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

Pet Valu Holdings Ltd. (TSE:PET) shares traded up 2% during mid-day trading on Friday following a dividend announcement from the company. 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. Stockholders of record on Monday, December 16th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.61%. Pet Valu’s payout ratio is presently 38.60%.

Analyst Upgrades and Downgrades

PET has been the subject of a number of research analyst reports. Royal Bank of Canada increased their price target on Pet Valu from C$34.00 to C$35.00 in a research report on Wednesday, November 6th. TD Securities decreased their target price on Pet Valu from C$32.00 to C$30.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Barclays cut their price target on shares of Pet Valu from C$28.00 to C$27.00 in a report on Wednesday, November 6th. Cormark downgraded shares of Pet Valu from a “moderate buy” rating to a “hold” rating in a report on Wednesday, November 6th. Finally, Cibc World Mkts upgraded shares of Pet Valu to a “strong-buy” rating in a research note on Wednesday, August 7th.

Pet Valu Stock Performance

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

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

Pet Valu Company Profile

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.