Oppenheimer Asset Management Inc. Purchases Shares of 2,606 Covetrus Inc (NASDAQ:CVET)

Posted by Shane Hupp on Nov 15th, 2019

Covetrus logo Oppenheimer Asset Management Inc. purchased a new stake in shares of Covetrus Inc (NASDAQ:CVET) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,606 shares of the company’s stock, valued at approximately $31,000.

A number of other hedge funds have also made changes to their positions in the business. Comerica Bank acquired a new position in shares of Covetrus during the third quarter worth $717,000. California Public Employees Retirement System acquired a new position in shares of Covetrus during the third quarter worth $2,147,000. Commonwealth Equity Services LLC acquired a new position in shares of Covetrus during the third quarter worth $247,000. Retirement Systems of Alabama acquired a new position in shares of Covetrus during the third quarter worth $1,506,000. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of Covetrus during the third quarter worth $53,000. 91.73% of the stock is currently owned by hedge funds and other institutional investors.

In other Covetrus news, insider Erin Powers Brennan bought 1,684 shares of the stock in a transaction on Wednesday, August 21st. The stock was purchased at an average price of $14.90 per share, for a total transaction of $25,091.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

CVET has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of Covetrus from a “sell” rating to a “hold” rating in a research note on Monday. Raymond James dropped their price target on shares of Covetrus from $21.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday. ValuEngine lowered shares of Covetrus from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Credit Suisse Group dropped their price target on shares of Covetrus from $15.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. Finally, Goldman Sachs Group initiated coverage on shares of Covetrus in a research note on Monday, September 9th. They issued a “sell” rating and a $11.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $17.00.

Shares of NASDAQ:CVET opened at $13.48 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.91 and a current ratio of 1.66. The company has a fifty day simple moving average of $10.68 and a 200 day simple moving average of $19.58. Covetrus Inc has a 12-month low of $8.16 and a 12-month high of $43.83.

Covetrus (NASDAQ:CVET) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.09. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $963.69 million. The business’s revenue was up 10.3% compared to the same quarter last year. As a group, analysts expect that Covetrus Inc will post 0.42 earnings per share for the current fiscal year.

Covetrus Company Profile

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.