Pet Valu (TSE:PET) Reaches New 1-Year High - Time to Buy?

Key Points

• Pet Valu's stock reached a new 52-week high, trading at C$35.11, with a last trading price of C$34.97.
• Several analysts have raised their price targets for Pet Valu, with the average target now at C$35.67, reflecting a strong consensus "Buy" rating.
• The company announced a dividend increase, raising its quarterly payment from $0.11 to $0.12, resulting in an annualized dividend yield of 1.3%.

Pet Valu Holdings Ltd. (TSE:PET - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as C$35.11 and last traded at C$34.97, with a volume of 24165 shares trading hands. The stock had previously closed at C$33.28.

Wall Street Analyst Weigh In

Several analysts recently commented on PET shares. Desjardins raised their price objective on shares of Pet Valu from C$38.00 to C$41.00 and gave the company a "buy" rating in a research note on Wednesday. TD Securities lifted their target price on shares of Pet Valu from C$35.00 to C$44.00 and gave the stock a "buy" rating in a research report on Wednesday. Stifel Nicolaus lifted their target price on shares of Pet Valu from C$33.00 to C$40.00 and gave the stock a "buy" rating in a research report on Wednesday. Royal Bank Of Canada lifted their price target on shares of Pet Valu from C$35.00 to C$41.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, Stifel Canada upgraded shares of Pet Valu from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 10th. Nine research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Pet Valu presently has an average rating of "Buy" and an average price target of C$40.22.

Pet Valu Stock Up 0.7%

The firm's 50 day simple moving average is C$32.93 and its two-hundred day simple moving average is C$28.59. The stock has a market cap of C$2.60 billion, a P/E ratio of 30.14 and a beta of 0.81.

Pet Valu Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 16th were given a dividend of $0.12 per share. This is an increase from Pet Valu's previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, May 30th. Pet Valu's payout ratio is currently 36.27%.

About Pet Valu

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.