Covance Inc. (CVD) Issues FY14 Earnings Guidance
Covance Inc. (NYSE:CVD) issued an update on its FY14 earnings guidance on Thursday morning. The company provided EPS guidance of $3.70-3.95 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.82, Analyst RN reports. The company issued revenue guidance of $2.54-2.62 billion, compared to the consensus revenue estimate of $2.61 billion.
Shares of Covance Inc. (NYSE:CVD) traded down 0.28% on Thursday, hitting $88.03. 1,147,770 shares of the company’s stock traded hands. Covance Inc. has a one year low of $71.84 and a one year high of $106.50. The stock has a 50-day moving average of $99.54 and a 200-day moving average of $93.82. The company has a market cap of $4.986 billion and a price-to-earnings ratio of 28.03.
Covance (NYSE:CVD) last released its earnings data on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.90. The company had revenue of $620.10 million for the quarter, compared to the consensus estimate of $632.01 million. During the same quarter last year, the company posted $0.75 earnings per share. Covance’s revenue was up 6.9% compared to the same quarter last year. On average, analysts predict that Covance Inc. will post $3.86 earnings per share for the current fiscal year.
A number of research firms have recently commented on CVD. Analysts at Raymond James initiated coverage on shares of Covance in a research note on Wednesday. They set an outperform rating on the stock. On a related note, analysts at Barclays raised their price target on shares of Covance from $19.00 to $20.00 in a research note on Thursday, April 24th. Finally, analysts at Jefferies Group raised their price target on shares of Covance to $117.00 in a research note on Thursday, April 10th. They now have a buy rating on the stock. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $88.50.
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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