Patterson Companies (NASDAQ:PDCO) Shares Gap Up to $22.85

Patterson Companies, Inc. (NASDAQ:PDCOGet Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $22.85, but opened at $24.69. Patterson Companies shares last traded at $25.15, with a volume of 473,390 shares changing hands.

Wall Street Analyst Weigh In

PDCO has been the topic of several analyst reports. SVB Leerink initiated coverage on Patterson Companies in a research report on Monday, February 26th. They set an “outperform” rating and a $36.00 target price on the stock. Leerink Partnrs reissued an “outperform” rating on shares of Patterson Companies in a research report on Monday, February 26th. StockNews.com downgraded Patterson Companies from a “buy” rating to a “hold” rating in a research report on Saturday, June 1st. Piper Sandler cut Patterson Companies from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $34.00 to $28.00 in a report on Thursday, February 29th. Finally, Bank of America dropped their price objective on Patterson Companies from $34.00 to $32.00 and set a “buy” rating for the company in a report on Monday, May 20th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Patterson Companies has a consensus rating of “Hold” and an average target price of $31.67.

Get Our Latest Stock Analysis on Patterson Companies

Patterson Companies Stock Up 8.6 %

The company has a 50-day moving average of $24.96 and a 200-day moving average of $26.99. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 1.89 and a beta of 1.07. The company has a current ratio of 1.43, a quick ratio of 0.72 and a debt-to-equity ratio of 0.46.

Patterson Companies (NASDAQ:PDCOGet Free Report) last announced its earnings results on Tuesday, June 18th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). Patterson Companies had a net margin of 2.95% and a return on equity of 20.98%. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the company earned $0.84 earnings per share. The company’s quarterly revenue was down .1% on a year-over-year basis. On average, equities analysts predict that Patterson Companies, Inc. will post 2.28 earnings per share for the current fiscal year.

Patterson Companies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 4.19%. The ex-dividend date is Friday, July 19th. Patterson Companies’s dividend payout ratio (DPR) is 51.23%.

Institutional Trading of Patterson Companies

Several hedge funds and other institutional investors have recently bought and sold shares of PDCO. Charles Schwab Investment Management Inc. grew its holdings in Patterson Companies by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 780,633 shares of the company’s stock worth $23,138,000 after acquiring an additional 5,187 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its position in Patterson Companies by 34.4% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 12,290 shares of the company’s stock worth $364,000 after purchasing an additional 3,144 shares in the last quarter. UBS Group AG boosted its position in Patterson Companies by 69.8% during the third quarter. UBS Group AG now owns 184,890 shares of the company’s stock worth $5,480,000 after purchasing an additional 75,984 shares in the last quarter. Blair William & Co. IL purchased a new position in Patterson Companies during the third quarter worth approximately $536,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in Patterson Companies during the third quarter worth approximately $319,000. 85.43% of the stock is owned by institutional investors and hedge funds.

Patterson Companies Company Profile

(Get Free Report)

Patterson Companies, Inc engages in the distribution of dental and animal health products in the United States, the United Kingdom, and Canada. The company operates through three segments: Dental, Animal Health, and Corporate segments. The Dental segment offers consumable products, including infection control, restorative materials, and instruments; basic and advanced technology and dental equipment; practice optimization solutions, such as practice management software, e-commerce, revenue cycle management, patient engagement solutions, and clinical and patient education systems.

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