Piper Sandler Cuts Patterson Companies (NASDAQ:PDCO) Price Target to $24.00

Patterson Companies (NASDAQ:PDCO) had its price target lowered by Piper Sandler from $26.00 to $24.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other analysts also recently weighed in on PDCO. UBS Group dropped their target price on shares of Patterson Companies from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Robert W. Baird reduced their price objective on Patterson Companies from $28.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday. JPMorgan Chase & Co. reduced their price target on shares of Patterson Companies from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Bank of America reduced their target price on shares of Patterson Companies from $31.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Finally, Mizuho started coverage on Patterson Companies in a research note on Wednesday, December 4th. They set a “neutral” rating and a $23.00 price objective for the company. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $26.10.

Patterson Companies Price Performance

NASDAQ PDCO opened at $22.92 on Friday. Patterson Companies has a 12-month low of $19.45 and a 12-month high of $30.68. The firm’s fifty day simple moving average is $21.02 and its two-hundred day simple moving average is $22.78. The company has a current ratio of 1.30, a quick ratio of 0.67 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $2.02 billion, a P/E ratio of 13.40, a P/E/G ratio of 1.60 and a beta of 1.00.

Patterson Companies (NASDAQ:PDCO) last announced its earnings results on Thursday, December 5th. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the firm earned $0.50 earnings per share. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. Analysts forecast that Patterson Companies will post 2.32 EPS for the current fiscal year.

Patterson Companies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Wednesday, October 16th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 4.54%. The ex-dividend date of this dividend was Friday, October 18th. Patterson Companies’s payout ratio is presently 60.82%.

Hedge Funds Weigh In On Patterson Companies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LRI Investments LLC boosted its stake in shares of Patterson Companies by 201.2% in the second quarter. LRI Investments LLC now owns 1,262 shares of the company’s stock worth $30,000 after acquiring an additional 843 shares during the last quarter. Mather Group LLC. boosted 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 worth $39,000 after purchasing an additional 1,500 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Patterson Companies during the second quarter worth $41,000. Family Firm Inc. acquired a new stake in shares of Patterson Companies in the second quarter valued at about $45,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Patterson Companies in the second quarter worth about $45,000. 85.43% of the stock is owned by hedge funds and other institutional investors.

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.