Benzinga Pro's Stock To Watch For Tues., Mar. 24, 2020: CVET
Benzinga Pro's Stocks To Watch For Tuesday
Covetrus (CVET) - The company is engaged in the sale of animal-health consumable products, pet-care equipment and branded and generic pharmaceuticals for pets to wholesale and retail customers. The company issued a press release on Monday which disclosed "Over the last three weeks, the Covetrus network of pharmacies has seen a significant increase in the number of prescriptions for medications and therapeutic diet food to be filled and shipped to pet owners on behalf of their veterinarians..." Covetrus said the number of products shipped month-to-date was up about 45% on a year-over-year basis. The company attributed the recent strength to the spread of coronavirus around the world. One could assume the seemingly odd attachment to coronavirus stems from consumers' recent tendency to stockpile or hoard goods -- and pets shouldn't be forgotten. Shares of Covetrus did not react to the press release on Monday and closed down about 0.3% for the session. Shares have fallen more than 50% since mid February.
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