Patterson Cos. (PDCO) Lowered to “Strong Sell” at Zacks Investment Research
Patterson Cos. (NASDAQ:PDCO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “In the past six months, Patterson Companies has been underperforming the broader industry with respect to price. Additionally, a disappointing estimate revision trend indicates looming concerns for the stock. Meanwhile, Patterson Companies recently posted unimpressive results for the second quarter of fiscal 2017, missing the Zacks Consensus Estimate on both counts. Unfavorable foreign exchange rate and higher operating expenses are major concerns at present. The U.S. dental products distribution industry is highly competitive, which poises a major threat to Patterson Companies. Meanwhile, consumable sales at the Dental platform of the company posted lackluster performance in the last reported quarter, which marred prospects in the niche segment. “
PDCO has been the subject of several other reports. Off Wall Street restated a “sell” rating on shares of Patterson Cos. in a research note on Wednesday, November 23rd. TheStreet cut shares of Patterson Cos. from a “buy” rating to a “hold” rating in a research note on Thursday, September 1st. Northcoast Research restated a “buy” rating on shares of Patterson Cos. in a research note on Tuesday, November 1st. Robert W. Baird set a $48.00 price objective on shares of Patterson Cos. and gave the company a “hold” rating in a research note on Tuesday, November 22nd. Finally, Jefferies Group decreased their price objective on shares of Patterson Cos. from $50.00 to $40.00 and set a “hold” rating for the company in a research note on Tuesday. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. Patterson Cos. currently has an average rating of “Hold” and a consensus price target of $45.33.
Shares of Patterson Cos. (NASDAQ:PDCO) traded up 0.23% during trading on Wednesday, hitting $38.96. 1,511,418 shares of the company were exchanged. The firm has a market capitalization of $3.71 billion, a PE ratio of 18.09 and a beta of 0.97. The firm’s 50-day moving average price is $44.75 and its 200 day moving average price is $46.63. Patterson Cos. has a 12 month low of $36.46 and a 12 month high of $50.40.
Patterson Cos. (NASDAQ:PDCO) last announced its quarterly earnings data on Tuesday, November 22nd. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.60 by $0.04. Patterson Cos. had a net margin of 3.69% and a return on equity of 17.17%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the firm posted $0.56 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. On average, equities research analysts expect that Patterson Cos. will post $2.57 earnings per share for the current fiscal year.
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A number of large investors have recently modified their holdings of PDCO. Benjamin F. Edwards & Company Inc. raised its stake 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 valued at $109,000 after buying an additional 11 shares during the last quarter. Toronto Dominion Bank raised its stake 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 valued at $112,000 after buying an additional 1,977 shares during the last quarter. Public Employees Retirement Association of Colorado raised its stake 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 valued at $124,000 after buying an additional 11 shares during the last quarter. Investment Counselors of Maryland LLC raised its stake 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 valued at $137,000 after buying an additional 933 shares during the last quarter. Finally, TLP Group LLC acquired a new stake in Patterson Cos. during the second quarter worth about $140,000. 79.77% of the stock is owned by institutional investors.
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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