Patterson Companies (NASDAQ:PDCO) Price Target Cut to $22.00

Patterson Companies (NASDAQ:PDCO) had its price objective decreased by Evercore ISI from $23.00 to $22.00 in a report released on Tuesday, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

A number of other analysts also recently issued reports on the stock. Morgan Stanley lowered 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 report on Thursday, June 20th. Bank of America cut their price target on shares of Patterson Companies from $31.00 to $29.00 and set a buy rating on the stock in a research report on Thursday, August 29th. JPMorgan Chase & Co. decreased their price objective on Patterson Companies from $29.00 to $26.00 and set a neutral rating for the company in a report on Thursday, August 29th. UBS Group dropped their target price on Patterson Companies from $27.00 to $24.00 and set a neutral rating on the stock in a report on Thursday, September 5th. Finally, Robert W. Baird decreased their price target on Patterson Companies from $30.00 to $28.00 and set a neutral rating for the company in a research note on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $28.30.

Patterson Companies Price Performance

Shares of NASDAQ PDCO opened at $20.64 on Tuesday. The company has a fifty day moving average price of $22.52 and a 200 day moving average price of $24.21. The firm has a market cap of $1.82 billion, a PE ratio of 11.28, a PEG ratio of 1.46 and a beta of 1.02. The company has a current ratio of 1.30, a quick ratio of 0.67 and a debt-to-equity ratio of 0.34. Patterson Companies has a 1-year low of $19.89 and a 1-year high of $32.58.

Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.08). Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same period in the prior year, the company earned $0.40 earnings per share. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. Research analysts predict that Patterson Companies will post 2.33 earnings per share for the current fiscal year.

Patterson Companies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Wednesday, October 16th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 5.04%. The ex-dividend date of this dividend is Friday, October 18th. Patterson Companies’s dividend payout ratio (DPR) is presently 56.83%.

Insiders Place Their Bets

In other news, CEO Donald Zurbay sold 7,216 shares of the 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 directly owns 230,072 shares of the company’s stock, valued at $5,749,499.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC boosted its holdings in shares of Patterson Companies by 44.0% during the third quarter. Exchange Traded Concepts LLC now owns 35,244 shares of the company’s stock worth $770,000 after acquiring an additional 10,773 shares during the period. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Patterson Companies by 24.1% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 39,600 shares of the company’s stock worth $865,000 after purchasing an additional 7,700 shares during the last quarter. SG Americas Securities LLC boosted its stake in Patterson Companies by 104.1% in the 3rd quarter. SG Americas Securities LLC now owns 31,465 shares of the company’s stock valued at $687,000 after purchasing an additional 16,045 shares during the period. Central Pacific Bank Trust Division grew its holdings in Patterson Companies by 100.0% in the 3rd quarter. Central Pacific Bank Trust Division now owns 7,000 shares of the company’s stock valued at $153,000 after buying an additional 3,500 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in Patterson Companies during the 2nd quarter worth $2,520,000. Institutional investors and hedge funds own 85.43% of the company’s stock.

About Patterson Companies

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.