PetMed Express, Inc. (PETS) Sees Large Volume Increase After Earnings Beat

PetMed Express, Inc. (NASDAQ:PETS) saw unusually-high trading volume on Monday after the company announced better than expected quarterly earnings. Approximately 4,392,189 shares traded hands during mid-day trading, an increase of 706% from the previous session’s volume of 544,771 shares.The stock last traded at $47.95 and had previously closed at $40.54.

The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.07. The company had revenue of $79.66 million during the quarter, compared to analysts’ expectations of $77.32 million. PetMed Express had a return on equity of 28.67% and a net margin of 10.34%. PetMed Express’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 EPS.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Monday, August 7th were issued a $0.20 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $0.80 dividend on an annualized basis and a yield of 1.81%. PetMed Express’s payout ratio is 61.54%.

PETS has been the subject of a number of analyst reports. Northcoast Research raised PetMed Express from a “neutral” rating to a “buy” rating and set a $54.00 price target for the company in a report on Monday, July 24th. Noble Financial reaffirmed a “hold” rating on shares of PetMed Express in a report on Wednesday, July 26th. Craig Hallum cut PetMed Express from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Finally, Zacks Investment Research raised PetMed Express from a “hold” rating to a “strong-buy” rating and set a $38.00 price target for the company in a report on Wednesday, May 10th.

In other PetMed Express news, Director Robert C. Schweitzer sold 2,500 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $49.18, for a total transaction of $122,950.00. Following the completion of the transaction, the director now owns 88,834 shares of the company’s stock, valued at $4,368,856.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ronald J. Korn sold 5,000 shares of the stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $48.18, for a total value of $240,900.00. Following the transaction, the director now directly owns 67,333 shares of the company’s stock, valued at approximately $3,244,103.94. The disclosure for this sale can be found here. Insiders have sold 19,333 shares of company stock valued at $949,730 in the last three months. Insiders own 4.00% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd purchased a new position in shares of PetMed Express during the second quarter worth approximately $412,000. WINTON GROUP Ltd purchased a new position in shares of PetMed Express during the second quarter worth approximately $1,079,000. Koch Industries Inc. purchased a new position in shares of PetMed Express during the second quarter worth approximately $212,000. Bank of Nova Scotia bought a new stake in PetMed Express during the second quarter valued at approximately $781,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in PetMed Express during the second quarter valued at approximately $1,091,000. 79.12% of the stock is owned by institutional investors and hedge funds.

The company’s 50 day moving average is $44.40 and its 200-day moving average is $31.08. The company has a market capitalization of $898.73 million, a PE ratio of 34.07 and a beta of 0.99.

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About PetMed Express

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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