Craig Hallum upgraded shares of Patterson Companies (NASDAQ:PDCO) from a hold rating to a buy rating in a report issued on Friday, Marketbeat reports.
Several other research analysts also recently weighed in on PDCO. BidaskClub downgraded Patterson Companies from a sell rating to a strong sell rating in a research note on Wednesday, April 4th. Piper Jaffray reaffirmed a hold rating and set a $24.00 target price on shares of Patterson Companies in a research note on Wednesday, April 4th. ValuEngine downgraded Patterson Companies from a hold rating to a sell rating in a research note on Monday, April 2nd. Barclays initiated coverage on Patterson Companies in a research note on Thursday, March 8th. They set an underweight rating and a $23.00 target price for the company. Finally, Jefferies Group reaffirmed a hold rating and set a $26.00 target price on shares of Patterson Companies in a research note on Tuesday, March 6th. Six equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $36.17.
Shares of NASDAQ:PDCO opened at $22.85 on Friday. Patterson Companies has a 12-month low of $21.09 and a 12-month high of $48.29. The company has a market capitalization of $2,162.39, a price-to-earnings ratio of 9.76, a P/E/G ratio of 1.81 and a beta of 1.16. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.80 and a quick ratio of 1.00.
Patterson Companies declared that its board has approved a stock buyback plan on Tuesday, March 13th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Friday, April 13th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 4.55%. The ex-dividend date of this dividend is Thursday, April 12th. Patterson Companies’s dividend payout ratio is currently 44.44%.
In related news, insider Ann B. Gugino sold 750 shares of the stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $36.38, for a total value of $27,285.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Barrow Hanley Mewhinney & Strauss LLC raised its stake in Patterson Companies by 6.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,182,834 shares of the company’s stock valued at $187,255,000 after purchasing an additional 304,402 shares during the last quarter. Fairpointe Capital LLC grew its holdings in Patterson Companies by 5.7% in the 4th quarter. Fairpointe Capital LLC now owns 3,974,188 shares of the company’s stock valued at $143,588,000 after buying an additional 213,341 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Patterson Companies by 70.7% in the 4th quarter. Bank of New York Mellon Corp now owns 1,681,338 shares of the company’s stock valued at $60,747,000 after buying an additional 696,540 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Patterson Companies by 46.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,544,632 shares of the company’s stock valued at $55,808,000 after buying an additional 492,936 shares in the last quarter. Finally, Guggenheim Capital LLC grew its holdings in Patterson Companies by 24.6% in the 4th quarter. Guggenheim Capital LLC now owns 1,467,613 shares of the company’s stock valued at $53,024,000 after buying an additional 289,732 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.
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Patterson Companies Company Profile
Patterson Companies, Inc distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada. It operates through Dental and Animal Health segments. The company's Dental segment offers consumable products, such as infection control, restorative materials, hand instruments, and sterilization products; basic and advanced technology dental equipment; patient education systems; and office forms and stationery.
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