Patterson Companies (NASDAQ:PDCO) Price Target Raised to $31.00

Patterson Companies (NASDAQ:PDCO) had its price target hoisted by Robert W. Baird from $25.00 to $31.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Stifel Nicolaus reduced their price objective on shares of Patterson Companies from $25.00 to $24.00 and set a “hold” rating for the company in a research report on Thursday, December 5th. Mizuho started coverage on Patterson Companies in a report on Wednesday, December 4th. They issued a “neutral” rating and a $23.00 price target for the company. Piper Sandler dropped their price objective on Patterson Companies from $26.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, December 6th. Leerink Partners reissued a “market perform” rating and issued a $31.35 target price (up previously from $29.00) on shares of Patterson Companies in a report on Wednesday. Finally, Evercore ISI lowered their price target on shares of Patterson Companies from $23.00 to $22.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 8th. Eleven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Patterson Companies has an average rating of “Hold” and an average price target of $26.24.

Patterson Companies Price Performance

NASDAQ:PDCO opened at $31.08 on Thursday. Patterson Companies has a 52 week low of $19.45 and a 52 week high of $31.79. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $2.74 billion, a PE ratio of 18.18, a price-to-earnings-growth ratio of 2.72 and a beta of 1.00. The stock’s 50-day moving average price is $21.73 and its 200-day moving average price is $22.93.

Patterson Companies (NASDAQ:PDCO) last issued its quarterly earnings results on Thursday, December 5th. The company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.65 billion. Patterson Companies had a net margin of 2.37% and a return on equity of 19.77%. The business’s revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS. As a group, equities analysts expect that Patterson Companies will post 2.27 EPS for the current fiscal year.

Patterson Companies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Wednesday, October 16th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date was Friday, October 18th. Patterson Companies’s payout ratio is currently 60.82%.

Insider Activity

In other Patterson Companies news, CEO Donald Zurbay sold 1,962 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $23.08, for a total value of $45,282.96. Following the completion of the transaction, the chief executive officer now directly owns 222,736 shares of the company’s stock, valued at $5,140,746.88. This represents a 0.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PDCO. Dimensional Fund Advisors LP raised its position in shares of Patterson Companies by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,915,315 shares of the company’s stock valued at $94,436,000 after purchasing an additional 23,344 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Patterson Companies by 13.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,183,940 shares of the company’s stock worth $47,697,000 after purchasing an additional 258,042 shares during the last quarter. River Road Asset Management LLC grew its stake in Patterson Companies by 3.6% in the third quarter. River Road Asset Management LLC now owns 1,988,217 shares of the company’s stock worth $43,423,000 after purchasing an additional 68,947 shares in the last quarter. Equity Investment Corp lifted its holdings in Patterson Companies by 10.6% during the 3rd quarter. Equity Investment Corp now owns 1,739,669 shares of the company’s stock worth $37,994,000 after buying an additional 166,899 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Patterson Companies by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,554,566 shares of the company’s stock worth $33,952,000 after acquiring an additional 81,524 shares in the last quarter. Hedge funds and other 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.