StockNews.com Initiates Coverage on Patterson Companies (NASDAQ:PDCO)

Equities researchers at StockNews.com started coverage on shares of Patterson Companies (NASDAQ:PDCO) in a note issued to investors on Saturday. The firm set a “hold” rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Leerink Partnrs cut shares of Patterson Companies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Stifel Nicolaus reduced their price objective on Patterson Companies from $25.00 to $24.00 and set a “hold” rating for the company in a research note on Thursday, December 5th. Morgan Stanley increased their price objective on Patterson Companies from $27.00 to $31.35 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Piper Sandler dropped their target price on Patterson Companies from $26.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, December 6th. Finally, Robert W. Baird increased their price target on Patterson Companies from $25.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Eleven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Patterson Companies presently has an average rating of “Hold” and an average price target of $26.57.

Patterson Companies Stock Down 0.0 %

Shares of NASDAQ PDCO opened at $31.03 on Friday. The business has a 50-day moving average price of $30.46 and a 200 day moving average price of $24.96. The stock has a market cap of $2.74 billion, a PE ratio of 18.15, a price-to-earnings-growth ratio of 2.70 and a beta of 0.90. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 0.34. Patterson Companies has a 52-week low of $19.45 and a 52-week high of $31.79.

Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings data 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). The firm 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%. Patterson Companies’s revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 earnings per share. Equities research analysts forecast that Patterson Companies will post 2.25 earnings per share for the current year.

Insider Activity

In related news, CEO Donald Zurbay sold 1,962 shares of Patterson Companies stock in a transaction on Monday, December 9th. The stock was sold at an average price of $23.08, for a total value of $45,282.96. Following the transaction, the chief executive officer now owns 222,736 shares in the company, valued at approximately $5,140,746.88. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Patterson Companies

A number of large investors have recently modified their holdings of PDCO. Exchange Traded Concepts LLC increased its position in Patterson Companies by 44.0% during the 3rd quarter. Exchange Traded Concepts LLC now owns 35,244 shares of the company’s stock worth $770,000 after purchasing an additional 10,773 shares in the last quarter. NBC Securities Inc. increased its position in shares of Patterson Companies by 53.2% in the third quarter. NBC Securities Inc. now owns 3,612 shares of the company’s stock worth $78,000 after acquiring an additional 1,254 shares in the last quarter. Raymond James & Associates raised its stake in shares of Patterson Companies by 19.6% in the 3rd quarter. Raymond James & Associates now owns 244,748 shares of the company’s stock valued at $5,345,000 after acquiring an additional 40,125 shares during the period. New Century Financial Group LLC acquired a new position in shares of Patterson Companies during the 3rd quarter valued at $983,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Patterson Companies by 13.4% during the 3rd 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 period. 85.43% of the stock is currently 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.