PetIQ, Inc. (Nasdaq: PETQ) spotted trading -22.29% off 52-week high price. On the other end, the stock has been noted 60.36% away from the low price over the last 52-weeks. The stock changed 0.09% to recent value of $34.14. The stock transacted 387655 shares during most recent day however it has an average volume of 477.06K shares. The company has 26.74M of outstanding shares and 22.22M shares were floated in the market.
PetIQ, Inc. (Nasdaq: PETQ), a leading pet medication and wellness company, announced that it has completed the previously declared acquisition of Perrigo Animal Health, a leading manufacturer of vet quality products for pet parents, from Perrigo Company plc (NYSE; TASE: PRGO) for $185 million in cash. Perrigo Animal Health is now an indirect wholly-owned subsidiary of PetIQ. In addition, Michael Smith, a pet and consumer packaged goods industry veteran has been appointed Executive Vice President, Products Division with responsibility for managing all aspects of PetIQ’s product revenue, product strategy, retailer relationships and strategic product partnerships, reporting directly to Cord Christensen, PetIQ’s Chairman and Chief Executive Officer.
Christensen, commented, “We are excited to have closed this important acquisition, and on behalf of PetIQ we welcome the Perrigo Animal Health team to the PetIQ. We look forward to capitalizing on our opportunities to increase our manufacturing scale, expand product and brand diversity, and improve our customer reach, all while we capture significant cost savings and synergies to fuel greater net sales and profitability.”
“To support our growing business, we are also very pleased to announce that Michael has joined us from the world’s largest retailer where he has held various leadership roles within the pet and personal care categories. In addition to Michael’s retail experience, he brings a strong consumer background having worked at leading consumer packaged goods companies including Colgate-Palmolive, Procter & Gamble, and Energizer. We look forward to Michael’s leadership contributions as we integrate Perrigo Animal Health and grow our existing pet products business over the next several years.”
The transaction was financed through a combination of $25 million of existing cash on hand, $145 million of new term loan financing from Ares Capital Management, with the remaining balance financed through PetIQ’s existing revolving credit facility with East West Bank. PetIQ continues to expect that this acquisition will be accretive to earnings in the first twelve months following the closing and thereafter. PetIQ expects to report 2019 second quarter financial results on August 7, 2019 at which point it will provide guidance for full year 2019 inclusive of the Perrigo Animal Health acquisition.
Jefferies LLC is serving as financial advisor, KPMG as accounting and audit advisor, and Winston & Strawn LLP and Baker Botts LLP are acting as legal counsel to PetIQ.
Its earnings per share (EPS) expected to touch remained -661.40% for this year while earning per share for the next 5-years is expected to reach at 25.00%. PETQ has a gross margin of 16.40% and an operating margin of 2.80% while its profit margin remained 0.50% for the last 12 months.
According to the most recent quarter its current ratio was 2.9 that represents company’s ability to meet its current financial obligations. The price moved ahead of 7.86% from the mean of 20 days, 16.20% from mean of 50 days SMA and performed 13.45% from mean of 200 days price. Company’s performance for the week was 1.16%, 24.51% for month and YTD performance remained 45.46%.
Category – Business
After many years in the market, Charles Frey dedicated all his time to write articles highlighting different financial problems. He has worked as financial analyst until his retirement. He is a well-known research director and portfolio manager for more than 5 years.
Charles holds a postgraduate degree in Software Engineering. ‘The stock market is filled with individuals who know the price of everything, but the value of nothing.’ Charles is a share market expert, being personally invested for over 6 years. He has been writing his entire life, and while he has made a career of business and finance reporting, he still enjoys writing short stories and poetry.
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