FY2017 EPS Estimates for Patterson Cos. (PDCO) Lifted by Northcoast Research
Patterson Cos. (NASDAQ:PDCO) – Equities researchers at Northcoast Research raised their FY2017 earnings estimates for shares of Patterson Cos. in a research report issued on Tuesday. Northcoast Research analyst E. Snyder now expects that the brokerage will post earnings per share of $2.66 for the year, up from their previous estimate of $2.65. Northcoast Research also issued estimates for Patterson Cos.’s FY2018 earnings at $2.98 EPS.
A number of other equities analysts also recently commented on the stock. Off Wall Street initiated coverage on shares of Patterson Cos. in a research note on Monday, August 8th. They set a “sell” rating for the company. Bank of America Corp. initiated coverage on shares of Patterson Cos. in a research note on Wednesday, August 24th. They set an “underperform” rating and a $44.00 price objective for the company. Zacks Investment Research downgraded shares of Patterson Cos. from a “hold” rating to a “sell” rating in a research note on Tuesday, August 16th. Credit Suisse Group AG restated a “buy” rating and set a $55.00 price objective on shares of Patterson Cos. in a research note on Monday, June 27th. Finally, Robert W. Baird restated a “neutral” rating and set a $49.00 price objective (down from $51.00) on shares of Patterson Cos. in a research note on Friday, August 26th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Patterson Cos. currently has a consensus rating of “Hold” and an average target price of $48.40.
Shares of Patterson Cos. (NASDAQ:PDCO) traded down 0.44% during trading on Thursday, reaching $45.30. The company had a trading volume of 1,138,884 shares. The company has a market cap of $4.32 billion, a price-to-earnings ratio of 22.34 and a beta of 0.94. The firm has a 50 day moving average price of $45.97 and a 200 day moving average price of $46.60. Patterson Cos. has a 12 month low of $38.51 and a 12 month high of $50.40.
Patterson Cos. (NASDAQ:PDCO) last issued its quarterly earnings results on Thursday, August 25th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.51. Patterson Cos. had a return on equity of 17.42% and a net margin of 3.52%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the company posted $0.47 earnings per share. The company’s quarterly revenue was up 15.7% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.96 annualized dividend and a dividend yield of 2.12%. Patterson Cos.’s dividend payout ratio is presently 47.29%.
In other news, insider Ann B. Gugino sold 750 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $46.22, for a total transaction of $34,665.00. Following the transaction, the insider now directly owns 40,153 shares of the company’s stock, valued at $1,855,871.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.46% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. boosted its position in shares of Patterson Cos. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,358 shares of the company’s stock worth $113,000 after buying an additional 12 shares during the period. TLP Group LLC purchased a new position in shares of Patterson Cos. during the second quarter worth about $140,000. Friess Associates LLC purchased a new position in shares of Patterson Cos. during the first quarter worth about $151,000. Advisors Asset Management Inc. boosted its position in shares of Patterson Cos. by 27.4% in the second quarter. Advisors Asset Management Inc. now owns 3,523 shares of the company’s stock worth $169,000 after buying an additional 757 shares during the period. Finally, Fifth Third Bancorp boosted its position in shares of Patterson Cos. by 30.2% in the second quarter. Fifth Third Bancorp now owns 3,871 shares of the company’s stock worth $185,000 after buying an additional 899 shares during the period. 77.29% of the stock is currently owned by institutional investors and hedge funds.
About Patterson Cos.
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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