Pet Valu (TSE:PET) Stock Price Up 2% Following Dividend Announcement

Pet Valu Holdings Ltd. (TSE:PET) traded up 2% on Friday following a dividend announcement from the company. The company traded as high as C$27.54 and last traded at C$27.38. 41,100 shares were traded during 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 issued a dividend of $0.11 per share. 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 38.60%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Royal Bank of Canada raised their price objective on shares of Pet Valu from C$34.00 to C$35.00 in a report on Wednesday, November 6th. Cormark downgraded shares of Pet Valu from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Raymond James decreased their target price on shares of Pet Valu from C$36.00 to C$34.00 in a research report on Wednesday, November 6th. TD Securities decreased their target price on shares of 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. Finally, Cibc World Mkts raised shares of Pet Valu to a “strong-buy” rating in a research report on Wednesday, August 7th.

Pet Valu Stock Performance

The firm has a 50 day moving average price of C$25.94. The company has a market cap of C$1.96 billion, a P/E ratio of 24.02 and a beta of 0.81.

Pet Valu (TSE:PET) last issued its quarterly earnings data on Tuesday, November 5th. The company reported C$0.41 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of C$276.03 million during the quarter, compared to analysts’ expectations of C$267.68 million. On average, research analysts forecast that Pet Valu Holdings Ltd. will post 1.6820546 earnings per share for the current fiscal 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.