TheStreet cut shares of Patterson Companies, Inc. (NASDAQ:PDCO) from a b- rating to a c rating in a research note published on Thursday morning.
PDCO has been the subject of a number of other reports. Stifel Nicolaus downgraded shares of Patterson Companies from a hold rating to a sell rating and reduced their price objective for the stock from $47.43 to $39.00 in a report on Thursday, July 6th. Zacks Investment Research downgraded shares of Patterson Companies from a buy rating to a hold rating in a report on Monday, May 15th. BidaskClub downgraded shares of Patterson Companies from a hold rating to a sell rating in a report on Thursday, July 27th. Craig Hallum reaffirmed a sell rating and set a $41.00 price objective (down from $46.00) on shares of Patterson Companies in a report on Thursday, August 17th. They noted that the move was a valuation call. Finally, UBS AG raised shares of Patterson Companies from a sell rating to a neutral rating and set a $40.00 price objective for the company in a report on Friday. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $42.89.
Patterson Companies (NASDAQ PDCO) opened at 37.75 on Thursday. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 21.93 and a beta of 0.95. The firm’s 50 day moving average price is $40.34 and its 200 day moving average price is $43.74. Patterson Companies has a one year low of $35.93 and a one year high of $49.26.
Patterson Companies (NASDAQ:PDCO) last issued its quarterly earnings results on Thursday, August 24th. The company reported $0.44 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.44. The firm had revenue of $1.30 billion during 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%. The business’s revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.51 EPS. Equities analysts forecast that Patterson Companies will post $2.30 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 14th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.75%. The ex-dividend date was Wednesday, July 12th. Patterson Companies’s dividend payout ratio is currently 60.47%.
In related news, insider Ann B. Gugino sold 750 shares of Patterson Companies 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott P. Anderson sold 10,000 shares of Patterson Companies 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 disclosure for this sale can be found here. Insiders have sold a total of 11,500 shares of company stock valued at $532,273 over the last three months. 0.46% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in PDCO. Fisher Asset Management LLC purchased a new position in shares of Patterson Companies during the second quarter valued at about $4,060,000. Cipher Capital LP purchased a new position in shares of Patterson Companies during the first quarter valued at about $1,575,000. State of Alaska Department of Revenue increased its position in shares of Patterson Companies by 6.4% in the second quarter. State of Alaska Department of Revenue now owns 19,508 shares of the company’s stock valued at $915,000 after buying an additional 1,166 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Patterson Companies by 5.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 373,777 shares of the company’s stock valued at $16,906,000 after buying an additional 18,751 shares in the last quarter. Finally, Boston Financial Mangement LLC increased its position in shares of Patterson Companies by 3.5% in the second quarter. Boston Financial Mangement LLC now owns 227,468 shares of the company’s stock valued at $10,680,000 after buying an additional 7,708 shares in the last quarter. 89.34% 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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