Zacks Investment Research upgraded shares of Patterson Companies (NASDAQ:PDCO) from a strong sell rating to a hold rating in a research note released on Thursday, January 4th.
According to Zacks, “Patterson Companies has had an unfavorable run on the bourses in the last year, trading below the broader industry. However, we are upbeat about the company’s Animal Health segment, that has been performing well lately. Patterson Companies provides a wide range of consumable supplies, equipment, software and value-added services. The company’s broad spectrum of products cushions it against economic downturns in the MedTech space. We believe a diversified product portfolio, strong veterinary business prospects, accretive acquisitions and strategic partnerships are key growth catalysts. On the flipside, downbeat guidance indicates looming concerns ahead. Lackluster performance in the dental segment is another headwind. The recent decline in the segment is driven by decreased sales of CEREC and digital technology products. Management expects headwinds in the technology-based equipment business to persist through fiscal 2018.”
A number of other analysts have also issued reports on PDCO. Royal Bank of Canada started coverage on Patterson Companies in a research note on Tuesday, September 19th. They issued a sector perform rating and a $42.00 price target on the stock. Morgan Stanley assumed coverage on Patterson Companies in a report on Thursday, September 21st. They set an equal weight rating and a $42.00 price objective on the stock. Robert W. Baird reiterated a buy rating and issued a $44.00 target price on shares of Patterson Companies in a research report on Tuesday, September 26th. Piper Jaffray Companies assumed coverage on Patterson Companies in a research report on Thursday, October 19th. They issued a neutral rating and a $41.00 target price for the company. Finally, Stifel Nicolaus upgraded Patterson Companies from a sell rating to a hold rating and set a $34.00 price objective for the company in a research report on Wednesday, November 15th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $40.23.
Patterson Companies (NASDAQ PDCO) traded down $0.77 during trading on Thursday, hitting $36.58. The stock had a trading volume of 1,261,300 shares, compared to its average volume of 1,458,457. The stock has a market capitalization of $3,500.00, a PE ratio of 21.52, a PEG ratio of 2.13 and a beta of 0.95. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.94 and a quick ratio of 1.10. Patterson Companies has a twelve month low of $32.07 and a twelve month high of $48.29.
Patterson Companies (NASDAQ:PDCO) last announced its quarterly earnings results on Tuesday, November 21st. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.03). The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Patterson Companies had a net margin of 2.84% and a return on equity of 15.19%. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.56 EPS. sell-side analysts expect that Patterson Companies will post 2.08 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 12th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Thursday, January 11th. Patterson Companies’s payout ratio is 61.18%.
In other Patterson Companies news, Director John D. Buck purchased 2,834 shares of the company’s stock in a transaction that occurred on Friday, November 24th. The shares were purchased at an average cost of $34.93 per share, with a total value of $98,991.62. Following the completion of the transaction, the director now owns 54,627 shares of the company’s stock, valued at $1,908,121.11. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.46% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PDCO. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Patterson Companies by 4.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,576 shares of the company’s stock worth $168,000 after acquiring an additional 150 shares in the last quarter. Nationwide Fund Advisors boosted its stake in shares of Patterson Companies by 0.3% during the 2nd quarter. Nationwide Fund Advisors now owns 84,243 shares of the company’s stock worth $3,955,000 after acquiring an additional 253 shares in the last quarter. Marietta Wealth Management LLC boosted its stake in shares of Patterson Companies by 3.5% during the 2nd quarter. Marietta Wealth Management LLC now owns 8,676 shares of the company’s stock worth $407,000 after acquiring an additional 296 shares in the last quarter. Norinchukin Bank The boosted its stake in shares of Patterson Companies by 5.9% during the 2nd quarter. Norinchukin Bank The now owns 5,662 shares of the company’s stock worth $266,000 after acquiring an additional 317 shares in the last quarter. Finally, Commonwealth Bank of Australia boosted its stake in shares of Patterson Companies by 15.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 3,027 shares of the company’s stock worth $140,000 after acquiring an additional 415 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.
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About Patterson Companies
Patterson Companies, Inc is a value-added distributor focused on providing a customer experience to professionals in the dental and animal health markets. The Company operates through three segments: dental, animal health and corporate. Dental and Animal health are strategic business units that offer similar products and services to different customer bases.
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