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.”
A number of other equities research analysts have also weighed in on PDCO. Credit Suisse Group AG restated a buy rating and issued a $55.00 price objective on shares of Patterson Cos. in a report on Monday, June 27th. Evercore ISI restated a hold rating and issued a $48.00 price objective (down from $49.00) on shares of Patterson Cos. in a report on Friday, August 26th. Bank of America Corp. started coverage on shares of Patterson Cos. in a report on Wednesday, August 24th. They issued an underperform rating and a $44.00 price objective on the stock. Stifel Nicolaus restated a hold rating on shares of Patterson Cos. in a report on Tuesday, May 31st. Finally, Off Wall Street started coverage on shares of Patterson Cos. in a report on Monday, August 8th. They issued a sell rating on the stock. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. Patterson Cos. currently has an average rating of Hold and a consensus target price of $48.40.
Patterson Cos. (NASDAQ:PDCO) opened at 45.90 on Thursday. Patterson Cos. has a 52-week low of $38.51 and a 52-week high of $50.40. The company’s 50-day moving average is $46.17 and its 200-day moving average is $46.57. The firm has a market capitalization of $4.38 billion, a P/E ratio of 22.63 and a beta of 0.88.
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 Zacks’ 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 net margin of 3.52% and a return on equity of 17.42%. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.47 EPS. On average, analysts predict that Patterson Cos. will post $2.64 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 14th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Wednesday, October 12th. Patterson Cos.’s dividend payout ratio (DPR) is 47.29%.
In related news, insider Ann B. Gugino sold 750 shares of the stock in a transaction on Monday, August 29th. The shares were sold at an average price of $46.22, for a total value of $34,665.00. Following the transaction, the insider now directly owns 40,153 shares of the company’s stock, valued at approximately $1,855,871.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.46% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. NN Investment Partners Holdings N.V. acquired a new position in shares of Patterson Cos. during the first quarter valued at about $5,388,000. 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 valued at $6,657,000 after buying an additional 95,122 shares during the last quarter. Columbia Partners L L C Investment Management acquired a new position in shares of Patterson Cos. during the first quarter valued at about $1,608,000. 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 valued at $122,205,000 after buying an additional 72,962 shares during the last quarter. Finally, 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 valued at $118,317,000 after buying an additional 287,257 shares during the last quarter. 77.29% of the stock is currently owned by institutional investors.
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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