Patterson Companies (PDCO) Raised to Buy at Craig Hallum

Craig Hallum upgraded shares of Patterson Companies (NASDAQ:PDCO) from a hold rating to a buy rating in a research report released on Friday morning.

Other equities analysts have also recently issued reports about the company. BidaskClub cut Patterson Companies from a hold rating to a sell rating in a report on Wednesday, January 24th. Piper Jaffray reissued a hold rating and issued a $24.00 target price on shares of Patterson Companies in a report on Wednesday. Zacks Investment Research raised Patterson Companies from a sell rating to a buy rating and set a $41.00 target price for the company in a report on Tuesday, January 23rd. Evercore ISI began coverage on Patterson Companies in a report on Thursday, January 4th. They issued an in-line rating and a $38.50 target price for the company. Finally, JPMorgan Chase cut Patterson Companies from a neutral rating to an underweight rating and dropped their target price for the stock from $40.00 to $36.00 in a report on Thursday, February 15th. Six investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $36.17.

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Shares of PDCO stock traded up $0.49 during mid-day trading on Friday, reaching $22.85. The stock had a trading volume of 3,677,587 shares, compared to its average volume of 3,340,460. The company has a current ratio of 1.80, a quick ratio of 1.00 and a debt-to-equity ratio of 0.64. Patterson Companies has a one year low of $21.09 and a one year high of $48.29. The company has a market capitalization of $2,116.02, a P/E ratio of 10.80, a P/E/G ratio of 1.78 and a beta of 1.16.

Patterson Companies (NASDAQ:PDCO) last announced its quarterly earnings data on Thursday, March 1st. The company reported $0.43 EPS for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.09). Patterson Companies had a return on equity of 13.85% and a net margin of 4.39%. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the business posted $0.58 EPS. Patterson Companies’s revenue was down 1.6% compared to the same quarter last year. sell-side analysts predict that Patterson Companies will post 1.69 earnings per share for the current fiscal year.

Patterson Companies announced that its board has authorized a share buyback plan on Tuesday, March 13th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Friday, April 13th will be issued a dividend of $0.26 per share. The ex-dividend date is Thursday, April 12th. This represents a $1.04 dividend on an annualized basis and a yield of 4.55%. Patterson Companies’s dividend payout ratio is 44.44%.

In related news, insider Ann B. Gugino sold 750 shares of the firm’s stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $36.38, for a total transaction of $27,285.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.46% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in PDCO. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Patterson Companies by 46.0% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,878,432 shares of the company’s stock valued at $188,551,000 after purchasing an additional 1,536,422 shares in the last quarter. Alps Advisors Inc. acquired a new stake in shares of Patterson Companies in the 4th quarter valued at $48,813,000. Victory Capital Management Inc. increased its stake in shares of Patterson Companies by 90,810.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,235,473 shares of the company’s stock valued at $44,638,000 after buying an additional 1,234,114 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Patterson Companies by 70.7% in the 4th quarter. Bank of New York Mellon Corp now owns 1,681,338 shares of the company’s stock valued at $60,747,000 after buying an additional 696,540 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Patterson Companies by 46.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,544,632 shares of the company’s stock valued at $55,808,000 after buying an additional 492,936 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

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Patterson Companies Company Profile

Patterson Companies, Inc distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada. It operates through Dental and Animal Health segments. The company's Dental segment offers consumable products, such as infection control, restorative materials, hand instruments, and sterilization products; basic and advanced technology dental equipment; patient education systems; and office forms and stationery.

Analyst Recommendations for Patterson Companies (NASDAQ:PDCO)

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