Trust Point Inc. Invests $210,000 in PetIQ, Inc. (NASDAQ:PETQ)

Trust Point Inc. bought a new stake in PetIQ, Inc. (NASDAQ:PETQ) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 6,828 shares of the company’s stock, valued at approximately $210,000.

Several other hedge funds have also made changes to their positions in the stock. Goldman Sachs Group Inc. raised its holdings in PetIQ by 11.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,036,292 shares of the company’s stock valued at $20,467,000 after acquiring an additional 108,870 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of PetIQ during the fourth quarter valued at approximately $1,410,000. Los Angeles Capital Management LLC raised its stake in shares of PetIQ by 196.6% in the first quarter. Los Angeles Capital Management LLC now owns 129,632 shares of the company’s stock valued at $2,370,000 after purchasing an additional 85,920 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in PetIQ by 105.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 140,660 shares of the company’s stock worth $2,571,000 after purchasing an additional 72,187 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in PetIQ by 160.7% during the first quarter. Principal Financial Group Inc. now owns 37,599 shares of the company’s stock worth $687,000 after buying an additional 23,177 shares in the last quarter. Institutional investors own 94.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PETQ shares. William Blair cut shares of PetIQ from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Truist Financial cut shares of PetIQ from a “buy” rating to a “hold” rating and upped their target price for the company from $30.00 to $31.00 in a research note on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, PetIQ has a consensus rating of “Moderate Buy” and an average target price of $29.67.

PetIQ Stock Performance

Shares of NASDAQ:PETQ opened at $30.93 on Friday. The company has a debt-to-equity ratio of 1.68, a current ratio of 2.58 and a quick ratio of 1.68. The business’s fifty day moving average price is $30.68 and its two-hundred day moving average price is $23.99. PetIQ, Inc. has a fifty-two week low of $15.09 and a fifty-two week high of $31.06. The stock has a market capitalization of $924.50 million, a price-to-earnings ratio of 79.31 and a beta of 1.73.

PetIQ (NASDAQ:PETQ) last issued its earnings results on Wednesday, August 7th. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.50 by $0.20. The company had revenue of $328.90 million for the quarter, compared to the consensus estimate of $330.14 million. PetIQ had a net margin of 1.20% and a return on equity of 18.75%. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.37 EPS. As a group, analysts predict that PetIQ, Inc. will post 1.15 EPS for the current fiscal year.

PetIQ Company Profile

PetIQ, Inc operates as a pet medication and wellness company in the United States and internationally. It operates in two segments, Products and Services. The company offers Rx pet medications, which sells flea and tick control, heartworm preventatives, arthritis, thyroid, diabetes and pain treatments, antibiotics, and other specialty medications; and develops and manufactures its own proprietary value-branded products, as well as third-party branded products for dogs and cats.