Patterson Companies (NASDAQ:PDCO) Downgraded to “Hold” at StockNews.com

StockNews.com downgraded shares of Patterson Companies (NASDAQ:PDCOFree Report) from a buy rating to a hold rating in a report published on Monday morning.

Other equities analysts have also issued research reports about the company. SVB Leerink began coverage on Patterson Companies in a research note on Monday, February 26th. They set an outperform rating and a $36.00 price objective on the stock. Evercore ISI dropped their price objective on shares of Patterson Companies from $28.00 to $27.00 and set an in-line rating for the company in a report on Friday, April 26th. Piper Sandler cut shares of Patterson Companies from an overweight rating to a neutral rating and cut their price objective for the stock from $34.00 to $28.00 in a research report on Thursday, February 29th. JPMorgan Chase & Co. dropped their price target on shares of Patterson Companies from $31.00 to $30.00 and set a neutral rating for the company in a research note on Wednesday, March 6th. Finally, Bank of America dropped their price target on shares of Patterson Companies from $34.00 to $32.00 and set a buy rating for the company in a research note on Monday. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $31.67.

Read Our Latest Report on Patterson Companies

Patterson Companies Trading Down 2.1 %

Shares of PDCO stock opened at $25.22 on Monday. Patterson Companies has a fifty-two week low of $24.77 and a fifty-two week high of $34.53. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.72 and a current ratio of 1.43. The stock’s fifty day moving average is $26.24 and its two-hundred day moving average is $27.99. The firm has a market capitalization of $2.26 billion, a P/E ratio of 12.42, a PEG ratio of 1.27 and a beta of 1.07.

Patterson Companies (NASDAQ:PDCOGet Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). Patterson Companies had a return on equity of 20.98% and a net margin of 2.95%. The business had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the business posted $0.62 earnings per share. The business’s quarterly revenue was up .9% on a year-over-year basis. Research analysts expect that Patterson Companies will post 2.32 earnings per share for the current fiscal year.

Patterson Companies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 3rd. Shareholders of record on Friday, April 19th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date was Thursday, April 18th. Patterson Companies’s dividend payout ratio (DPR) is 51.23%.

Institutional Investors Weigh In On Patterson Companies

A number of institutional investors have recently modified their holdings of the company. HBK Sorce Advisory LLC grew its position in Patterson Companies by 4.8% in the 4th quarter. HBK Sorce Advisory LLC now owns 7,432 shares of the company’s stock valued at $211,000 after acquiring an additional 341 shares in the last quarter. Fifth Third Bancorp increased its stake in Patterson Companies by 54.8% during the 3rd quarter. Fifth Third Bancorp now owns 1,226 shares of the company’s stock worth $36,000 after buying an additional 434 shares during the period. Strs Ohio increased its stake in Patterson Companies by 1.4% during the 4th quarter. Strs Ohio now owns 35,300 shares of the company’s stock worth $1,004,000 after buying an additional 500 shares during the period. Amalgamated Bank lifted its holdings in Patterson Companies by 1.0% during the 4th quarter. Amalgamated Bank now owns 49,989 shares of the company’s stock worth $1,422,000 after buying an additional 503 shares in the last quarter. Finally, Ariel Investments LLC grew its stake in shares of Patterson Companies by 7.0% in the first quarter. Ariel Investments LLC now owns 8,976 shares of the company’s stock worth $248,000 after acquiring an additional 586 shares in the last quarter. 85.43% of the stock is owned by institutional investors and hedge funds.

About Patterson Companies

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Patterson Companies (NASDAQ:PDCO)

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