Zacks Investment Research upgraded shares of Patterson Companies, Inc. (NASDAQ:PDCO) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday.
According to Zacks, “In the past six months, Patterson Companies has been underperforming the broader industry in terms of price performance. Additionally, a disappointing estimate revision trend indicates looming concerns for the stock ahead. Meanwhile, Patterson Companies posted unimpressive results for the second quarter of fiscal 2017, missing the Zacks Consensus Estimate on both counts. Unfavorable foreign exchange rate and higher operating expenses are major concerns at present. The U.S. dental products distribution industry is highly competitive, which poises a major threat to Patterson Companies. Meanwhile, consumable sales at the Dental platform of the company posted lackluster performance in the last reported quarter, which marred prospects in the niche segment. “
Other equities research analysts also recently issued reports about the stock. Robert W. Baird upgraded shares of Patterson Companies from a neutral rating to an outperform rating and lifted their price objective for the stock from $38.00 to $47.00 in a research note on Tuesday, January 3rd. Jefferies Group LLC lowered their price objective on shares of Patterson Companies from $50.00 to $40.00 and set a hold rating for the company in a research note on Tuesday, November 29th. Evercore ISI reiterated a hold rating and set a $39.00 price objective (down from $46.00) on shares of Patterson Companies in a research note on Monday, November 28th. Off Wall Street reiterated a sell rating on shares of Patterson Companies in a research note on Wednesday, November 23rd. Finally, TheStreet raised shares of Patterson Companies from a hold rating to a buy rating in a report on Friday, November 11th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $45.17.
Shares of Patterson Companies (NASDAQ:PDCO) traded down 0.43% on Tuesday, reaching $41.59. 181,535 shares of the company traded hands. The company has a 50-day moving average of $41.04 and a 200-day moving average of $44.67. The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of 19.31 and a beta of 0.90. Patterson Companies has a 1-year low of $36.46 and a 1-year high of $50.40.
Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings data on Tuesday, November 22nd. The company reported $0.56 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.04. Patterson Companies had a return on equity of 17.17% and a net margin of 3.69%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the firm posted $0.56 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. Analysts anticipate that Patterson Companies will post $2.32 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 27th. Shareholders of record on Friday, January 13th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, January 11th. This represents a $0.96 dividend on an annualized basis and a yield of 2.30%. Patterson Companies’s payout ratio is 44.65%.
In other news, Director John D. Buck acquired 2,500 shares of the business’s stock in a transaction on Wednesday, December 7th. The stock was bought at an average price of $39.98 per share, with a total value of $99,950.00. Following the completion of the acquisition, the director now owns 46,235 shares of the company’s stock, valued at $1,848,475.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wrapmanager Inc. boosted its position in Patterson Companies by 19.3% in the fourth quarter. Wrapmanager Inc. now owns 8,393 shares of the company’s stock worth $344,000 after buying an additional 1,359 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Patterson Companies during the fourth quarter worth $1,019,000. D.A. Davidson & CO. boosted its stake in Patterson Companies by 46.8% in the third quarter. D.A. Davidson & CO. now owns 10,908 shares of the company’s stock worth $498,000 after buying an additional 3,480 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Patterson Companies by 1.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 158,860 shares of the company’s stock worth $7,298,000 after buying an additional 2,620 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC boosted its stake in Patterson Companies by 116.2% in the third quarter. Quantitative Systematic Strategies LLC now owns 27,647 shares of the company’s stock worth $1,258,000 after buying an additional 14,862 shares in the last quarter. 81.88% of the stock is owned by institutional investors.
Patterson Companies Company Profile
Patterson Companies, Inc is a distributor serving the dental, veterinary and rehabilitation supply markets. The Company operates through three segments: dental supply, veterinary supply and rehabilitation supply. The dental supply segment provides a range of consumable dental products, clinical and laboratory equipment, and value-added services to dentists, dental laboratories, institutions and other dental healthcare providers across North America.
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