William Blair Equities Analysts Decrease Earnings Estimates for Patterson Cos. (PDCO)
Patterson Cos. (NASDAQ:PDCO) – Stock analysts at William Blair lowered their Q2 2017 EPS estimates for shares of Patterson Cos. in a report issued on Monday. William Blair analyst J. Kreger now anticipates that the firm will post earnings per share of $0.59 for the quarter, down from their previous estimate of $0.60. William Blair also issued estimates for Patterson Cos.’s Q3 2017 earnings at $0.71 EPS, Q4 2017 earnings at $0.80 EPS, FY2017 earnings at $2.60 EPS and FY2018 earnings at $2.90 EPS.
PDCO has been the subject of a number of other research reports. Zacks Investment Research cut Patterson Cos. from a “hold” rating to a “sell” rating in a research report on Tuesday, August 16th. Off Wall Street began coverage on Patterson Cos. in a research report on Monday, August 8th. They set a “sell” rating for the company. Credit Suisse Group AG reaffirmed a “buy” rating and set a $55.00 target price on shares of Patterson Cos. in a research report on Monday, June 27th. TheStreet cut Patterson Cos. from a “buy” rating to a “hold” rating in a research report on Thursday, September 1st. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $49.00 target price (down previously from $51.00) on shares of Patterson Cos. in a research report on Friday, August 26th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. Patterson Cos. currently has an average rating of “Hold” and an average price target of $48.40.
Shares of Patterson Cos. (NASDAQ:PDCO) traded down 0.44% during trading on Wednesday, hitting $45.30. 1,121,023 shares of the stock traded hands. 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’s 50-day moving average price is $45.97 and its 200-day moving average price is $46.60. Patterson Cos. has a 52 week low of $38.51 and a 52 week high of $50.40.
Patterson Cos. (NASDAQ:PDCO) last announced 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 net margin of 3.52% and a return on equity of 17.42%. The company earned $1.32 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Patterson Cos. by 1.6% in the second quarter. Vanguard Group Inc. now owns 7,763,526 shares of the company’s stock worth $371,795,000 after buying an additional 122,202 shares during the last quarter. Parnassus Investments CA raised its position in Patterson Cos. by 11.4% in the second quarter. Parnassus Investments CA now owns 7,055,974 shares of the company’s stock valued at $337,911,000 after buying an additional 724,258 shares in the last quarter. BlackRock Fund Advisors raised its position in Patterson Cos. by 11.1% in the second quarter. BlackRock Fund Advisors now owns 2,824,202 shares of the company’s stock valued at $135,251,000 after buying an additional 281,383 shares in the last quarter. Wellington Management Group LLP raised its position in Patterson Cos. by 3.5% in the first quarter. Wellington Management Group LLP now owns 2,801,575 shares of the company’s stock valued at $130,358,000 after buying an additional 94,184 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in Patterson Cos. by 2.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,626,361 shares of the company’s stock valued at $122,205,000 after buying an additional 72,962 shares in the last quarter. Institutional investors and hedge funds own 77.29% of the company’s stock.
In related news, insider Ann B. Gugino sold 750 shares of the company’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $46.22, for a total value of $34,665.00. Following the completion of the transaction, the insider now directly owns 40,153 shares in the company, valued at $1,855,871.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.46% of the stock is owned by corporate insiders.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 14th will be paid a $0.24 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.11%. Patterson Cos.’s payout ratio is 47.29%.
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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