I see the recent declines in UK stock prices as opportunities to snap up good companies at relatively low prices. Here are three UK shares that I would buy this week for my Stocks and Shares ISA.

UK pet boom

CVS Group (LSE: CVSG) operates veterinary practices, laboratories, crematoria, and an online retail business. This £1.25bn market capitalisation company has managed to grow its revenues and profits by 15% and 17%, respectively, on average in each of the last five years. That’s a fantastic track record.

The UK’s pet population has almost certainly increased over the last couple of years, and CVS could see a prolonged growth in its revenues as a result.

In March 2020, the Competition and Markets Authority ruled that CVS’s purchase of a smaller vet chain reduced competition. CVS ended up selling the company and saw its share price tumble. The specifics of the ruling will make expansion in the UK small-animal vet field trickier to navigate. However, expansion into Europe and large-animal practice is underway, which should prove fruitful. The company also appears to be dealing fairly well with the industry-wide staff shortage.

A UK software share

Learning Technologies (LSE: LTG) provides in-person and online education and talent management services to corporations in the US (70% of business), Europe, and the UK.

A good chunk of this £810m market cap enterprise’s revenues come through multi-year software contracts. Many corporations must deliver training to satisfy regulations, which benefits Learning Technologies.

After making losses for much of the last decade, Learning Technologies swung to a profit in 2018 and has stayed in the black ever since, including during the pandemic. Annual revenue growth has averaged 56% over the last five years.

But I wonder why the company’s five-year average operating margin of 5% is so low, especially for a software-focused company. Also, the company raises funds from shareholders regularly, potentially diluting future returns, and increased its total long-term debt pile from £11m in 2020 to £188m in 2021.

Have cake and eat it

With a market cap of £110m, Finsbury Food (LSE: FIF) —  which makes bread and cakes for retailers (mainly supermarkets) and food service companies, like coffee shops – is the smallest of my three UK shares.

Its revenue growth has been somewhat lacklustre at an average of 2.6% per year over the last five years. But it is impressive how management has managed to preserve operating margins through some tough times, with supply-chains creaking and inflation soaring. It appears to make the kind of treats that customers love, even if they are experiencing tough economic times.

There are plenty of growth opportunities to pursue via organic growth or acquisitions. Gluten-free bread is one new area that looks fruitful, and management has been talking up artisanal bread.

However, I do note that management seems keen on financing acquisitions through debt. The health of this company’s balance sheet is something I should monitor closely.

CVS Group

What it does: offers veterinary care services through its UK network of 500 surgeries.

Price: £17.38 per share

CVS Group (LSE: CVSG) is a healthcare stock I snapped up in early 2020. It’s one I’d been considering buying for some time as consumer spending on animalcare grew strongly. Soaring pet adoption rates during the Covid-19 crisis encouraged me to build my holdings in the business, too.

The CVS share price has been volatile more recently. And this means the decision to boost my holdings late year hasn’t paid off yet. Still, the vet care provider remains more expensive that it did back in February 2020. So I’m still up by the tune of around 15%.

I continue to believe that CVS will prove a lucrative stock for me to own over the long term, too. This is because pet adoption rates remain rock solid.

As Matt Britzman, equity analyst at Hargreaves Lansdown, has commented: “the UK pet market’s grown 4% per year on a compound basis over the past 5 years and continues to look strong as the pandemic fuelled surge in pet ownership doesn’t look to be going anywhere.”

A safe haven in tough times

I think CVS Group in particular is a good pet-themed stock to own at the current time as well. Animal owners might cut down on discretionary items like toys as the cost of living crisis worsens. But spending on their pets’ health is unlikely to be something they cut back on.

This explains why City analysts expect CVS to continue growing earnings in the short-to-medium term. They expect the company to follow an 8% improvement in annual earnings in the outgoing financial year (to June 2022) with a 6% rise next year.

I am concerned by the growing shortage of veterinary staff in UK. This threatens to push up costs for animalcare specialists like CVS. But on balance I think the potential rewards of owning this top growth stock outweigh the risks.

Redcentric

What it does: provides a range of IT services to businesses.

Price: 121.8p per share

Redcentric (LSE: RCN) is a growth stock I’m considering adding to my portfolio as remote working becomes the norm.

The number of people working away from the office famously boomed during the Covid-19 pandemic. And demand for a blend of home- and workplace-based employment to continue permanently is growing in strength.

According to Barnett Waddingham, some 84% of British businesses have now adopted a ‘hybrid’ working method. Dissatisfaction over flexible working practices was a major reason behind staff resignations over the past year, the consultancy said, illustrating the importance of remote working amongst modern workers.

This bodes well for firms like Redcentric, which can expect demand for their services to rise. This particular IT services business provides networks, security software, cloud platforms and communications systems, which allow workers to complete their tasks efficiently and safely.

Business is booming

Redcentric saw revenues edge 2% higher in the last financial year (to March 2022). Encouragingly, however, the company said that new sales orders “improved significantly” during the final half of the year versus the first six months.

City analysts think Redcentric’s earnings will rise 16% year-on-year in FY2023. This leaves the company trading on what I consider to be an undemanding forward price-to-earnings (P/E) ratio of 14.8 times.

Redcentric doesn’t have the financial clout of the IT industry’s big beasts like Microsoft, IBM and Oracle, to name just a few. It also doesn’t have the brand recognition of these global giants. But I still think it could deliver exceptional investor returns for me over the next decade as its market opportunities grow.

Begbies Traynor Group

What it does: provides a range of services to financially troubled businesses.

Price: 138p per share

I’m considering bulking up my exposure to counter-cyclical UK shares as the economy stalls. It’s a strategy that could limit the impact of worsening conditions on my portfolio.

One way I’m considering doing this is by investing in insolvency practitioner Begbies Traynor Group (LSE: BEG). This is a growth stock that supplies a broad spectrum of services for struggling companies like helping with debt restructuring, asset sales and contingency planning.

New research from accountancy firm BDO suggests a fresh storm is on the horizon for British companies. It says that “almost a fifth say record inflation and the cost of living crisis has or will have a worse impact on their business than Covid-19.”

This is, of course, extremely worrying given the huge number of companies that went to the wall during the pandemic. Indeed, insolvency rates are already rocketing in the UK, and there were 1,991 in April. That was more than double the number of insolvencies recorded a year earlier (925).

Expanding for growth

Begbies Traynor said last month that it expects revenues to have leapt 30% in the financial year to ApriI 2022. And it looks like sales should keep rising strongly over the short to medium term.

But I don’t buy UK shares based on what near-term returns I can expect to make. In the case of Begbies Traynor, I reckon I could make big money over the long term as it continues on its acquisition-led growth strategy.

M&A can throw up unexpected risks that can damage profits and shareholder returns. But so far the company’s successful approach to acquisitions has kept earnings growing solidly year after year. And City analysts are predicting further bottom-line growth of 8% and 3% for fiscal 2023 and 2024, too.

Today, Begbies Traynor trades on a forward P/E ratio of 14.4 times. I think this is a bargain considering the firm’s terrific pedigree of annual earnings growth.

Here are three companies that all feature on my shopping list to begin snapping up today.

Focusrite

The share price of global music and audio equipment firm Focusrite (LSE: TUNE) has had a pretty shocking year, so far. Priced at 950p, as I type, the stock is down 32% in value since the beginning of January.

At least some of this tumble makes sense. The AIM-listed company was one of the few beneficiaries of the multiple UK lockdowns. Now that we’ve regained our freedom, demand isn’t quite so robust. Recent half-year results revealed a 2.5% fall in group revenue to £92.9m.

Sure, galloping inflation and component supply issues haven’t exactly helped. The risk here is that these continue to impede progress for a while.

Still, it’s worth noting that the company is making far more money than it was pre-pandemic. The rise in content creation and recovery in live events also bode well for Focusrite’s earnings outlook.

Having once traded well above 30 times forecast earnings, shares now change hands for a much-more-reasonable P/E of 18. I suspect opening a position now could prove lucrative for me in the medium term.

CVS Group

Another growth share I might begin buying is veterinary services provider CVS Group (LSE: CVGS). The shares might not have had such a bad 2022 compared to Focusrite. Nevertheless, an 18% reduction is still significant.

In my opinion, CVS has great defensive qualities. I reckon the vast majority of pet owners won’t be cutting down on how much money they spend on their furry (and not so furry) companions, even as prices rise. This becomes even more likely when it concerns the latter’s health.

The jump in pet ownership — and the fact that many of these animals will be family members for many years — should also mean earnings keep growing.

Naturally, at least some of this is already reflected in CVG Group’s valuation of 20 times forecast FY23 earnings. That’s not cheap and there’s a chance the shares could dip lower if global markets continue to wobble. However, I’m tempted to begin nibbling now.

SDI

A final growth share I’ll highlight is SDI Group (LSE: SDI). Of the three mentioned here, its share price has performed the best in 2022. This is not to say that the 16% fall has been easy for existing holders to bear.

SDI designs and manufactures scientific products for use in digital imaging and sensing. That doesn’t strike me as cyclical work. In fact, this month’s trading update shows just how well the small-cap is doing.

The company expects both revenues and profits for the last financial year to “materially exceed current market expectations“. Chairman Ken Ford also believes SDI’s acquisition strategy and commitment to ongoing investment should make FY2023 its “best year yet“.

Naturally, no investment is without risk. My biggest issue here is that the valuation (20 times earnings) is fairly high compared to industry peers

For a company that’s consistently grown annual earnings for quite a while now, I think it’s a risk worth taking.

Instead of hiding behind the sofa, I’ve been looking for great UK shares to snap up. Here are three I’d be keen to buy if things get really scary. 

CVS Group

Many investors (including myself) are drawn to invest in glitzy themes such as electric cars and robotics. That said, I think there’s one fantastic part of the market that’s easy to overlook, namely pet care. This is why I’m following the movements of CVS Group (LSE: CVSG) very closely. 

CVS provides veterinary services and, based on Thursday’s trading update, is doing very well indeed. Trading over the second half of 2021 was “comfortably in line with full-year expectations” with revenue climbing 11.4% on the previous year.

The mid-cap was also bullish on its outlook, saying that demand remains buoyant due to “increased ownership” and “the humanisation of pets“. 

The shares have fallen almost 11% in 2022, at the time of writing, but still change hands for almost 24 times earnings. That’s a little more than I’d like to pay, hence why I’m keeping my powder dry for now. If the sell-off continues however, I’ll be buying the stock quicker than a cockapoo chases a squirrel.

Bytes Technology

Another UK growth stock I’d have no issue in taking a nibble at eventually is Bytes Technology (LSE: BYIT).

Last year proved to be a hugely successful one for the software, security, and cloud services specialist. Back in October, it revealed increases of 13.7% and 19% in revenue and operating profit respectively in the six months to the end of August. 

As more corporate clients recognise the importance of updating their IT systems, I don’t think this kind of momentum is in danger of reversing soon.   

Stock in Bytes has declined 21% in value so far this year. Like CVS Group however, they still aren’t cheap enough to get me buying just yet (31 times earnings).

Then again, this is not the sort of business that will likely trade on a ‘cheap’ valuation. Returns on capital employed — what a company gets back for the money it puts in — are some of the highest I’ve been able to find.

I think shares will only fall so far before they rebound strongly.

Treatt

A final growth stock that takes my fancy is ingredients supplier Treatt (LSE: TET). This is another company enjoying robust trading. On Friday, it reported making “a good start” to its new financial year.

Notwithstanding this, it did caution investors that pre-tax profit would likely revert to being more weighted to the second half. This is due to the seasonality of drinks consumption in the Northern Hemisphere. 

Since any business needs to keep moving and raising its game, I’m encouraged by Treatt’s ongoing R&D spend. New headquarters are also expected to give the company “substantial extra capacity” to continue growing in the years ahead. As a Foolish investor, that’s the sort of long-term focus I’m drawn to.

Unfortunately, the valuation — an eye-watering 38 times earnings — is still too rich for me.  So while Treatt’s shares are already down 14% this year, I’d prefer to snap up this growth stock when/if markets really start to panic.

A top FTSE 250 healthcare share

I think my shares in veterinary services provider CVS Group (LSE: CVSG) will create handsome returns as Britons spend increasing amounts on their pets. High adoption rates during Covid-19 lockdowns also powered this sort of spending through the roof. But the amount we collectively forked out on animal care was rising strongly in the years before the pandemic, suggesting that this is no passing fad.

Forecasts from Mordor Intelligence on the animal healthcare market certainly suggests CVS Group has room for significant growth. It thinks the UK veterinary services market will be worth $2.4bn by 2026, up from the $1.4bn in 2020.

CVS Group may suffer some trouble if shortages of veterinarians worsen. “The group’s done a lot to help keep retention and vacancies at acceptable levels,” as analysts at Hargreaves Lansdown recently commented, “but it’s something worth keeping an eye on.”

Right now though, I think the brilliant sales opportunities coming its way still makes this a FTSE 250 share worth owning.

City analysts expect earnings at CVS Group to rise 7% in this financial year to June. This leaves the company trading on a P/E ratio of 24.7 times. Such a hearty valuation could prompt a share price correction if trade begins to slow. But as things stand, I think the healthcare share is worth every penny of its premium valuation.

A FTSE 100 stock built for growth

A big risk facing Bunzl (LSE: BNZL) in the near-term is a sudden fall in Covid-19 equipment. Sales of its gloves, sanitiser, masks and the like have remained strong as the Omicron variant has driven infection rates higher. Toppling cases in some parts of the globe need to be watched carefully then.

It’s my opinion though that Bunzl remains a top buy, despite this risk. I bought the FTSE 100 business long before the pandemic and plan to cling onto it forever. It supplies must-have products for a variety of industries like healthcare, food service, retail and cleaning. It also has a broad geographic footprint as it sells its goods into more than 30 countries.

This strength-through-diversification platform isn’t the only reason I love brilliantly-boring Bunzl however. I also like its strong track record of growing annual earnings by way of acquisitions. And, pleasingly, the company has no plans to slow its M&A ambitions. Bunzl made more than a dozen acquisitions in 2021, taking total spending to a whopping $950m for the past two years combined.

City forecasters believe earnings will match the previous years levels in 2022. This leaves Bunzl trading on a forward P/E ratio of 17.6 times. This looks pretty cheap, in my opinion. So cheap in fact that I’m thinking of buying more of the FTSE 100 business for my portfolio.

Growth market

Pet ownership and pet care is a huge growth market. According to the Pet Food Manufacturers Association, it is estimated that 59% of households in the UK have pets as of 2021. In 2020, consumers spent nearly £8bn on pets and related products in the UK alone, according to data compiled by Statista.

CVS Group is one of the largest veterinary services providers in the UK. CVS has over 500 practices supported by more than 1,900 vets and 2,500 nurses. Owning a pet is a wonderful thing in my opinion. Much like us, our pets need food, water, exercise, accessories, and healthcare. 

As I write, CVS shares are trading for 2,000p. This is up from 1,446p at this time last year, which is a 38% return over 12 months.

Why I like CVS Group

CVS’ recent and historic performance has been excellent. I do understand past performance is not a guarantee of the future; however, I use it as a gauge. In November, CVS provided a trading update for the start of its new fiscal year. Total sales grew by nearly 14% in the four month period to 31 October 2021 compared to the same period last year. Positive cash generation and further investment in facilities has also been a priority. Looking at past performance, I can see total revenue and gross income have increased year on year for the past four years.

With the rising number of pets in the UK, I actually see CVS shares as defensive. The need for veterinary services and animal consumer goods are essential for pets. There’s no such thing as free healthcare for pets, unlike for humans who can rely on free healthcare in the UK provided by the NHS. 

Finally, I can see insiders own shares of CVS Group. I am usually buoyed when insiders own shares of a firm I am reviewing for investment viability. This is for two reasons. Firstly, insiders could sell shares for any number of reasons but they would only buy them for one reason – they believe the shares will rise. Second, who better to know if a company is heading for success than those who run it?

FTSE stocks have risks

Despite my bullish attitude towards CVS Group, I must note two risks associated with buying the shares. Firstly, like most growth markets, there are many firms vying for market share and looking to get ahead of the competition. One competitor that springs to mind is Pets at Home Group. Competition can affect performance and shareholder returns. Secondly, there is a concern about the lack of availability of vets in the UK, which could affect operations and in turn performance and returns too.

Overall, I like CVS Group and would buy the shares for my holdings and keep them for the long term. Performance has been positive for some time and seems to be continuing on an upward trajectory. In addition to this, the market as a whole is growing in line with increased pet ownership, which bodes well for CVS as a FTSE growth stock for my portfolio.

That doesn’t mean I’ll stop shopping for UK shares, however. As someone who invests for the long term, the possibility of temporary share price weakness doesn’t put me off. I think there are too many magnificently cheap stocks out there to miss following the September sell-off.

Here are what I consider to be two of the best cheap stocks to buy for my portfolio right now.

A cheap UK stock for the pets boom

Pet ownership in the UK has gone through the roof due to Covid-19 lockdowns. This means that the amount people are spending on animal care products is also soaring. Blockbuster trading numbers from veterinary surgery CVS Group this week illustrated this perfectly. It’s a phenomenon that should continue powering earnings at Pets at Home Group (LSE: PETS) higher too. Revenues here exploded 30.2% year-on-year in the 16 weeks to 15 July, latest financials showed.

City analysts think earnings here will rise 49% and 10% in the two fiscal years to March 2022 and 2023 respectively. Yet I don’t think this cheap stock’s excellent profits prospects are reflected at current prices. Today Pets at Home trades on a forward price-to-earnings (P/E) ratio of 0.5. A reminder that a reading below 1 suggests that a stock could be undervalued.

Now it’s true that Pets at Home faces significant competition. The food, litter, toys, and broad range of other products it sells can also be picked up from major supermarkets like Tesco as well as US online behemoth Amazon. That being said, I think sunny long-term forecasts for pet care spending still makes this a top stock for me to buy right now. Researchers at Global Market Insights reckon the global pet care market will be worth $350.2bn in 2027 versus an estimated $232.3bn this year.

Logistics leviathan

I also think Clipper Logistics could be a brilliant cheap stock for me to buy as e-commerce levels explode. Retailers across the UK (including Pets at Home) have spent a fortune to bolster their online operations since Covid-19 lockdowns came into effect. And heavy spending here should continue as consumer trends steadily evolve.

Latest Office of National Statistics figures showed that the proportion of retail sales generated online continues to grow. This came in at 27.7% in August versus 19.6% in February 2020 before the pandemic.This bodes well for Clipper Logistics, a cheap stock that provides a variety of e-fulfilment, returns, and logistics services.

Profits at Clipper Logistics could suffer if a slowing UK economy hits consumer spending. But at the moment things look pretty good. City analysts think the support share will see earnings grow 30% and 9% in the next two financial years (to April 2022 and 2023, respectively). This leaves the company trading on an undemanding forward PEG ratio of 1.

On song

The progress of audio equipment and software supplier Focusrite (LSE: TUNE) has been a thing to behold. In five years, the share price is up almost 900%! So much for the general belief among investors that risky AIM stocks never deliver.

A beneficiary of multiple UK lockdowns, the High Wycombe-based business now expects to report roughly £173m in revenue for the year to the end of August. That’s 33% up on the previous year. It’s also ahead of what the market was expecting. 

This is not to say the £1bn cap is risk-free. In addition to being susceptible to the global shortage of semiconductors, Focusrite recently warned on “significantly higher than normal” freight and shipping costs. This makes the current P/E of 44 look very rich, in my opinion.

Yes, it may boast eight brands and a net cash position, but I feel no stock is worth buying at any price. If a market correction comes, however, I’ll be first in the queue. 

Growth potential

Global identity specialist GB Group (LSE: GBG) is another AIM stock that has rewarded long-term holders. While unable to compete with Focusrite’s gains, the shares are still up over 175% since 2016. Again, this demonstrates how I might be able to generate above-average returns by looking for quality businesses on the junior, rather than the main, market.

I wouldn’t bet against GBG continuing to deliver. As the AIM stock highlighted in July, the huge growth in online activity should mean trading remains buoyant at each of its divisions: Identity, Location and Fraud. Indeed, the near £2bn-cap company said that it had already made a “good start” to its new financial year following record business in FY21. 

Defensive AIM stock

A final AIM stock on my buy list in the event of a significant market wobble is CVS Group (LSE: CVSG). Having doubled in value over the last 12 months, I remain convinced the veterinary services provider is a great play on the UK’s enduring love for pets. There certainly won’t be a lack of demand considering the huge number of households that have bought a puppy, kitten or (insert animal of choice) over the last 18 months or so. 

Once again, however, the valuation looks unattractive. CVSG shares trade on a forward P/E of 32. That’s still high, especially as margins in this line of work aren’t particularly large. Another potential risk here is that it may struggle to recruit the best talent to meet growth targets. I still regret not snapping up the stock back in 2019 when concerns over the shortage of suitably qualified vets following Brexit sent the share price down to just above the 400p mark. 

For now, CVSG stays on my watchlist.

Based on these factors, I have identified two UK growth stocks that I would add to my portfolio and hold for steady returns over the next decade.

$300bn industry

A recent report published by Accenture valued the gaming industry at $300bn including console sales and e-sports revenue. British game developer Frontier Developments (LSE: FDEV) is capitalising well on this boom and is set to release big titles that could make it a top name in the industry in the years to come.

In the last 12 months, its stock has risen 30.4% and five-year returns stand at an incredible 1,344.1%, showing how far the industry and company have grown in the last half-decade.

The total revenue in the first half (H1) of 2021 was £36.9m. A large chunk of this comes from paid downloadable content (PDLC) from existing successful titles like Elite Dangerous and Jurassic World Evolution.

The H1 2021 report stated that Elite Dangerous: Odyssey and Jurassic World 2 is also part of its line-up for 2021. This is exciting news for investors as sequels are money-minters in the gaming industry. The company expects 2023 revenue to be £160m–£180m. It also has large cash reserves of £34.9m after investments in a new development label, Frontier Foundry.

But, the gaming industry is very unpredictable. Take the example of CD Projekt RED’s Cyberpunk 2077. The hype was massive, but glitches killed the game completely and the company is set to lose around $50m.

Despite this uncertainty, I remain keen on investing in the gaming sphere and Frontier Developments is on top of my list of UK growth stocks to buy.

Pet care growth stock

Veterinary service provider CVS Group (LSE: CVSG) is on an impressive run in the market. Its share price recently hit an all-time high and I think this growth stock is just getting started.

The pandemic brought with it a huge increase in pet ownership in the UK and CVS Group has benefited immensely from it. In the last 12 months, the share price has gone up 116.9% and there are no signs of this slowing down.

The company’s revenue went up 5.2% to £427.8m in 2020 along with a 46.8% increase in cash generated from operations and a £12.4m investment in new equipment and facilities. This shows me that the company is ready to make the push to be the top vet healthcare provider in the UK. The board expects profit to more than double by 2023–24, which could greatly impact shareholder returns. 

A major concern is the current entry price, which might seem inflated because of the 50.8% increase in share price over the last six months. But, I still think it is a great long-term investment because the number of pet owners could continue rising as pets are increasingly becoming a part of the modern home. Even public spaces are becoming increasingly pet friendly. As a pet owner myself, I understand the importance of quality vet services. The business is showing signs of steady growth over the next 10 years, making it a must-have UK growth stock for my portfolio.

“Strong revenue growth“

As one of the biggest vets businesses in the UK, it’s not surprising that business at CVS has boomed the last year or so. Positively, it would seem that this trading momentum has been particularly evident over the last couple of months. “Strong revenue growth” was achieved in May and June, according to the company.

As far as actual numbers were concerned, like-for-like sales growth for the financial year to the end of June came in at 17.4%. This was clearly far better than the meagre 0.7% achieved last year. Then again, like so many other businesses, CVS Group was massively affected by the introduction of Covid-19 restrictions. 

The firm now expects to report EBITDA (earnings before interest, tax, depreciation, and amortisation) “marginally ahead” of what analysts were expecting. 

But can all this last?

I think this can last. Although we now appear to be coming to the final few chapters of the pandemic, all those new pet dogs, cats, and iguanas will need regular checkups for many years afterward. This demand should provide some support to the CVS share price going forward.

In another sign of just how much the trading environment has improved, CVS said today that it now employs roughly 10% more vets compared to this time last year. It’s also advertising for new positions and planning to continue its acquisition-friendly strategy by snapping up independent practices. That sounds pretty bullish to me!

Buyer beware

If all this sounds like I think the shares of CVS can only go way, let me clear: I think there are still risks to investing here.

One I’ve already mentioned is the possibility of profit-taking in the months ahead. ‘Running your winners’ is a rule of thumb that I endorse. However, there will come a time when some long-term holders will want to move on. After all, the shares have climbed 116% over the last year. Anyone buying when this growth stock dipped to a low of 433p back in February 2019 would have a gain of over 400% by now.

At 31 times FY22 earnings, the valuation undoubtedly reflects this. One needs to remember that CVS isn’t the only veterinary services provider out there. So, while there may be more pet owners these days, it’s clear the company can’t rest on its laurels. Client numbers must keep rising.

Ongoing recruitment also has implications for the mid-cap’s bottom line. A shortage of vets and support staff will mean that CVS needs to make its pay and perks more attractive to get the best talent.

Defensive growth stock

So long as I were comfortable with the drawbacks of investing in CVS right now, I’d buy this defensive growth stock today. Regardless of what happens next in the economy, people won’t stop spending cash on their furry (and not so furry) companions. To me, that makes for a compelling investment.