Patterson Companies, Inc. (NASDAQ:PDCO – Get Free Report) shares gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $28.84, but opened at $27.24. Patterson Companies shares last traded at $26.41, with a volume of 139,644 shares changing hands.
The company reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Patterson Companies had a return on equity of 20.91% and a net margin of 3.05%. The business had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the company earned $0.62 earnings per share. The firm’s revenue was up .9% compared to the same quarter last year.
Patterson Companies Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 2nd. Investors of record on Friday, January 19th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date of this dividend was Thursday, January 18th. Patterson Companies’s dividend payout ratio (DPR) is presently 50.49%.
Analyst Ratings Changes
A number of research firms recently weighed in on PDCO. Piper Sandler lowered their price objective on shares of Patterson Companies from $39.00 to $34.00 and set an “overweight” rating for the company in a research note on Thursday, November 30th. The Goldman Sachs Group reduced their target price on shares of Patterson Companies from $35.00 to $30.00 and set a “neutral” rating for the company in a report on Thursday, November 30th. StockNews.com downgraded shares of Patterson Companies from a “buy” rating to a “hold” rating in a report on Friday, November 17th. SVB Leerink initiated coverage on shares of Patterson Companies in a report on Monday. They issued an “outperform” rating and a $36.00 target price for the company. Finally, Leerink Partnrs reiterated an “outperform” rating on shares of Patterson Companies in a report on Monday. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $34.25.
Insider Buying and Selling
In related news, CFO Kevin Michael Barry sold 1,627 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $25.36, for a total value of $41,260.72. Following the transaction, the chief financial officer now owns 23,103 shares in the company, valued at approximately $585,892.08. The sale was disclosed in a filing with the SEC, which is available through this link. In other Patterson Companies news, CFO Kevin Michael Barry sold 1,627 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $25.36, for a total value of $41,260.72. Following the sale, the chief financial officer now owns 23,103 shares in the company, valued at approximately $585,892.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Donald Zurbay sold 1,868 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $26.58, for a total value of $49,651.44. Following the completion of the sale, the chief executive officer now owns 141,923 shares in the company, valued at approximately $3,772,313.34. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Patterson Companies
Several hedge funds have recently bought and sold shares of the stock. Signaturefd LLC boosted its position in Patterson Companies by 40.2% in the 2nd quarter. Signaturefd LLC now owns 1,068 shares of the company’s stock worth $36,000 after purchasing an additional 306 shares in the last quarter. HBK Sorce Advisory LLC lifted its position in shares of Patterson Companies by 4.8% during the 4th quarter. HBK Sorce Advisory LLC now owns 7,432 shares of the company’s stock valued at $211,000 after buying an additional 341 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Patterson Companies by 27.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,773 shares of the company’s stock valued at $50,000 after buying an additional 377 shares in the last quarter. Captrust Financial Advisors lifted its position in shares of Patterson Companies by 28.7% during the 2nd quarter. Captrust Financial Advisors now owns 1,815 shares of the company’s stock valued at $55,000 after buying an additional 405 shares in the last quarter. Finally, LPL Financial LLC lifted its position in shares of Patterson Companies by 3.2% during the 4th quarter. LPL Financial LLC now owns 13,248 shares of the company’s stock valued at $371,000 after buying an additional 406 shares in the last quarter. Hedge funds and other institutional investors own 79.24% of the company’s stock.
Patterson Companies Stock Down 9.3 %
The stock has a market cap of $2.42 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 1.45 and a beta of 1.09. The company has a current ratio of 1.56, a quick ratio of 0.81 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $29.08 and a 200-day moving average price of $29.75.
About Patterson Companies
Patterson Companies, Inc engages in the distribution of dental and animal health products in the United States, the United Kingdom, and Canada. The company operates through three segments: Dental, Animal Health, and Corporate segments. The Dental segment offers consumable products, including infection control, restorative materials, and instruments; basic and advanced technology and dental equipment; practice optimization solutions, such as practice management software, e-commerce, revenue cycle management, patient engagement solutions, and clinical and patient education systems.