Patterson Companies (NASDAQ:PDCO) Price Target Cut to $27.00

Patterson Companies (NASDAQ:PDCO) had its price objective lowered by Evercore ISI from $28.00 to $27.00 in a research report sent to investors on Friday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

A number of other research firms also recently issued reports on PDCO. SVB Leerink began coverage on Patterson Companies in a research report on Monday, February 26th. They set an outperform rating and a $36.00 price target on the stock. JPMorgan Chase & Co. dropped their target price on shares of Patterson Companies from $31.00 to $30.00 and set a neutral rating on the stock in a report on Wednesday, March 6th. Leerink Partnrs restated an outperform rating on shares of Patterson Companies in a report on Monday, February 26th. Finally, Piper Sandler downgraded shares of Patterson Companies from an overweight rating to a neutral rating and dropped their price objective for the company from $34.00 to $28.00 in a research note on Thursday, February 29th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $32.56.

Patterson Companies Stock Up 0.9 %

Shares of PDCO opened at $26.00 on Friday. The firm has a market capitalization of $2.33 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.35 and a beta of 1.06. Patterson Companies has a 12-month low of $25.00 and a 12-month high of $34.53. The firm has a fifty day moving average price of $26.83 and a 200-day moving average price of $28.50. The company has a current ratio of 1.43, a quick ratio of 0.72 and a debt-to-equity ratio of 0.46.

Patterson Companies (NASDAQ:PDCO) last issued its earnings results on Wednesday, February 28th. The company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Patterson Companies had a return on equity of 20.98% and a net margin of 2.95%. The business’s revenue was up .9% compared to the same quarter last year. During the same period last year, the business posted $0.62 earnings per share. Equities research analysts expect that Patterson Companies will post 2.32 earnings per share for the current year.

Patterson Companies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 3rd. Shareholders of record on Friday, April 19th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 4.00%. The ex-dividend date is Thursday, April 18th. Patterson Companies’s dividend payout ratio is currently 51.23%.

Hedge Funds Weigh In On Patterson Companies

A number of large investors have recently made changes to their positions in PDCO. Nordea Investment Management AB grew its stake in Patterson Companies by 25.3% during the 4th quarter. Nordea Investment Management AB now owns 2,594,944 shares of the company’s stock worth $73,852,000 after buying an additional 523,226 shares during the last quarter. Sound Income Strategies LLC increased its holdings in shares of Patterson Companies by 22.2% during the fourth quarter. Sound Income Strategies LLC now owns 561,445 shares of the company’s stock valued at $15,973,000 after acquiring an additional 101,860 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Patterson Companies by 8.3% in the 3rd quarter. AQR Capital Management LLC now owns 748,961 shares of the company’s stock valued at $22,117,000 after purchasing an additional 57,550 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in Patterson Companies during the 3rd quarter valued at approximately $1,765,000. Finally, Toroso Investments LLC increased its stake in Patterson Companies by 15.0% during the 3rd quarter. Toroso Investments LLC now owns 53,875 shares of the company’s stock valued at $1,597,000 after purchasing an additional 7,021 shares in the last quarter. 85.43% of the stock is owned by institutional investors and hedge funds.

About Patterson Companies

Patterson Companies, Inc engages in the distribution of dental and animal health products in the United States, the United Kingdom, and Canada. The company operates through three segments: Dental, Animal Health, and Corporate segments. The Dental segment offers consumable products, including infection control, restorative materials, and instruments; basic and advanced technology and dental equipment; practice optimization solutions, such as practice management software, e-commerce, revenue cycle management, patient engagement solutions, and clinical and patient education systems.