Morgan Stanley Lowers Patterson Companies (PDCO) to Underweight
Patterson Companies (NASDAQ:PDCO) was downgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research report issued on Wednesday, MarketBeat.com reports. They presently have a $42.00 price target on the stock. Morgan Stanley’s price objective indicates a potential upside of 15.64% from the stock’s previous close.
Several other equities analysts have also recently issued reports on the company. Zacks Investment Research upgraded Patterson Companies from a “sell” rating to a “hold” rating in a research report on Monday, October 23rd. Piper Jaffray Companies started coverage on Patterson Companies in a research report on Thursday, October 19th. They issued a “neutral” rating and a $41.00 price target on the stock. UBS upgraded Patterson Companies from a “sell” rating to a “hold” rating and set a $40.00 price target on the stock in a research report on Friday, August 25th. Stifel Nicolaus upgraded Patterson Companies from a “sell” rating to a “hold” rating and set a $34.00 price target on the stock in a research report on Wednesday, November 15th. Finally, Robert W. Baird restated a “buy” rating and issued a $44.00 price target on shares of Patterson Companies in a research report on Friday, November 10th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $41.20.
Patterson Companies (NASDAQ:PDCO) traded down $0.98 on Wednesday, hitting $36.32. The stock had a trading volume of 1,341,100 shares, compared to its average volume of 1,302,047. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.94 and a quick ratio of 1.10. Patterson Companies has a twelve month low of $32.07 and a twelve month high of $48.29. The firm has a market capitalization of $3,572.44, a PE ratio of 16.80, a P/E/G ratio of 2.13 and a beta of 0.95.
In other news, Director John D. Buck purchased 2,834 shares of the firm’s stock in a transaction dated Friday, November 24th. The shares were acquired at an average price of $34.93 per share, with a total value of $98,991.62. Following the purchase, the director now directly owns 54,627 shares of the company’s stock, valued at $1,908,121.11. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Ann B. Gugino sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, October 11th. The stock was sold at an average price of $36.73, for a total value of $27,547.50. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of PDCO. Bank of Montreal Can raised its holdings in Patterson Companies by 7.4% in the 2nd quarter. Bank of Montreal Can now owns 37,044 shares of the company’s stock valued at $1,740,000 after acquiring an additional 2,539 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Patterson Companies by 24.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 85,897 shares of the company’s stock valued at $4,034,000 after acquiring an additional 16,978 shares during the last quarter. Sei Investments Co. raised its holdings in Patterson Companies by 25.5% in the 2nd quarter. Sei Investments Co. now owns 18,680 shares of the company’s stock valued at $877,000 after acquiring an additional 3,800 shares during the last quarter. Trexquant Investment LP acquired a new position in Patterson Companies in the 2nd quarter valued at $742,000. Finally, Palisade Asset Management LLC acquired a new position in Patterson Companies in the 2nd quarter valued at $188,000. 93.36% of the stock is currently owned by hedge funds and other institutional investors.
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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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