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.”
A number of other research firms also recently issued reports on PDCO. Jefferies Group restated a hold rating on shares of Patterson Cos. in a report on Thursday, August 4th. Off Wall Street assumed coverage on shares of Patterson Cos. in a report on Monday, August 8th. They set a sell rating for the company. TheStreet downgraded shares of Patterson Cos. from a buy rating to a hold rating in a report on Thursday, September 1st. Bank of America Corp. assumed coverage on shares of Patterson Cos. in a 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 previously from $49.00) on shares of Patterson Cos. in a report on Friday, August 26th. Two 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. Patterson Cos. presently has an average rating of Hold and a consensus target price of $48.40.
Shares of Patterson Cos. (NASDAQ:PDCO) traded down 1.30% during trading on Thursday, hitting $44.71. 331,756 shares of the stock traded hands. The stock has a 50-day moving average of $45.96 and a 200 day moving average of $46.59. The company has a market cap of $4.27 billion, a P/E ratio of 22.05 and a beta of 0.94. Patterson Cos. has a 1-year low of $38.51 and a 1-year high of $50.40.
Patterson Cos. (NASDAQ:PDCO) last announced its earnings results on Thursday, August 25th. The company reported $0.51 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. The company earned $1.32 billion during the quarter, compared to the consensus estimate of $1.35 billion. Patterson Cos. had a net margin of 3.52% and a return on equity of 17.42%. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.47 earnings per share. On average, equities research analysts predict that Patterson Cos. will post $2.67 EPS for the current fiscal year.
The firm 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 dividend of $0.24 per share. The ex-dividend date is Wednesday, October 12th. This represents a $0.96 dividend on an annualized basis and a yield of 2.12%. 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 shares were sold at an average price of $46.22, for a total transaction of $34,665.00. Following the completion of the transaction, the insider now owns 40,153 shares in the company, valued at $1,855,871.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.46% of the company’s stock.
A number of institutional investors have recently modified their holdings of PDCO. Vanguard Group Inc. raised its position in Patterson Cos. by 1.6% in the second quarter. Vanguard Group Inc. now owns 7,763,526 shares of the company’s stock worth $371,795,000 after buying an additional 122,202 shares during the period. Parnassus Investments CA raised its position in Patterson Cos. by 11.4% in the second quarter. Parnassus Investments CA now owns 7,055,974 shares of the company’s stock worth $337,911,000 after buying an additional 724,258 shares during the period. BlackRock Fund Advisors raised its position in Patterson Cos. by 11.1% in the second quarter. BlackRock Fund Advisors now owns 2,824,202 shares of the company’s stock worth $135,251,000 after buying an additional 281,383 shares during the period. Wellington Management Group LLP raised its position in Patterson Cos. by 3.5% in the first quarter. Wellington Management Group LLP now owns 2,801,575 shares of the company’s stock worth $130,358,000 after buying an additional 94,184 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its position in 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. Hedge funds and other institutional investors own 77.29% of the company’s stock.
About Patterson Cos.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Patterson Cos. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson Cos. and related companies with MarketBeat.com's FREE daily email newsletter.