Covance Inc. Sets New 1-Year High at $88.03 (CVD)
Covance (NYSE:CVD) set a new 52-week high during mid-day trading on Tuesday, AnalystRatingsNetwork reports. The stock traded as high as $88.03 and last traded at $86.66, with a volume of 272,356 shares. The stock had previously closed at $86.46.
CVD has been the subject of a number of recent research reports. Analysts at Credit Suisse initiated coverage on shares of Covance (NYSE:CVD) in a research note to investors on Monday, September 23rd. They set an “outperform” rating and a $101.00 price target on the stock. Separately, analysts at UBS AG initiated coverage on shares of Covance (NYSE:CVD) in a research note to investors on Tuesday, September 17th. They set a “buy” rating and a $96.00 price target on the stock. Finally, 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Covance currently has a consensus rating of “Hold” and an average price target of $84.08.
In other Covance news, EVP Richard Cimino sold 16,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $84.86, for a total transaction of $1,357,760.00. Following the completion of the sale, the executive vice president now directly owns 59,437 shares of the company’s stock, valued at approximately $5,043,824. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Covance has a 52-week low of $47.71 and a 52-week high of $88.03. The stock’s 50-day moving average is $83.99 and its 200-day moving average is $78.25. The company has a market cap of $4.852 billion and a P/E ratio of 30.00.
Covance (NYSE:CVD) last released its earnings data on Tuesday, July 30th. The company reported $0.78 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $0.65 earnings per share. The company’s quarterly revenue was up 10.1% on a year-over-year basis. 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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