Patterson Companies (NASDAQ:PDCO) Price Target Cut to $23.00

Patterson Companies (NASDAQ:PDCO) had its target price decreased by equities researchers at Evercore ISI from $25.00 to $23.00 in a report released on Thursday, Benzinga reports. The firm presently has an “in-line” rating on the stock. Evercore ISI’s price objective would suggest a potential upside of 2.27% from the company’s current price.

Other research analysts also recently issued reports about the stock. JPMorgan Chase & Co. decreased their target price on shares of Patterson Companies from $30.00 to $29.00 and set a “neutral” rating on the stock in a research note on Thursday, June 20th. Bank of America decreased their target price on shares of Patterson Companies from $31.00 to $29.00 and set a “buy” rating on the stock in a research note on Thursday. Robert W. Baird reduced their price objective on shares of Patterson Companies from $30.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday. StockNews.com downgraded shares of Patterson Companies from a “buy” rating to a “hold” rating in a research report on Saturday, June 1st. Finally, Morgan Stanley reduced their price objective on shares of Patterson Companies from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 20th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $28.89.

Patterson Companies Stock Up 0.1 %

Shares of NASDAQ PDCO opened at $22.49 on Thursday. The company has a quick ratio of 0.75, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. Patterson Companies has a 52 week low of $21.56 and a 52 week high of $32.58. The firm’s fifty day moving average is $24.53 and its 200 day moving average is $25.48. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 11.25, a PEG ratio of 2.32 and a beta of 1.06.

Patterson Companies (NASDAQ:PDCO) last issued its earnings results on Wednesday, August 28th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.08). Patterson Companies had a return on equity of 20.80% and a net margin of 2.83%. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same period in the previous year, the firm earned $0.40 earnings per share. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, equities research analysts expect that Patterson Companies will post 2.36 earnings per share for the current year.

Insider Transactions at Patterson Companies

In other news, CEO Donald Zurbay sold 7,216 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $24.99, for a total value of $180,327.84. Following the sale, the chief executive officer now directly owns 230,072 shares of the company’s stock, valued at approximately $5,749,499.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Donald Zurbay sold 7,216 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $24.99, for a total value of $180,327.84. Following the transaction, the chief executive officer now owns 230,072 shares in the company, valued at approximately $5,749,499.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Les B. Korsh sold 2,842 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $23.71, for a total transaction of $67,383.82. Following the completion of the transaction, the insider now owns 103,765 shares in the company, valued at approximately $2,460,268.15. The disclosure for this sale can be found here. Insiders have sold 17,149 shares of company stock valued at $415,851 in the last three months. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patterson Companies

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC bought a new position in Patterson Companies in the 4th quarter worth about $32,000. LRI Investments LLC boosted its stake in Patterson Companies by 201.2% in the 2nd quarter. LRI Investments LLC now owns 1,262 shares of the company’s stock worth $30,000 after purchasing an additional 843 shares in the last quarter. Spire Wealth Management bought a new position in Patterson Companies in the 1st quarter worth about $35,000. Mather Group LLC. lifted its stake in Patterson Companies by 1,376.1% during the 2nd quarter. Mather Group LLC. now owns 1,609 shares of the company’s stock valued at $39,000 after acquiring an additional 1,500 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in Patterson Companies during the 2nd quarter valued at about $41,000. Institutional investors own 85.43% of the company’s stock.

Patterson Companies Company Profile

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.