Patterson Cos. (PDCO) Releases FY17 Earnings Guidance
Patterson Cos. (NASDAQ:PDCO) issued an update on its FY17 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.25-2.35 for the period, compared to the Thomson Reuters consensus estimate of $2.64.
Shares of Patterson Cos. (NASDAQ:PDCO) opened at 39.7128 on Tuesday. Patterson Cos. has a 12-month low of $38.51 and a 12-month high of $50.40. The company has a 50 day moving average of $45.42 and a 200-day moving average of $46.75. The company has a market cap of $3.79 billion, a PE ratio of 19.5822 and a beta of 0.97.
Patterson Cos. (NASDAQ:PDCO) last announced its quarterly earnings data on Tuesday, November 22nd. The company reported $0.56 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.04. The business earned $1.40 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Patterson Cos. had a return on equity of 17.42% and a net margin of 3.52%. Patterson Cos.’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.56 EPS. Equities research analysts anticipate that Patterson Cos. will post $2.64 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 28th. Stockholders of record on Friday, October 14th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date was Wednesday, October 12th. Patterson Cos.’s payout ratio is 47.29%.
PDCO has been the topic of a number of recent analyst reports. Off Wall Street initiated coverage on shares of Patterson Cos. in a report on Monday, August 8th. They set a sell rating on the stock. Bank of America Corp. started coverage on shares of Patterson Cos. in a report on Wednesday, August 24th. They set an underperform rating and a $44.00 price target on the stock. Zacks Investment Research downgraded shares of Patterson Cos. from a hold rating to a sell rating in a research report on Tuesday, August 16th. Robert W. Baird restated a neutral rating and set a $49.00 price objective (down previously from $51.00) on shares of Patterson Cos. in a research report on Friday, August 26th. Finally, Northcoast Research restated a buy rating on shares of Patterson Cos. in a research report on Tuesday, November 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $48.40.
In related news, insider Ann B. Gugino sold 750 shares of Patterson Cos. stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $46.22, for a total transaction of $34,665.00. Following the completion of the transaction, the insider now directly owns 40,153 shares of the company’s stock, valued at approximately $1,855,871.66. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.46% of the company’s stock.
A number of large investors have recently made changes to their positions in PDCO. BlackRock Fund Advisors raised its stake in shares of Patterson Cos. by 11.1% in the second quarter. BlackRock Fund Advisors now owns 2,824,202 shares of the company’s stock worth $135,251,000 after buying an additional 281,383 shares during the last quarter. FMR LLC increased its position in shares of Patterson Cos. by 70.4% in the second quarter. FMR LLC now owns 1,678,442 shares of the company’s stock worth $80,380,000 after buying an additional 693,333 shares during the last quarter. BlackRock Group LTD increased its position in shares of Patterson Cos. by 1.4% in the second quarter. BlackRock Group LTD now owns 783,423 shares of the company’s stock worth $37,518,000 after buying an additional 11,075 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Patterson Cos. by 1.3% in the second quarter. TIAA CREF Investment Management LLC now owns 352,784 shares of the company’s stock worth $16,895,000 after buying an additional 4,478 shares during the last quarter. Finally, Credit Suisse AG increased its position in shares of Patterson Cos. by 75.0% in the second quarter. Credit Suisse AG now owns 324,871 shares of the company’s stock worth $15,559,000 after buying an additional 139,216 shares during the last quarter. Institutional investors own 78.44% of the company’s stock.
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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