Patterson Cos. (PDCO) Reaches New 12-Month Low Following Weak Earnings
Shares of Patterson Cos. (NASDAQ:PDCO) hit a new 52-week low during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $37.81 and last traded at $37.86, with a volume of 9,616,831 shares trading hands. The stock had previously closed at $47.51.
The company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by $0.04. Patterson Cos. had a net margin of 3.52% and a return on equity of 17.42%. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the prior year, the firm earned $0.56 EPS. Patterson Cos.’s quarterly revenue was up 2.1% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 28th. Investors of record on Friday, October 14th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Wednesday, October 12th. Patterson Cos.’s dividend payout ratio is currently 47.29%.
Several research firms recently commented on PDCO. TheStreet lowered shares of Patterson Cos. from a “buy” rating to a “hold” rating in a research note on Thursday, September 1st. Jefferies Group reissued a “hold” rating on shares of Patterson Cos. in a research note on Thursday, August 4th. Evercore ISI reissued a “hold” rating and set a $48.00 price objective (down previously from $49.00) on shares of Patterson Cos. in a research note on Friday, August 26th. Zacks Investment Research raised shares of Patterson Cos. from a “sell” rating to a “hold” rating in a research note on Thursday, October 13th. Finally, Northcoast Research reissued a “buy” rating on shares of Patterson Cos. in a research note on Tuesday, November 1st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. Patterson Cos. currently has an average rating of “Hold” and an average target price of $48.40.
In related news, insider Ann B. Gugino sold 750 shares of the 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 owns 40,153 shares in the company, valued at $1,855,871.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Benjamin F. Edwards & Company Inc. increased its position in shares of Patterson Cos. by 0.5% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,369 shares of the company’s stock worth $109,000 after buying an additional 11 shares during the period. Toronto Dominion Bank increased its position in shares of Patterson Cos. by 425.2% in the third quarter. Toronto Dominion Bank now owns 2,442 shares of the company’s stock worth $112,000 after buying an additional 1,977 shares during the period. Public Employees Retirement Association of Colorado increased its position in shares of Patterson Cos. by 0.4% in the third quarter. Public Employees Retirement Association of Colorado now owns 2,702 shares of the company’s stock worth $124,000 after buying an additional 11 shares during the period. Investment Counselors of Maryland LLC increased its position in shares of Patterson Cos. by 45.6% in the third quarter. Investment Counselors of Maryland LLC now owns 2,979 shares of the company’s stock worth $137,000 after buying an additional 933 shares during the period. Finally, TLP Group LLC bought a new position in shares of Patterson Cos. during the second quarter worth $140,000. Institutional investors own 78.44% of the company’s stock.
The firm’s 50-day moving average price is $45.42 and its 200 day moving average price is $46.75. The company has a market cap of $3.61 billion, a P/E ratio of 18.65 and a beta of 0.97.
Patterson Cos. 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.
Receive News & Stock Ratings for Patterson Cos. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson Cos. and related stocks with our FREE daily email newsletter.