Pet Valu (TSE:PET) Downgraded to “Hold” Rating by Cormark

Cormark downgraded shares of Pet Valu (TSE:PET) from a moderate buy rating to a hold rating in a research note published on Wednesday,Zacks.com reports. Cormark also issued estimates for Pet Valu’s FY2024 earnings at $1.50 EPS, FY2025 earnings at $1.56 EPS, FY2026 earnings at $1.67 EPS and FY2027 earnings at $2.00 EPS.

PET has been the topic of a number of other research reports. TD Securities lowered their target price on shares of Pet Valu from C$32.00 to C$30.00 and set a “buy” rating on the stock in a report on Wednesday. Cibc World Mkts raised Pet Valu to a “strong-buy” rating in a report on Wednesday, August 7th. Raymond James reduced their target price on Pet Valu from C$36.00 to C$34.00 in a report on Wednesday. Royal Bank of Canada increased their price target on shares of Pet Valu from C$34.00 to C$35.00 in a report on Wednesday. Finally, Barclays reduced their price objective on shares of Pet Valu from C$28.00 to C$27.00 in a research note on Wednesday.

Pet Valu Price Performance

Shares of TSE PET opened at C$25.84 on Wednesday. The stock has a market cap of C$1.85 billion, a PE ratio of 22.67 and a beta of 0.81. Pet Valu has a one year low of C$23.58 and a one year high of C$32.90. The company’s fifty day moving average price is C$25.57.

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

Pet Valu Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 annualized dividend and a dividend yield of 1.70%. Pet Valu’s payout ratio is currently 38.60%.

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.