Covance Inc. Reaches New 12-Month High at $85.81 (CVD)
Covance (NYSE:CVD)’s share price reached a new 52-week high during trading hours on Wednesday, Stock Ratings Network reports. The company traded as high as $85.81 and last traded at $85.15, with a volume of 156,615 shares traded. The stock had previously closed at $84.56.
Several analysts have recently commented on the stock. Analysts at Jefferies Group raised their price target on shares of Covance (NYSE:CVD) from $74.00 to $88.50 in a research note to investors on Tuesday, August 20th. They now have a “hold” rating on the stock. Separately, analysts at Raymond James raised their price target on shares of Covance (NYSE:CVD) from $93.00 to $99.00 in a research note to investors on Monday, August 5th. Finally, analysts at Bank of America Corp. downgraded shares of Covance (NYSE:CVD) from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, August 1st. They now have a $85.00 price target on the stock, up previously from $81.00. They noted that the move was a valuation call.
One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Covance currently has a consensus rating of “Hold” and a consensus price target of $81.18.
In other Covance news, Director Sandra L. Helton sold 3,000 shares of the company’s stock on the open market in a transaction dated Thursday, September 5th. The stock was sold at an average price of $81.92, for a total value of $245,760.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Covance has a one year low of $46.15 and a one year high of $85.81. The stock’s 50-day moving average is $82.47 and its 200-day moving average is $76.39. The company has a market cap of $4.750 billion and a price-to-earnings ratio of 29.34.
Covance (NYSE:CVD) last announced its earnings results on Tuesday, July 30th. The company reported $0.78 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.77 by $0.01. The company had revenue of $644.00 million for the quarter, compared to the consensus estimate of $586.12 million. During the same quarter last year, the company posted $0.65 earnings per share. Covance’s revenue was up 10.1% compared to the same quarter last year. On average, analysts predict that Covance will post $3.16 earnings per share for the current fiscal year.
Covance Inc is a drug development services company providing a range of early-stage and late-stage product development services on a worldwide basis primarily to the pharmaceutical, biotechnology and medical device industries.
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