Pet Valu (TSE:PET) Reaches New 12-Month High - What's Next?

Key Points

• Pet Valu Holdings Ltd. achieved a new 52-week high with shares reaching C$36.93, up from a previous close of C$36.46.
• Multiple analysts have upgraded their price targets for Pet Valu, with some now suggesting a target as high as C$41.00, reflecting strong confidence in the stock.
• The company recently raised its quarterly dividend to $0.12 per share, representing a yield of 1.3%, up from the previous dividend of $0.11.

Pet Valu Holdings Ltd. (TSE:PET - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as C$36.93 and last traded at C$36.87, with a volume of 9002 shares. The stock had previously closed at C$36.46.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PET. National Bankshares raised their price target on Pet Valu from C$38.00 to C$41.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Raymond James Financial raised their price target on Pet Valu from C$36.00 to C$40.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. TD Securities raised their price target on Pet Valu from C$35.00 to C$44.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Barclays raised their price target on Pet Valu from C$32.00 to C$41.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Finally, Desjardins raised their price target on Pet Valu from C$38.00 to C$41.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of C$40.22.

Pet Valu Stock Performance

The stock has a 50 day moving average of C$33.63 and a two-hundred day moving average of C$29.03. The firm has a market capitalization of C$2.67 billion, a P/E ratio of 30.90 and a beta of 0.81.

Pet Valu Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 16th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, May 30th. This is a positive change from Pet Valu's previous quarterly dividend of $0.11. Pet Valu's dividend payout ratio (DPR) is 36.27%.

Pet Valu Company Profile

Pet Valu Holdings Ltd is engaged in providing pet-related products through its stores. Its products include Dry Food, Wet Food, Frozen raw food, Jerky Treats, and Training treats among others. The services offered by the company include Dog Wash, Adoption, Grooming, and Frozen Raw.