Patterson Companies (NASDAQ:PDCO) to Repurchase $500.00 million in Outstanding Stock

Patterson Companies (NASDAQ:PDCO) announced that its Board of Directors has initiated a stock buyback program, which authorizes the company to buyback $500.00 million in shares on Tuesday, March 13th. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

PDCO has been the subject of a number of recent research reports. BidaskClub lowered shares of Patterson Companies from a “hold” rating to a “sell” rating in a research note on Wednesday, January 24th. Piper Jaffray reiterated a “hold” rating and issued a $24.00 price objective on shares of Patterson Companies in a research note on Wednesday. Craig Hallum upgraded shares of Patterson Companies from a “hold” rating to a “buy” rating in a research note on Friday. Zacks Investment Research upgraded shares of Patterson Companies from a “sell” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Tuesday, January 23rd. Finally, JPMorgan Chase lowered shares of Patterson Companies from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $40.00 to $36.00 in a research note on Thursday, February 15th. Six research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $36.17.

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NASDAQ:PDCO traded up $0.49 during trading hours on Friday, hitting $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 debt-to-equity ratio of 0.64, a current ratio of 1.80 and a quick ratio of 1.00. Patterson Companies has a one year low of $21.09 and a one year high of $48.29. The company has a market cap of $2,162.39, a price-to-earnings ratio of 9.76, a PEG ratio of 1.81 and a beta of 1.16.

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

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

In other Patterson Companies news, insider Ann B. Gugino sold 750 shares of the firm’s stock in a transaction on Thursday, January 11th. The shares were sold at an average price of $36.38, for a total value of $27,285.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is owned by company insiders.

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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.

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