Principal Financial Group Inc. Trims Stake in PetIQ, Inc. (NASDAQ:PETQ)

Principal Financial Group Inc. cut its stake in shares of PetIQ, Inc. (NASDAQ:PETQ) by 89.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,059 shares of the company’s stock after selling 74,839 shares during the quarter. Principal Financial Group Inc.’s holdings in PetIQ were worth $279,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of PetIQ by 4.9% in the first quarter. Vanguard Group Inc. now owns 2,252,842 shares of the company’s stock valued at $41,182,000 after purchasing an additional 105,083 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of PetIQ by 3.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,236,632 shares of the company’s stock valued at $27,281,000 after buying an additional 43,268 shares during the period. Boston Partners raised its holdings in PetIQ by 6.8% in the first quarter. Boston Partners now owns 1,067,677 shares of the company’s stock valued at $19,124,000 after buying an additional 67,797 shares during the period. Nepsis Inc. boosted its holdings in PetIQ by 0.4% in the 2nd quarter. Nepsis Inc. now owns 901,425 shares of the company’s stock worth $19,885,000 after acquiring an additional 3,256 shares during the period. Finally, Tributary Capital Management LLC acquired a new stake in shares of PetIQ during the second quarter valued at about $11,414,000. 94.99% of the stock is currently owned by institutional investors and hedge funds.

PetIQ Stock Performance

PETQ stock opened at $30.98 on Tuesday. The stock has a market capitalization of $925.99 million, a PE ratio of 79.44 and a beta of 1.73. PetIQ, Inc. has a fifty-two week low of $15.09 and a fifty-two week high of $31.06. 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 company has a 50 day moving average price of $30.90 and a 200 day moving average price of $26.58.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PETQ shares. William Blair downgraded PetIQ from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Truist Financial cut PetIQ from a “buy” rating to a “hold” rating and lifted their price target for the company from $30.00 to $31.00 in a research report on Thursday, August 8th.

PetIQ 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.