Pet Valu (TSE:PET) Sets New 12-Month 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%.

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

Analysts Set New Price Targets

PET has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price objective on Pet Valu from C$33.00 to C$40.00 and gave the stock a "buy" rating in a research report on Wednesday. Desjardins lifted their price objective on Pet Valu from C$38.00 to C$41.00 and gave the company a "buy" rating in a research note on Wednesday. Raymond James Financial boosted 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. Barclays boosted 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. Finally, Cormark upgraded Pet Valu from a "hold" rating to a "moderate buy" rating in a research note on Wednesday, May 7th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of C$40.22.

Pet Valu Stock Down 0.9%

The stock has a market cap of C$2.56 billion, a P/E ratio of 29.65 and a beta of 0.81. The business has a 50 day moving average price of C$33.15 and a two-hundred day moving average price of C$28.74.

Pet Valu Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders 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%. This is a positive change from Pet Valu's previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Friday, May 30th. Pet Valu's dividend payout ratio is currently 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.