Petmed Express hikes dividend by 7.1%

PetMed Express (PETS) will raise its quarterly dividend by 7.1 percent to 30 cents per share in 2021. This follows a dividend hike of 3.7 percent to $0.28 per share in 2020. This is the second dividend hike announced by the pet pharmacy company since 2018 and marks 12 consecutive years of dividend increases on an annualized basis.

The next dividend will be paid on May 21, 2021, to shareholders of record at the close of business on May 14, 2021. The new annual dividend rate of $1.20 per share yields 4.0% at a stock price of $29.64.

PetMed Express, Inc., doing business as 1-800-PetMeds, 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. The company's products include pet medications, health products and supplies. Other pet supplies include food, beds, crates, stairs and strollers. Founded in 1996, PetMed Express is America’s Largest Pet Pharmacy. The company has paid a dividend every year since 2009.