Patterson Cos. (NASDAQ:PDCO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “The Patterson Companies reported impressive first-quarter fiscal 2017 results with strong year-over-year growth in earnings and revenues. Notably, the management reaffirmed its previously issued guidance for fiscal 2017. We remain particularly upbeat about the growth prospects of the company’s Animal Health segment. Livestock end markets had a significant contribution to the Animal Health growth in the reported quarter. We believe, the divestiture of Patterson Medical is also expected to help the company focus on its core business segments and propel better growth in the long run. However unfavorable foreign exchange rate, higher operating expenses and accelerating debt are the major concerns at present for the company.”
Several other research analysts have also recently issued reports on the stock. TheStreet cut shares of Patterson Cos. from a “buy” rating to a “hold” rating in a report on Thursday, September 1st. Evercore ISI reaffirmed a “hold” rating and issued a $48.00 target price (down from $49.00) on shares of Patterson Cos. in a report on Friday, August 26th. Robert W. Baird reaffirmed a “neutral” rating and issued a $49.00 target price (down from $51.00) on shares of Patterson Cos. in a report on Friday, August 26th. Bank of America Corp. began coverage on shares of Patterson Cos. in a report on Wednesday, August 24th. They issued an “underperform” rating and a $44.00 target price for the company. Finally, Off Wall Street began coverage on shares of Patterson Cos. in a report on Monday, August 8th. They issued a “sell” rating for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $48.40.
Patterson Cos. (NASDAQ:PDCO) opened at 46.68 on Thursday. Patterson Cos. has a 12-month low of $38.51 and a 12-month high of $50.40. The company has a market capitalization of $4.46 billion, a P/E ratio of 23.02 and a beta of 0.88. The company has a 50-day moving average of $46.24 and a 200 day moving average of $46.52.
Patterson Cos. (NASDAQ:PDCO) last posted its quarterly earnings data on Thursday, August 25th. The company reported $0.51 EPS for the quarter, hitting the consensus estimate of $0.51. Patterson Cos. had a net margin of 3.52% and a return on equity of 17.42%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the previous year, the firm posted $0.47 earnings per share. Patterson Cos.’s quarterly revenue was up 15.7% on a year-over-year basis. Equities research analysts forecast that Patterson Cos. will post $2.64 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be issued a dividend of $0.24 per share. The ex-dividend date is Wednesday, October 12th. This represents a $0.96 annualized dividend and a dividend yield of 2.06%. Patterson Cos.’s payout ratio is 47.29%.
In other news, insider Ann B. Gugino sold 750 shares of the business’s stock in a transaction that occurred on 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 $1,855,871.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.46% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. raised its stake in shares of Patterson Cos. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,358 shares of the company’s stock valued at $113,000 after buying an additional 12 shares during the period. TLP Group LLC acquired a new stake in shares of Patterson Cos. during the second quarter valued at about $140,000. Friess Associates LLC acquired a new stake in shares of Patterson Cos. during the first quarter valued at about $151,000. Advisors Asset Management Inc. raised its stake in shares of Patterson Cos. by 27.4% in the second quarter. Advisors Asset Management Inc. now owns 3,523 shares of the company’s stock valued at $169,000 after buying an additional 757 shares during the period. Finally, Fifth Third Bancorp raised its stake in shares of Patterson Cos. by 30.2% in the second quarter. Fifth Third Bancorp now owns 3,871 shares of the company’s stock valued at $185,000 after buying an additional 899 shares during the period. Institutional investors own 77.29% of the company’s stock.
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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