Patterson Companies, Inc. (PDCO) Downgraded by BidaskClub
Patterson Companies, Inc. (NASDAQ:PDCO) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.
Several other research firms also recently weighed in on PDCO. Deutsche Bank AG began coverage on shares of Patterson Companies in a research report on Wednesday, March 15th. They issued a “hold” rating and a $45.00 target price for the company. Jefferies Group LLC reissued a “hold” rating and issued a $40.00 target price on shares of Patterson Companies in a research report on Wednesday, March 29th. Craig Hallum began coverage on shares of Patterson Companies in a research report on Tuesday, April 11th. They issued a “hold” rating for the company. Zacks Investment Research raised shares of Patterson Companies from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, May 2nd. Finally, Stifel Nicolaus downgraded shares of Patterson Companies from a “hold” rating to a “sell” rating and dropped their target price for the stock from $47.43 to $39.00 in a research report on Thursday. Four research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $43.63.
Shares of Patterson Companies (NASDAQ PDCO) traded up 0.57% during trading on Friday, hitting $44.40. 974,777 shares of the company were exchanged. The company’s 50-day moving average price is $45.60 and its 200 day moving average price is $43.86. Patterson Companies has a 12 month low of $36.46 and a 12 month high of $50.05. The stock has a market cap of $4.17 billion, a P/E ratio of 24.80 and a beta of 0.98.
Patterson Companies (NASDAQ:PDCO) last released its quarterly earnings results on Thursday, May 25th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.04. Patterson Companies had a net margin of 3.06% and a return on equity of 15.94%. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the firm posted $0.77 EPS. The firm’s quarterly revenue was down .6% on a year-over-year basis. On average, equities analysts predict that Patterson Companies will post $2.32 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Friday, July 14th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Wednesday, July 12th. Patterson Companies’s payout ratio is 58.10%.
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In other Patterson Companies news, Director Scott P. Anderson sold 10,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $46.76, for a total transaction of $467,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ann B. Gugino sold 750 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $43.83, for a total transaction of $32,872.50. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Parnassus Investments CA raised its position in Patterson Companies by 6.1% in the first quarter. Parnassus Investments CA now owns 8,396,864 shares of the company’s stock worth $370,312,000 after buying an additional 481,947 shares during the last quarter. Vanguard Group Inc. raised its position in Patterson Companies by 2.7% in the first quarter. Vanguard Group Inc. now owns 8,204,738 shares of the company’s stock worth $371,100,000 after buying an additional 214,691 shares during the last quarter. BlackRock Inc. raised its position in Patterson Companies by 2,886.7% in the first quarter. BlackRock Inc. now owns 6,715,909 shares of the company’s stock worth $303,760,000 after buying an additional 6,491,048 shares during the last quarter. State Street Corp raised its position in Patterson Companies by 1.8% in the first quarter. State Street Corp now owns 4,180,364 shares of the company’s stock worth $189,078,000 after buying an additional 75,261 shares during the last quarter. Finally, Fairpointe Capital LLC raised its position in Patterson Companies by 25.7% in the first quarter. Fairpointe Capital LLC now owns 3,494,234 shares of the company’s stock worth $158,044,000 after buying an additional 713,773 shares during the last quarter. 89.62% of the stock is owned by hedge funds and other institutional investors.
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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