Freshford Capital Management LLC reduced its holdings in Covetrus, Inc. (NASDAQ:CVET – Get Rating) by 0.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,881,276 shares of the company's stock after selling 32,022 shares during the period. Covetrus makes up about 8.9% of Freshford Capital Management LLC's investment portfolio, making the stock its 2nd largest position. Freshford Capital Management LLC's holdings in Covetrus were worth $65,167,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC grew its holdings in shares of Covetrus by 5.5% during the 1st 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 grew its holdings in shares of Covetrus by 4.8% during the 4th quarter. Eaton Vance Management now owns 19,456 shares of the company's stock worth $294,000 after purchasing an additional 899 shares in the last quarter. Parallax Volatility Advisers L.P. grew its holdings in shares of Covetrus by 4.3% during the 4th quarter. Parallax Volatility Advisers L.P. now owns 31,673 shares of the company's stock worth $633,000 after purchasing an additional 1,304 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Covetrus by 6.9% during the 1st quarter. Teacher Retirement System of Texas now owns 21,397 shares of the company's stock worth $359,000 after purchasing an additional 1,385 shares in the last quarter. Finally, Gamco Investors INC. ET AL grew its holdings in shares of Covetrus by 0.7% during the 4th quarter. Gamco Investors INC. ET AL now owns 201,587 shares of the company's stock worth $4,026,000 after purchasing an additional 1,389 shares in the last quarter. 92.20% of the stock is owned by institutional investors.
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Wall Street Analyst Weigh In
Several analysts recently commented on the company. William Blair lowered Covetrus from an "outperform" rating to a "market perform" rating in a research note on Wednesday, May 25th. The Goldman Sachs Group decreased their price target on Covetrus from $18.00 to $16.00 and set a "sell" rating on the stock in a research note on Thursday, May 19th. Stifel Nicolaus lowered Covetrus from a "buy" rating to a "hold" rating and set a $22.00 price target on the stock. in a research note on Monday, June 13th. Morgan Stanley boosted their price target on Covetrus from $19.00 to $21.00 and gave the company an "equal weight" rating in a research note on Monday, May 23rd. Finally, Raymond James lowered Covetrus from an "outperform" rating to a "market perform" rating in a research note on Monday, May 23rd. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, Covetrus has an average rating of "Hold" and an average target price of $21.40.
Insider Buying and Selling at Covetrus
In other Covetrus news, CEO Benjamin Wolin sold 5,293 shares of Covetrus stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $20.60, for a total value of $109,035.80. Following the completion of the transaction, the chief executive officer now owns 208,824 shares in the company, valued at approximately $4,301,774.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Edward Mcnamara sold 34,525 shares of the business's stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $20.52, for a total transaction of $708,453.00. Following the completion of the sale, the director now owns 31,807 shares in the company, valued at $652,679.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Benjamin Wolin sold 5,293 shares of the business's stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $20.60, for a total value of $109,035.80. Following the sale, the chief executive officer now owns 208,824 shares of the company's stock, valued at approximately $4,301,774.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,403 shares of company stock worth $1,037,392. 0.60% of the stock is currently owned by insiders.
Covetrus Price Performance
CVET traded down $0.02 during trading on Monday, hitting $20.88. The company's stock had a trading volume of 19,813 shares, compared to its average volume of 1,279,164. The firm's 50 day moving average price is $20.80 and its two-hundred day moving average price is $18.78. The company has a quick ratio of 1.08, a current ratio of 1.88 and a debt-to-equity ratio of 0.65. Covetrus, Inc. has a 12 month low of $13.39 and a 12 month high of $21.35. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of -209.10 and a beta of 1.63.
Covetrus Company Profile
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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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