State of New Jersey Common Pension Fund D acquired a new position in Covetrus Inc (NASDAQ:CVET) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 99,100 shares of the company’s stock, valued at approximately $1,178,000.
Other institutional investors also recently bought and sold shares of the company. Macquarie Group Ltd. bought a new stake in Covetrus during the second quarter worth $30,000. Treasurer of the State of North Carolina purchased a new position in shares of Covetrus in the second quarter worth about $1,166,000. CWM LLC purchased a new position in shares of Covetrus in the third quarter worth about $1,980,000. NJ State Employees Deferred Compensation Plan purchased a new position in shares of Covetrus in the third quarter worth about $166,000. Finally, Alecta Pensionsforsakring Omsesidigt purchased a new position in shares of Covetrus in the third quarter worth about $7,491,000. 91.73% of the stock is currently owned by institutional investors.
In other Covetrus news, insider Erin Powers Brennan purchased 1,684 shares of Covetrus stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $14.90 per share, for a total transaction of $25,091.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
Covetrus (NASDAQ:CVET) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. Sell-side analysts anticipate that Covetrus Inc will post 0.42 EPS for the current year.
Several research analysts have recently commented on CVET shares. Stifel Nicolaus decreased their price objective on Covetrus from $30.00 to $18.00 and set a “hold” rating on the stock in a report on Wednesday, August 14th. Zacks Investment Research upgraded Covetrus from a “sell” rating to a “hold” rating in a report on Monday. Raymond James decreased their price objective on Covetrus from $45.00 to $21.00 and set an “outperform” rating on the stock in a report on Thursday, August 15th. Credit Suisse Group decreased their price objective on Covetrus from $15.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Finally, Goldman Sachs Group initiated coverage on Covetrus in a report on Monday, September 9th. They set a “sell” rating and a $11.00 price target on the stock. 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 company. Covetrus has an average rating of “Hold” and a consensus target price of $18.00.
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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