Deutsche Bank AG Begins Coverage on Patterson Companies, Inc. (PDCO)
Deutsche Bank AG started coverage on shares of Patterson Companies, Inc. (NASDAQ:PDCO) in a research report sent to investors on Wednesday morning. The firm issued a hold rating and a $45.00 target price on the stock.
Several other research analysts have also recently issued reports on the stock. Evercore ISI cut shares of Patterson Companies from a hold rating to an underperform rating in a report on Friday, March 3rd. Credit Suisse Group AG reiterated a hold rating and issued a $45.00 price target on shares of Patterson Companies in a report on Wednesday, March 1st. Stifel Nicolaus reiterated a hold rating and issued a $39.00 price target on shares of Patterson Companies in a report on Monday, January 30th. Zacks Investment Research upgraded shares of Patterson Companies from a strong sell rating to a hold rating in a report on Tuesday, January 24th. Finally, Robert W. Baird upgraded shares of Patterson Companies from a neutral rating to an outperform rating and lifted their price target for the company from $38.00 to $47.00 in a report on Tuesday, January 3rd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $42.71.
Shares of Patterson Companies (NASDAQ:PDCO) opened at 45.54 on Wednesday. Patterson Companies has a 1-year low of $36.46 and a 1-year high of $50.40. The company has a market cap of $4.31 billion, a price-to-earnings ratio of 24.99 and a beta of 0.87. The stock has a 50 day moving average of $43.86 and a 200 day moving average of $43.63.
Patterson Companies (NASDAQ:PDCO) last issued its earnings results on Thursday, February 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.01. Patterson Companies had a net margin of 3.69% and a return on equity of 17.17%. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter last year, the business earned $0.68 earnings per share. The business’s revenue was down .2% on a year-over-year basis. On average, equities analysts forecast that Patterson Companies will post $2.30 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, April 28th. Investors of record on Friday, April 14th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, April 11th. This represents a $1.04 annualized dividend and a yield of 2.28%. This is a boost from Patterson Companies’s previous quarterly dividend of $0.24. Patterson Companies’s payout ratio is 44.65%.
In other news, Director Ellen A. Rudnick sold 3,000 shares of the business’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $45.70, for a total transaction of $137,100.00. Following the sale, the director now owns 42,235 shares in the company, valued at approximately $1,930,139.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James W. Wiltz sold 40,000 shares of the business’s stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $45.29, for a total transaction of $1,811,600.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 58,000 shares of company stock worth $2,627,800. 0.46% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in PDCO. Proficio Capital Partners LLC boosted its stake in shares of Patterson Companies by 4,917.5% in the third quarter. Proficio Capital Partners LLC now owns 11,189 shares of the company’s stock worth $514,000 after buying an additional 10,966 shares during the period. Handelsinvest Investeringsforvaltning acquired a new stake in shares of Patterson Companies during the third quarter worth approximately $841,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Patterson Companies by 0.5% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,369 shares of the company’s stock worth $109,000 after buying an additional 11 shares during the period. Bank of Montreal Can boosted its stake in shares of Patterson Companies by 16.3% in the third quarter. Bank of Montreal Can now owns 35,516 shares of the company’s stock worth $1,632,000 after buying an additional 4,979 shares during the period. Finally, First Quadrant L P CA acquired a new stake in shares of Patterson Companies during the third quarter worth approximately $5,267,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.
Patterson Companies 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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