Patterson Companies (NASDAQ:PDCO) Price Target Lowered to $29.00 at JPMorgan Chase & Co.

Patterson Companies (NASDAQ:PDCO) had its price target trimmed by JPMorgan Chase & Co. from $30.00 to $29.00 in a report released on Thursday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other analysts have also issued research reports about the company. Piper Sandler lowered Patterson Companies from an overweight rating to a neutral rating and cut their target price for the stock from $34.00 to $28.00 in a research note on Thursday, February 29th. Bank of America dropped their price objective on Patterson Companies from $34.00 to $32.00 and set a buy rating for the company in a research note on Monday, May 20th. Evercore ISI dropped their price objective on Patterson Companies from $28.00 to $27.00 and set an in-line rating for the company in a research note on Friday, April 26th. SVB Leerink started coverage on Patterson Companies in a research note on Monday, February 26th. They set an outperform rating and a $36.00 price objective for the company. Finally, Leerink Partnrs reissued an outperform rating on shares of Patterson Companies in a research note on Monday, February 26th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Patterson Companies currently has an average rating of Hold and a consensus price target of $30.78.

Patterson Companies Stock Down 4.9 %

Shares of PDCO opened at $24.14 on Thursday. The firm has a market cap of $2.16 billion, a P/E ratio of 12.07, a P/E/G ratio of 2.10 and a beta of 1.07. The stock has a 50 day simple moving average of $24.90 and a two-hundred day simple moving average of $26.95. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 0.72. Patterson Companies has a 1 year low of $22.29 and a 1 year high of $34.53.

Patterson Companies (NASDAQ:PDCO) last issued its earnings results on Tuesday, June 18th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Patterson Companies had a return on equity of 20.80% and a net margin of 2.83%. The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.84 EPS. On average, analysts forecast that Patterson Companies will post 2.41 earnings per share for the current fiscal year.

Patterson Companies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date of this dividend is Friday, July 19th. Patterson Companies’s payout ratio is 52.00%.

Institutional Trading of Patterson Companies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new position in Patterson Companies in the fourth quarter worth $32,000. Spire Wealth Management bought a new position in Patterson Companies in the first quarter worth $35,000. Anchor Investment Management LLC bought a new position in Patterson Companies in the fourth quarter worth $55,000. Signaturefd LLC raised its holdings in Patterson Companies by 93.5% in the fourth quarter. Signaturefd LLC now owns 2,107 shares of the company’s stock worth $60,000 after purchasing an additional 1,018 shares in the last quarter. Finally, Verity & Verity LLC bought a new position in Patterson Companies in the first quarter worth $69,000. Hedge funds and other institutional investors 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.