Patterson Companies (NASDAQ:PDCO) Hits New 1-Year Low Following Analyst Downgrade

Shares of Patterson Companies, Inc. (NASDAQ:PDCO) hit a new 52-week low during mid-day trading on Tuesday after Evercore ISI lowered their price target on the stock from $23.00 to $22.00. Evercore ISI currently has an in-line rating on the stock. Patterson Companies traded as low as $19.95 and last traded at $20.06, with a volume of 331947 shares traded. The stock had previously closed at $20.28.

A number of other brokerages also recently issued reports on PDCO. UBS Group reduced their price target on Patterson Companies from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Morgan Stanley reduced their target price on 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 dropped their price target on Patterson Companies from $31.00 to $29.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Robert W. Baird decreased their price target on Patterson Companies from $30.00 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. lowered their target price on Patterson Companies from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $28.30.

Insider Activity at Patterson Companies

In related news, CEO Donald Zurbay sold 7,216 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $24.99, for a total transaction of $180,327.84. Following the transaction, the chief executive officer now owns 230,072 shares in the company, valued at $5,749,499.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Patterson Companies

Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its position in shares of Patterson Companies by 104.1% during 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 last quarter. Central Pacific Bank Trust Division raised its position in Patterson Companies by 100.0% in the third quarter. Central Pacific Bank Trust Division now owns 7,000 shares of the company’s stock worth $153,000 after acquiring an additional 3,500 shares during the period. Cubist Systematic Strategies LLC purchased a new position in Patterson Companies during the second quarter valued at $2,520,000. Sanctuary Advisors LLC bought a new position in shares of Patterson Companies in the second quarter worth about $429,000. Finally, Aristides Capital LLC bought a new position in shares of Patterson Companies during the 2nd quarter valued at approximately $246,000. 85.43% of the stock is currently owned by hedge funds and other institutional investors.

Patterson Companies Trading Down 1.3 %

The company has a market capitalization of $1.76 billion, a P/E ratio of 10.01, a P/E/G ratio of 1.49 and a beta of 1.02. The stock has a 50 day moving average of $22.96 and a 200-day moving average of $24.36. 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 (NASDAQ:PDCO) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.08). The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.59 billion. Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.40 earnings per share. On average, research analysts predict that Patterson Companies, Inc. will post 2.33 EPS for the current year.

Patterson Companies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Wednesday, October 16th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 5.19%. The ex-dividend date is Friday, October 18th. Patterson Companies’s payout ratio is currently 52.00%.

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.