Highbridge Capital Management LLC Trims Position in PetIQ Inc (PETQ)

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Highbridge Capital Management LLC decreased its holdings in PetIQ Inc (NASDAQ:PETQ) by 44.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,898 shares of the company’s stock after selling 74,102 shares during the quarter. Highbridge Capital Management LLC owned about 0.35% of PetIQ worth $3,573,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Eos Management L.P. boosted its position in shares of PetIQ by 2,470.1% in the third quarter. Eos Management L.P. now owns 136,511,326 shares of the company’s stock worth $3,473,000 after acquiring an additional 131,199,803 shares during the last quarter. State of New Jersey Common Pension Fund D raised its holdings in PetIQ by 6.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 1,000,000 shares of the company’s stock valued at $39,310,000 after buying an additional 60,000 shares during the period. BlackRock Inc. raised its holdings in PetIQ by 9.9% in the third quarter. BlackRock Inc. now owns 917,484 shares of the company’s stock valued at $36,066,000 after buying an additional 82,449 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in PetIQ by 89.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 576,968 shares of the company’s stock valued at $15,497,000 after buying an additional 272,588 shares during the period. Finally, Peregrine Capital Management LLC purchased a new position in PetIQ in the third quarter valued at approximately $22,254,000. Hedge funds and other institutional investors own 78.45% of the company’s stock.

PETQ has been the topic of several research reports. SunTrust Banks raised their price target on shares of PetIQ to $40.00 and gave the company a “buy” rating in a report on Wednesday, August 15th. Jefferies Financial Group restated a “buy” rating on shares of PetIQ in a report on Friday, August 24th. Raymond James restated a “buy” rating and issued a $45.00 price target (up previously from $33.00) on shares of PetIQ in a report on Wednesday, September 19th. CL King initiated coverage on shares of PetIQ in a report on Friday, September 28th. They issued a “buy” rating and a $49.00 price target on the stock. Finally, Oppenheimer raised their price target on shares of PetIQ from $28.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, October 5th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. PetIQ has a consensus rating of “Buy” and an average target price of $41.83.

In other news, insider Will Santana sold 20,000 shares of PetIQ stock in a transaction that occurred on Tuesday, September 18th. The shares were sold at an average price of $42.02, for a total transaction of $840,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Ecp Helios Partners Iv, L.P. sold 1,838,836 shares of PetIQ stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $37.15, for a total transaction of $68,312,757.40. The disclosure for this sale can be found here. Insiders have sold 3,004,503 shares of company stock worth $111,078,941 in the last quarter. Insiders own 45.26% of the company’s stock.

NASDAQ PETQ opened at $31.43 on Friday. PetIQ Inc has a one year low of $17.56 and a one year high of $43.93. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.51. The company has a market capitalization of $890.30 million, a P/E ratio of 23.07, a price-to-earnings-growth ratio of 1.67 and a beta of 1.52.

PetIQ (NASDAQ:PETQ) last posted its quarterly earnings data on Tuesday, November 13th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.22. The company had revenue of $131.40 million for the quarter, compared to analyst estimates of $125.22 million. PetIQ had a negative net margin of 0.12% and a positive return on equity of 11.68%. The business’s quarterly revenue was up 116.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 earnings per share. Equities research analysts predict that PetIQ Inc will post 0.76 EPS for the current year.

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PetIQ Profile

PetIQ, Inc operates as a pet health and wellness company. It provides veterinarian services and veterinarian-grade pet products, including prescription (Rx) medications, over-the-counter (OTC) flea and tick preventatives, and health and wellness products for dogs and cats. The company offers pet prescription medications, including products for arthritis, thyroid, and diabetes and pain treatments, as well as heartworm preventatives, antibiotics, and other specialty medications; over-the-counter medications and supplies, such as flea and tick control products in various forms comprising spot on treatments, chewables, and collars; and health and wellness products consisting of specialty treats and other pet products, which include dental treats and nutritional supplements.

Further Reading: Growth Stocks

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Institutional Ownership by Quarter for PetIQ (NASDAQ:PETQ)

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