Patterson Companies, Inc. (PDCO) Raised to “Hold” at Zacks Investment Research
Patterson Companies, Inc. (NASDAQ:PDCO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “Share price movement of Patterson Companies has been disappointing over the past three months, with the stock trading below the broader industry. Furthermore, management expects headwinds in the technology-based equipment business to persist through fiscal 2018. Notably, the company has been shifting to the new go-to market strategy with an expanded technology-based product portfolio. We are upbeat about the company’s Animal Health segment that witnessed strong sales last quarter. Patterson companies provides a wide range of consumable supplies, equipment, software, and value-added services to its customers. The company’s broad spectrum of products cushions it against probable economic downturns in the MedTech space, owing to the ongoing policy debacle. We believe, a diversified product portfolio, strong veterinary business prospects, accretive acquisitions and strategic partnerships are key growth catalysts for the company.”
A number of other brokerages have also recently commented on PDCO. Stifel Nicolaus cut shares of Patterson Companies from a “hold” rating to a “sell” rating and dropped their price objective for the stock from $47.43 to $39.00 in a research note on Thursday, July 6th. BidaskClub cut shares of Patterson Companies from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. UBS AG cut shares of Patterson Companies from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $44.50 to $40.00 in a research note on Tuesday, July 11th. Credit Suisse Group reissued an “outperform” rating and issued a $50.00 price objective (up from $45.00) on shares of Patterson Companies in a research note on Thursday, July 13th. Finally, Piper Jaffray Companies began coverage on shares of Patterson Companies in a research note on Thursday. They issued a “neutral” rating and a $41.00 price objective for the company. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. Patterson Companies presently has an average rating of “Hold” and a consensus target price of $41.64.
Shares of Patterson Companies (NASDAQ PDCO) traded up 0.05% on Monday, reaching $39.39. 488,107 shares of the company traded hands. The stock has a 50-day moving average price of $38.33 and a 200 day moving average price of $42.00. The firm has a market capitalization of $3.68 billion, a P/E ratio of 22.89 and a beta of 0.97. Patterson Companies has a 1-year low of $35.93 and a 1-year high of $49.26.
Patterson Companies (NASDAQ:PDCO) last announced its quarterly earnings results on Thursday, August 24th. The company reported $0.44 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.44. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.34 billion. Patterson Companies had a net margin of 2.93% and a return on equity of 15.51%. Patterson Companies’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.51 EPS. Analysts anticipate that Patterson Companies will post $2.29 EPS for the current fiscal year.
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In related news, CFO Ann B. Gugino sold 750 shares of Patterson Companies stock in a transaction dated Wednesday, October 11th. The shares were sold at an average price of $36.73, for a total transaction of $27,547.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in PDCO. OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in shares of Patterson Companies by 27.8% during the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,300 shares of the company’s stock worth $104,000 after purchasing an additional 500 shares during the period. Advisory Services Network LLC boosted its stake in shares of Patterson Companies by 423.4% during the 2nd quarter. Advisory Services Network LLC now owns 2,523 shares of the company’s stock worth $118,000 after purchasing an additional 2,041 shares during the period. Invictus RG purchased a new position in shares of Patterson Companies during the 1st quarter worth about $119,000. 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 purchasing an additional 415 shares during the period. Finally, 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 purchasing an additional 150 shares during the period. 88.64% 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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