Patterson Companies (PDCO) Board of Directors Approves Share Repurchase Plan

Patterson Companies (NASDAQ:PDCO) declared that its Board of Directors has authorized a stock buyback program, which allows the company to repurchase $500.00 million in outstanding shares on Tuesday, March 13th, EventVestor reports. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Shares of Patterson Companies (PDCO) traded up $0.24 during trading hours on Wednesday, hitting $24.93. The stock had a trading volume of 690,224 shares, compared to its average volume of 1,964,583. Patterson Companies has a 52-week low of $22.57 and a 52-week high of $48.29. The stock has a market cap of $2,366.80, a price-to-earnings ratio of 12.08, a price-to-earnings-growth ratio of 1.98 and a beta of 0.98. The company has a quick ratio of 1.00, a current ratio of 1.80 and a debt-to-equity ratio of 0.64.

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

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 27th. Stockholders of record on Friday, April 13th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.17%. Patterson Companies’s dividend payout ratio (DPR) is 40.15%.

Several brokerages recently weighed in on PDCO. BidaskClub downgraded shares of Patterson Companies from a “hold” rating to a “sell” rating in a report on Thursday, December 7th. Evercore ISI lowered Patterson Companies from an “in-line” rating to an “underperform” rating in a research report on Thursday, March 1st. Barclays assumed coverage on Patterson Companies in a research report on Thursday, March 8th. They issued an “underweight” rating and a $23.00 price objective on the stock. Robert W. Baird lowered Patterson Companies from an “outperform” rating to a “neutral” rating in a research report on Thursday, March 1st. Finally, JPMorgan Chase & Co. lowered Patterson Companies from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $40.00 to $36.00 in a research report on Thursday, February 15th. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $37.30.

In other news, insider Ann B. Gugino sold 750 shares of the stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $36.38, for a total transaction of $27,285.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.46% of the company’s stock.

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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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