Patterson Cos. (PDCO) Posts Earnings Results, Misses Expectations By $0.04 EPS
Patterson Cos. (NASDAQ:PDCO) posted its earnings results on Tuesday. The company reported $0.56 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.04. Patterson Cos. had a return on equity of 17.42% and a net margin of 3.52%. The business earned $1.40 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the prior year, the company earned $0.56 EPS. The company’s revenue was up 2.1% on a year-over-year basis. Patterson Cos. updated its FY17 guidance to $2.25-2.35 EPS.
Patterson Cos. (NASDAQ:PDCO) opened at 39.56 on Wednesday. The stock’s 50 day moving average is $45.26 and its 200-day moving average is $46.72. Patterson Cos. has a 52-week low of $36.46 and a 52-week high of $50.40. The company has a market capitalization of $3.78 billion, a P/E ratio of 19.51 and a beta of 0.97.
The business also recently announced a quarterly dividend, which was paid on Friday, October 28th. Stockholders of record on Friday, October 14th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date was Wednesday, October 12th. Patterson Cos.’s dividend payout ratio is currently 47.29%.
A number of research firms recently weighed in on PDCO. Zacks Investment Research lowered shares of Patterson Cos. from a “hold” rating to a “sell” rating in a report on Tuesday, August 16th. Off Wall Street assumed coverage on shares of Patterson Cos. in a research report on Monday, August 8th. They issued a “sell” rating for the company. TheStreet downgraded shares of Patterson Cos. from a “buy” rating to a “hold” rating in a research report on Thursday, September 1st. Northcoast Research reaffirmed a “buy” rating on shares of Patterson Cos. in a research report on Tuesday, November 1st. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $49.00 price objective (down from $51.00) on shares of Patterson Cos. in a research report on Friday, August 26th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $46.60.
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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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. Adage Capital Partners GP L.L.C. acquired a new position in shares of Patterson Cos. during the first quarter worth about $2,354,000. Envestnet Asset Management Inc. boosted its position in shares of Patterson Cos. by 9.8% in the first quarter. Envestnet Asset Management Inc. now owns 62,504 shares of the company’s stock worth $2,908,000 after buying an additional 5,602 shares during the period. Toth Financial Advisory Corp boosted its position in shares of Patterson Cos. by 3.1% in the second quarter. Toth Financial Advisory Corp now owns 102,899 shares of the company’s stock worth $4,928,000 after buying an additional 3,088 shares during the period. CWM LLC boosted its position in shares of Patterson Cos. by 43,314.0% in the second quarter. CWM LLC now owns 369,453 shares of the company’s stock worth $17,693,000 after buying an additional 368,602 shares during the period. Finally, SFE Investment Counsel boosted its position in shares of Patterson Cos. by 3.2% in the second quarter. SFE Investment Counsel now owns 41,255 shares of the company’s stock worth $1,976,000 after buying an additional 1,265 shares during the period. 78.44% of the stock is owned by institutional investors.
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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.
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