Patterson Companies, Inc. (NASDAQ:PDCO – Get Free Report) dropped 4.5% on Thursday after Morgan Stanley lowered their price target on the stock from $30.00 to $28.00. Morgan Stanley currently has an equal weight rating on the stock. Patterson Companies traded as low as $24.16 and last traded at $24.23. Approximately 88,183 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 1,000,234 shares. The stock had previously closed at $25.38.
A number of other analysts have also recently weighed in on PDCO. Leerink Partnrs reissued an “outperform” rating on shares of Patterson Companies in a report on Monday, February 26th. Piper Sandler cut shares of Patterson Companies from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $34.00 to $28.00 in a report on Thursday, February 29th. SVB Leerink began coverage on Patterson Companies in a report on Monday, February 26th. They set an “outperform” rating and a $36.00 target price for the company. Bank of America cut their price target on Patterson Companies from $34.00 to $32.00 and set a “buy” rating on the stock in a report on Monday, May 20th. Finally, StockNews.com downgraded Patterson Companies from a “buy” rating to a “hold” rating in a research note on Saturday, June 1st. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Patterson Companies presently has an average rating of “Hold” and a consensus price target of $30.78.
Institutional Investors Weigh In On Patterson Companies
Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC acquired a new position in Patterson Companies during the 4th quarter valued at about $32,000. Spire Wealth Management acquired a new position in shares of Patterson Companies during the first quarter valued at approximately $35,000. Anchor Investment Management LLC bought a new stake in Patterson Companies during the fourth quarter worth approximately $55,000. Signaturefd LLC lifted its position in Patterson Companies by 93.5% in the fourth quarter. Signaturefd LLC now owns 2,107 shares of the company’s stock worth $60,000 after purchasing an additional 1,018 shares during the period. Finally, Verity & Verity LLC bought a new position in Patterson Companies during the 1st quarter valued at $69,000. 85.43% of the stock is currently owned by institutional investors.
Patterson Companies Trading Down 4.9 %
The stock has a market capitalization of $2.16 billion, a P/E ratio of 12.07, a price-to-earnings-growth ratio of 2.10 and a beta of 1.07. The business has a 50 day simple moving average of $24.90 and a 200-day simple moving average of $26.95. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.72 and a current ratio of 1.33.
Patterson Companies (NASDAQ:PDCO – Get Free Report) last announced its earnings results on Tuesday, June 18th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.01). Patterson Companies had a net margin of 2.83% and a return on equity of 20.80%. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the business earned $0.84 EPS. The company’s quarterly revenue was down .1% compared to the same quarter last year. On average, analysts predict that Patterson Companies, Inc. will post 2.41 EPS for the current year.
Patterson Companies Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date is Friday, July 19th. Patterson Companies’s payout ratio is 52.00%.
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.