Patterson Cos. (PDCO) Shares Down 2.5% on Disappointing Earnings
Patterson Cos. (NASDAQ:PDCO) fell 2.5% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $36.46 and last traded at $38.59, with a volume of 4,437,022 shares traded. The stock had previously closed at $39.56.
The company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by $0.04. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.44 billion. Patterson Cos. had a net margin of 3.52% and a return on equity of 17.42%. Patterson Cos.’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the business posted $0.56 earnings per share.
The company also recently announced a quarterly dividend, which was paid on Friday, October 28th. Investors 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 yield of 2.43%. The ex-dividend date of this dividend was Wednesday, October 12th. Patterson Cos.’s payout ratio is currently 47.29%.
A number of research firms recently issued reports on PDCO. TheStreet lowered Patterson Cos. from a “buy” rating to a “hold” rating in a report on Thursday, September 1st. Off Wall Street reaffirmed a “sell” rating on shares of Patterson Cos. in a report on Wednesday. Robert W. Baird set a $48.00 target price on Patterson Cos. and gave the stock a “hold” rating in a report on Tuesday. Evercore ISI lowered their target price on Patterson Cos. to $39.00 in a report on Tuesday. Finally, Jefferies Group reaffirmed a “hold” rating on shares of Patterson Cos. in a report on Thursday, August 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $46.40.
In other Patterson Cos. news, insider Ann B. Gugino sold 750 shares of the firm’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $46.22, for a total transaction of $34,665.00. Following the completion of the sale, the insider now directly owns 40,153 shares in the company, valued at approximately $1,855,871.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.46% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Patterson Cos. during the first quarter worth approximately $2,354,000. Envestnet Asset Management Inc. raised its stake 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 last quarter. Toth Financial Advisory Corp raised its stake 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 last quarter. CWM LLC raised its stake 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 last quarter. Finally, SFE Investment Counsel raised its stake 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 last quarter. Hedge funds and other institutional investors own 78.44% of the company’s stock.
The firm has a market capitalization of $3.68 billion, a PE ratio of 18.9879 and a beta of 0.97. The company has a 50 day moving average price of $45.26 and a 200 day moving average price of $46.72.
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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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