PNC Financial Services Group Inc. increased its holdings in Covetrus Inc (NASDAQ:CVET) by 13.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,933 shares of the company’s stock after purchasing an additional 4,564 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Covetrus were worth $679,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in CVET. Parian Global Management LP bought a new stake in shares of Covetrus in the 2nd quarter worth approximately $10,688,000. Nuveen Asset Management LLC raised its holdings in shares of Covetrus by 38.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,049,097 shares of the company’s stock worth $18,768,000 after purchasing an additional 292,457 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Covetrus by 21.5% during the second quarter. Goldman Sachs Group Inc. now owns 1,210,577 shares of the company’s stock valued at $21,658,000 after acquiring an additional 214,193 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Covetrus by 14.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,288,201 shares of the company’s stock valued at $23,046,000 after acquiring an additional 158,967 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Covetrus by 180.9% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 230,593 shares of the company’s stock valued at $1,877,000 after acquiring an additional 148,493 shares during the period. Institutional investors and hedge funds own 96.56% of the company’s stock.
Covetrus stock opened at $22.97 on Monday. The firm has a market cap of $2.59 billion, a PE ratio of -2.76, a P/E/G ratio of 1.48 and a beta of 2.72. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.39 and a current ratio of 2.06. The firm’s 50 day moving average price is $22.09 and its two-hundred day moving average price is $15.94. Covetrus Inc has a twelve month low of $4.05 and a twelve month high of $25.21.
Covetrus (NASDAQ:CVET) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.19. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $892.90 million. Covetrus had a negative net margin of 22.40% and a positive return on equity of 7.03%. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.09) EPS. Equities analysts anticipate that Covetrus Inc will post 0.49 EPS for the current fiscal year.
A number of research firms have recently issued reports on CVET. Raymond James restated a “buy” rating on shares of Covetrus in a report on Thursday, September 10th. BidaskClub lowered shares of Covetrus from a “hold” rating to a “sell” rating in a report on Wednesday, September 16th. Zacks Investment Research lowered shares of Covetrus from a “buy” rating to a “hold” rating in a report on Tuesday, September 1st. Credit Suisse Group boosted their price target on shares of Covetrus from $12.00 to $14.00 and gave the company a “neutral” rating in a report on Wednesday, August 12th. Finally, Stifel Nicolaus upgraded shares of Covetrus from a “hold” rating to a “buy” rating and boosted their price target for the company from $23.00 to $26.00 in a report on Wednesday, September 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $23.00.
In other Covetrus news, insider Timothy Ludlow sold 52,317 shares of the business’s stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $20.88, for a total value of $1,092,378.96. Following the completion of the sale, the insider now directly owns 1,741 shares of the company’s stock, valued at $36,352.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.90% of the company’s stock.
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.
See Also: Return on Equity (ROE)
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