc. purchased a new stake in Covetrus in the second quarter worth $207,795,000. 82.21% 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 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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