Pet Valu (TSE:PET) Trading Up 2% After Dividend Announcement

Pet Valu Holdings Ltd. (TSE:PET) shares shot up 2% on Friday after the company announced a dividend. The stock traded as high as C$27.54 and last traded at C$27.38. 41,100 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 72,497 shares. The stock had previously closed at C$26.84.

The newly announced dividend which will be paid on Monday, December 16th. Investors of record on Monday, December 16th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Friday, November 29th. Pet Valu’s payout ratio is 38.60%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Raymond James reduced their price objective on shares of Pet Valu from C$36.00 to C$34.00 in a research note on Wednesday, November 6th. Barclays reduced their price target on shares of Pet Valu from C$28.00 to C$27.00 in a research report on Wednesday, November 6th. Cormark cut Pet Valu from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Royal Bank of Canada increased their target price on Pet Valu from C$34.00 to C$35.00 in a research note on Wednesday, November 6th. Finally, Cibc World Mkts upgraded Pet Valu to a “strong-buy” rating in a research note on Wednesday, August 7th.

Pet Valu Price Performance

The company has a market capitalization of C$1.96 billion, a PE ratio of 24.02 and a beta of 0.81. The company’s fifty day moving average is C$25.94.

Pet Valu (TSE:PET) last posted its earnings results on Tuesday, November 5th. The company reported C$0.41 EPS for the quarter, topping analysts’ consensus estimates of C$0.35 by C$0.06. The business had revenue of C$276.03 million during the quarter, compared to the consensus estimate of C$267.68 million. Pet Valu had a net margin of 7.64% and a return on equity of 128.24%. As a group, equities research analysts predict that Pet Valu Holdings Ltd. will post 1.6820546 EPS for the current fiscal year.

About Pet Valu

Pet Valu Holdings Ltd. engages in the retail and wholesale of pet foods and pet-related supplies for dogs, cats, fish, birds, reptiles, and small animals in Canada. It offers food and treats for dogs and cats, cat litter, dog and cat toys, collars and leashes, health and wellness solutions, waste management solutions, pet cages and carriers, flea and tick products, and pet apparel and other related accessories.