ATB Cormark Capital Markets Cuts Pet Valu (TSE:PET) Price Target to C$30.00

Pet Valu (TSE:PET) had its price objective cut by ATB Cormark Capital Markets from C$40.00 to C$30.00 in a research note issued to investors on Wednesday morning,BayStreet.CA reports. They currently have an outperform rating on the stock.

PET has been the subject of a number of other reports. TD Securities decreased their target price on shares of Pet Valu from C$40.00 to C$34.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. Barclays lowered Pet Valu from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from C$28.00 to C$17.00 in a research note on Wednesday. Raymond James Financial reduced their price objective on Pet Valu from C$40.00 to C$31.50 and set an “outperform” rating for the company in a research note on Wednesday, March 4th. Stifel Nicolaus reduced their price objective on Pet Valu from C$32.00 to C$23.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Canadian Imperial Bank of Commerce reduced their price objective on Pet Valu from C$28.00 to C$22.00 in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$24.56.

Pet Valu Trading Up 2.9%

Shares of PET opened at C$17.67 on Wednesday. The firm has a market cap of C$1.20 billion, a PE ratio of 12.90 and a beta of 1.27. The firm has a fifty day simple moving average of C$21.26 and a two-hundred day simple moving average of C$26.22. Pet Valu has a 1-year low of C$16.58 and a 1-year high of C$39.24.

Pet Valu (TSE:PET) last announced its earnings results on Tuesday, May 12th. The company reported C$0.31 earnings per share for the quarter. The business had revenue of C$287.94 million during the quarter. Pet Valu had a net margin of 8.11% and a return on equity of 117.77%. As a group, research analysts forecast that Pet Valu will post 1.6820546 EPS for the current fiscal year.

Insider Activity at Pet Valu

In related news, Director Carmine Fortino acquired 10,000 shares of Pet Valu stock in a transaction dated Thursday, May 14th. The stock was purchased at an average cost of C$17.26 per share, for a total transaction of C$172,600.00. Following the purchase, the director directly owned 10,000 shares of the company’s stock, valued at approximately C$172,600. This trade represents a ∞ increase in their position. 0.29% of the stock is owned by company insiders.

Key Headlines Impacting Pet Valu

Here are the key news stories impacting Pet Valu this week:

• Positive Sentiment: Director Carmine Fortino bought 10,000 shares of Pet Valu Holdings Ltd. (TSE:PET) at C$17.26 per share, a signal of insider confidence that can support sentiment. Pet Valu (TSE:PET) Director Buys C$172,600.00 in Stock
• Positive Sentiment: TD Securities upgraded Pet Valu Holdings Ltd. (TSE:PET) to strong-buy, adding a bullish offset to the recent analyst chatter. Pet Valu upgraded by TD Securities to strong-buy
• Positive Sentiment: Despite recent cuts to targets, analyst coverage still clusters around Moderate Buy, which suggests the broader Street view remains constructive on Pet Valu Holdings Ltd. (TSE:PET). Pet Valu Holdings Ltd. (TSE:PET) Given Consensus Recommendation of “Moderate Buy” by Analysts
• Neutral Sentiment: A feature article highlighted Pet Valu as a deeply discounted Canadian stock that some investors may want to buy and hold, reinforcing the idea that the share price may be viewed as depressed rather than broken. 1 Practically Perfect Canadian Stock Down 53% to Buy and Hold Forever
• Negative Sentiment: Several firms lowered price targets for Pet Valu Holdings Ltd. (TSE:PET), including Raymond James, National Bank, Stifel, ATB Cormark, CIBC, and RBC, signaling softer near-term expectations. Pet Valu Price Target Cut to C$21.00 by Analysts at Raymond James Financial
• Negative Sentiment: Barclays downgraded Pet Valu Holdings Ltd. (TSE:PET) to Equal Weight, which likely added pressure to the stock by tempering expectations. Pet Valu (TSE:PET) Downgraded by Barclays to Equal Weight

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.