Patterson Companies, Inc. (PDCO) Receives New Coverage from Analysts at Morgan Stanley
Morgan Stanley assumed coverage on shares of Patterson Companies, Inc. (NASDAQ:PDCO) in a report issued on Thursday. The brokerage issued an equal weight rating and a $42.00 target price on the stock.
Several other analysts also recently weighed in on the company. Royal Bank Of Canada assumed coverage on Patterson Companies in a research note on Tuesday. They set a sector perform rating and a $42.00 target price for the company. Zacks Investment Research upgraded Patterson Companies from a sell rating to a hold rating in a research note on Wednesday, September 6th. TheStreet downgraded Patterson Companies from a b- rating to a c rating in a research note on Thursday, August 24th. UBS AG upgraded Patterson Companies from a sell rating to a hold rating and set a $40.00 target price for the company in a research note on Friday, August 25th. Finally, Cleveland Research restated a hold rating on shares of Patterson Companies in a research note on Tuesday, August 22nd. Five analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $42.73.
Patterson Companies (NASDAQ:PDCO) traded up 1.00% during trading on Thursday, reaching $37.49. The company had a trading volume of 511,945 shares. The company has a market capitalization of $3.50 billion, a P/E ratio of 21.78 and a beta of 0.97. The stock has a 50 day moving average of $38.25 and a 200-day moving average of $43.09. Patterson Companies has a 12 month low of $35.93 and a 12 month high of $49.26.
Patterson Companies (NASDAQ:PDCO) last announced its earnings results on Thursday, August 24th. The company reported $0.44 earnings per share for the quarter, meeting the consensus estimate of $0.44. Patterson Companies had a return on equity of 15.51% and a net margin of 2.93%. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company earned $0.51 EPS. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. Equities research analysts expect that Patterson Companies will post $2.29 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 13th will be given a $0.26 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.78%. Patterson Companies’s dividend payout ratio is currently 60.47%.
In other Patterson Companies news, insider Ann B. Gugino sold 750 shares of the firm’s stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $42.40, for a total value of $31,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.46% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Patterson Companies by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 8,204,738 shares of the company’s stock worth $371,100,000 after acquiring an additional 214,691 shares during the period. BlackRock Inc. lifted its position in shares of Patterson Companies by 2,886.7% in the 1st quarter. BlackRock Inc. now owns 6,715,909 shares of the company’s stock worth $303,760,000 after acquiring an additional 6,491,048 shares during the period. State Street Corp lifted its position in shares of Patterson Companies by 1.8% in the 1st quarter. State Street Corp now owns 4,180,364 shares of the company’s stock worth $189,078,000 after acquiring an additional 75,261 shares during the period. Fairpointe Capital LLC lifted its position in shares of Patterson Companies by 25.7% in the 1st quarter. Fairpointe Capital LLC now owns 3,494,234 shares of the company’s stock worth $158,044,000 after acquiring an additional 713,773 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Patterson Companies in the 1st quarter worth approximately $128,254,000. Institutional investors own 88.73% of the company’s stock.
Patterson Companies Company Profile
Patterson Companies, Inc is a value-added distributor focused on providing a customer experience to professionals in the dental and animal health markets. The Company operates through three segments: dental, animal health and corporate. Dental and Animal health are strategic business units that offer similar products and services to different customer bases.
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