Shares of PetMed Express, Inc. (NASDAQ:PETS) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $42.48, but opened at $43.41. PetMed Express shares last traded at $38.15, with a volume of 1,442,941 shares traded.
The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.13. PetMed Express had a return on equity of 28.67% and a net margin of 10.34%. The business had revenue of $66.70 million during the quarter, compared to analyst estimates of $63.41 million. During the same period in the prior year, the company earned $0.24 earnings per share. PetMed Express’s revenue was up 9.7% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Monday, November 6th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Friday, November 3rd. PetMed Express’s dividend payout ratio (DPR) is 61.54%.
Several equities analysts have weighed in on the company. Noble Financial reissued a “hold” rating on shares of PetMed Express in a report on Wednesday, July 26th. Northcoast Research raised PetMed Express from a “neutral” rating to a “buy” rating and set a $54.00 price objective for the company in a report on Monday, July 24th. Credit Suisse Group reissued an “underperform” rating and set a $19.00 price objective on shares of PetMed Express in a report on Monday, October 2nd. Zacks Investment Research lowered PetMed Express from a “strong-buy” rating to a “hold” rating in a report on Monday, September 25th. Finally, ValuEngine lowered PetMed Express from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $40.00.
In related news, Director Robert C. Schweitzer sold 2,500 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $49.18, for a total value of $122,950.00. Following the sale, the director now owns 88,834 shares in the company, valued at $4,368,856.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ronald J. Korn sold 5,000 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $48.18, for a total value of $240,900.00. Following the completion of the sale, the director now owns 67,333 shares in the company, valued at approximately $3,244,103.94. The disclosure for this sale can be found here. Insiders sold 19,333 shares of company stock worth $949,730 in the last quarter. 4.00% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Acrospire Investment Management LLC purchased a new stake in shares of PetMed Express in the second quarter worth $110,000. Pinebridge Investments L.P. raised its position in shares of PetMed Express by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 2,704 shares of the company’s stock worth $110,000 after buying an additional 27 shares in the last quarter. Fred Alger Management Inc. purchased a new stake in shares of PetMed Express in the second quarter worth $162,000. State of Alaska Department of Revenue raised its position in shares of PetMed Express by 76.7% in the second quarter. State of Alaska Department of Revenue now owns 4,028 shares of the company’s stock worth $163,000 after buying an additional 1,748 shares in the last quarter. Finally, Bayesian Capital Management LP purchased a new stake in shares of PetMed Express in the second quarter worth $203,000. Institutional investors own 81.09% of the company’s stock.
The stock has a 50 day moving average price of $35.93 and a 200 day moving average price of $36.42. The firm has a market cap of $778.60 million, a P/E ratio of 29.52 and a beta of 1.03.
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PetMed Express Company Profile
PetMed Express, Inc (PetMed Express), doing business as 1800PetMeds, is a pet pharmacy. The Company markets prescription and non-prescription pet medications, and other health products for dogs and cats, direct to the consumer. It offers a selection of products for dogs and cats. Its product line contains approximately 3,000 stock keeping units (SKUS) of pet medications, health products and supplies.
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