Short Interest in Covetrus, Inc. (NASDAQ:CVET) Grows By 18.2%

Covetrus, Inc. (NASDAQ:CVETGet Rating) was the target of a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 4,860,000 shares, a growth of 18.2% from the June 30th total of 4,110,000 shares. Based on an average daily trading volume, of 2,050,000 shares, the days-to-cover ratio is currently 2.4 days. Currently, 4.6% of the company’s shares are sold short.

Covetrus Stock Up 0.0 %

NASDAQ:CVET opened at $20.80 on Friday. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -69.33 and a beta of 1.67. Covetrus has a one year low of $13.39 and a one year high of $25.58. The stock has a 50-day simple moving average of $20.73 and a 200 day simple moving average of $18.18. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.03 and a current ratio of 1.86.

Covetrus (NASDAQ:CVETGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.15 billion. Covetrus had a positive return on equity of 1.92% and a negative net margin of 0.87%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter last year, the business posted $0.16 earnings per share. Sell-side analysts predict that Covetrus will post 0.83 EPS for the current fiscal year.

Analysts Set New Price Targets

CVET has been the topic of several research reports. Morgan Stanley raised their price objective on Covetrus from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, May 23rd. Raymond James lowered Covetrus from an “outperform” rating to a “market perform” rating in a research report on Monday, May 23rd. Barclays downgraded Covetrus from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $26.00 to $21.00 in a research note on Thursday, May 26th. The Goldman Sachs Group lowered their target price on Covetrus from $18.00 to $16.00 and set a “sell” rating for the company in a research note on Thursday, May 19th. Finally, Stifel Nicolaus downgraded Covetrus from a “buy” rating to a “hold” rating and set a $22.00 target price for the company. in a research note on Monday, June 13th. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $22.67.

Insider Buying and Selling

In related news, Director Edward Mcnamara sold 34,525 shares of the stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $20.52, for a total value of $708,453.00. Following the transaction, the director now directly owns 31,807 shares of the company’s stock, valued at approximately $652,679.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Edward Mcnamara sold 34,525 shares of the stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $20.52, for a total value of $708,453.00. Following the transaction, the director now directly owns 31,807 shares of the company’s stock, valued at approximately $652,679.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Benjamin Wolin sold 5,293 shares of the stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $20.75, for a total value of $109,829.75. Following the completion of the transaction, the chief executive officer now directly owns 198,238 shares in the company, valued at $4,113,438.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,111 shares of company stock valued at $927,319. 0.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Covetrus

A number of hedge funds have recently bought and sold shares of CVET. Assetmark Inc. lifted its holdings in Covetrus by 385.7% in the second quarter. Assetmark Inc. now owns 1,700 shares of the company’s stock worth $35,000 after acquiring an additional 1,350 shares during the last quarter. Covestor Ltd bought a new position in Covetrus in the fourth quarter worth about $47,000. Point72 Hong Kong Ltd bought a new position in Covetrus in the first quarter worth about $43,000. US Bancorp DE lifted its holdings in Covetrus by 77.6% in the second quarter. US Bancorp DE now owns 4,708 shares of the company’s stock worth $98,000 after acquiring an additional 2,057 shares during the last quarter. Finally, Aaron Wealth Advisors LLC bought a new position in Covetrus in the first quarter worth about $339,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

About Covetrus

(Get Rating)

Covetrus, Inc, together with its subsidiaries, operates as an animal-health technology and services company. It engages in the sale of animal-health consumable products, including proprietary and Covetrus branded products, small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products, parasiticides, and vitamins and supplements to wholesale and retail customers.

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