American Trust Makes New Investment in Covetrus, Inc. (NASDAQ:CVET)

American Trust acquired a new position in shares of Covetrus, Inc. (NASDAQ:CVETGet Rating) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 11,226 shares of the company’s stock, valued at approximately $188,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mutual of America Capital Management LLC raised its holdings in Covetrus by 5.5% during the first quarter. Mutual of America Capital Management LLC now owns 14,890 shares of the company’s stock worth $250,000 after purchasing an additional 772 shares in the last quarter. Eaton Vance Management increased its holdings in shares of Covetrus by 4.8% in the 4th quarter. Eaton Vance Management now owns 19,456 shares of the company’s stock valued at $294,000 after acquiring an additional 899 shares during the period. Parallax Volatility Advisers L.P. increased its holdings in shares of Covetrus by 4.3% in the 4th quarter. Parallax Volatility Advisers L.P. now owns 31,673 shares of the company’s stock valued at $633,000 after acquiring an additional 1,304 shares during the period. Teacher Retirement System of Texas increased its holdings in shares of Covetrus by 6.9% in the 1st quarter. Teacher Retirement System of Texas now owns 21,397 shares of the company’s stock valued at $359,000 after acquiring an additional 1,385 shares during the period. Finally, Gamco Investors INC. ET AL increased its holdings in shares of Covetrus by 0.7% in the 4th quarter. Gamco Investors INC. ET AL now owns 201,587 shares of the company’s stock valued at $4,026,000 after acquiring an additional 1,389 shares during the period. Institutional investors and hedge funds own 92.20% of the company’s stock.

Wall Street Analyst Weigh In

CVET has been the topic of a number of recent research reports. Stifel Nicolaus cut shares of Covetrus from a “buy” rating to a “hold” rating and set a $22.00 target price on the stock. in a report on Monday, June 13th. William Blair cut shares of Covetrus from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 25th. Raymond James cut shares of Covetrus from an “outperform” rating to a “market perform” rating in a report on Monday, May 23rd. Barclays cut shares of Covetrus from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $26.00 to $21.00 in a report on Thursday, May 26th. Finally, Morgan Stanley boosted their price objective on shares of Covetrus from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, May 23rd. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $21.40.

Insiders Place Their Bets

In other Covetrus news, CEO Benjamin Wolin sold 5,293 shares of the business’s stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $20.75, for a total transaction of $109,829.75. Following the sale, the chief executive officer now directly owns 198,238 shares in the company, valued at approximately $4,113,438.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.60% of the company’s stock.

Covetrus Stock Performance

Shares of CVET opened at $20.88 on Tuesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.08 and a current ratio of 1.88. The stock has a market capitalization of $2.93 billion, a P/E ratio of -208.80 and a beta of 1.63. The company’s fifty day moving average is $20.81 and its two-hundred day moving average is $18.91. Covetrus, Inc. has a 1 year low of $13.39 and a 1 year high of $21.20.

Covetrus (NASDAQ:CVETGet Rating) last issued its earnings results on Thursday, August 4th. The company reported $0.20 EPS for the quarter, hitting the consensus estimate of $0.20. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.23 billion. Covetrus had a negative net margin of 0.28% and a positive return on equity of 6.83%. On average, sell-side analysts predict that Covetrus, Inc. will post 0.84 earnings per share for the current year.

About Covetrus

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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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Institutional Ownership by Quarter for Covetrus (NASDAQ:CVET)

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