According to Zacks, “We remain particularly upbeat about the growth prospects of The Patterson Companies’ Animal Health segment and the recently formed a partnership with Heartland Dental, a significant positive to strengthen the company’s dental business. Additionally Patterson offers a wide range of consumable supplies, equipment, software, and value-added services to its customers, which is likely to enhance the company’s growth trajectory for the long haul. However unfavorable foreign exchange rate, higher operating expenses and accelerating debt are the major concerns at present for the company. Additionally, the U.S. dental products distribution industry is highly competitive and poises a major threat for Patterson. Meanwhile, a glimpse on the estimate trends reveals that estimates are stable for the current year, before the company’s earnings release of second-quarter of fiscal 2017.”
Several other research firms have also issued reports on PDCO. Jefferies Group reissued a hold rating on shares of Patterson Cos. in a report on Thursday, August 4th. Off Wall Street started coverage on Patterson Cos. in a research report on Monday, August 8th. They set a sell rating for the company. TheStreet downgraded Patterson Cos. from a buy rating to a hold rating in a research report on Thursday, September 1st. Bank of America Corp. started coverage on Patterson Cos. in a research report on Wednesday, August 24th. They set an underperform rating and a $44.00 price objective for the company. Finally, Evercore ISI restated a hold rating and set a $48.00 price objective (down from $49.00) on shares of Patterson Cos. in a research report on Friday, August 26th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $48.40.
Patterson Cos. (NASDAQ:PDCO) opened at 44.58 on Thursday. The stock’s 50 day moving average price is $45.80 and its 200 day moving average price is $46.56. The firm has a market capitalization of $4.26 billion, a price-to-earnings ratio of 21.98 and a beta of 0.94. Patterson Cos. has a 52-week low of $38.51 and a 52-week high of $50.40.
Patterson Cos. (NASDAQ:PDCO) last released its earnings results on Thursday, August 25th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.51. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.35 billion. Patterson Cos. had a return on equity of 17.42% and a net margin of 3.52%. Patterson Cos.’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.47 EPS. On average, equities analysts anticipate that Patterson Cos. will post $2.67 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be given a $0.24 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $0.96 annualized dividend and a yield of 2.15%. Patterson Cos.’s dividend payout ratio is presently 47.29%.
In other Patterson Cos. news, insider Ann B. Gugino sold 750 shares of the stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $46.22, for a total value of $34,665.00. Following the completion of the transaction, the insider now directly owns 40,153 shares in the company, valued at $1,855,871.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. BlackRock Group LTD increased its position in shares of Patterson Cos. by 1.0% in the first quarter. BlackRock Group LTD now owns 772,348 shares of the company’s stock worth $35,936,000 after buying an additional 7,945 shares during the period. BlackRock Fund Advisors increased its position in shares of Patterson Cos. by 12.7% in the first quarter. BlackRock Fund Advisors now owns 2,542,819 shares of the company’s stock worth $118,317,000 after buying an additional 287,257 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of Patterson Cos. by 2.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,626,361 shares of the company’s stock worth $122,205,000 after buying an additional 72,962 shares during the period. JPMorgan Chase & Co. increased its position in shares of Patterson Cos. by 198.4% in the first quarter. JPMorgan Chase & Co. now owns 143,065 shares of the company’s stock worth $6,657,000 after buying an additional 95,122 shares during the period. Finally, Palisade Capital Management LLC NJ bought a new position in shares of Patterson Cos. during the first quarter worth about $2,675,000. Hedge funds and other institutional investors own 77.27% 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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