Patterson Companies (NASDAQ:PDCO) Hits New 52-Week Low Following Analyst Downgrade

Patterson Companies, Inc. (NASDAQ:PDCO) hit a new 52-week low 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 trading hands. The stock had previously closed at $20.28.

Several other research firms have also recently commented on PDCO. UBS Group reduced their target price on Patterson Companies from $27.00 to $24.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Bank of America reduced their target price on Patterson Companies from $31.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Morgan Stanley reduced their target price on Patterson Companies from $30.00 to $28.00 and set an “equal weight” rating for the company in a research report on Thursday, June 20th. Robert W. Baird reduced their target price on Patterson Companies from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. reduced their target price on Patterson Companies from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $28.30.

Insider Buying and Selling

In related news, CEO Donald Zurbay sold 7,216 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $24.99, for a total value of $180,327.84. Following the sale, the chief executive officer now owns 230,072 shares in the company, valued at $5,749,499.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.50% of the stock is currently owned by company insiders.

Institutional Trading of Patterson Companies

Several hedge funds and other institutional investors have recently made changes to their positions in PDCO. LRI Investments LLC grew its stake in shares of Patterson Companies by 201.2% in the 2nd quarter. LRI Investments LLC now owns 1,262 shares of the company’s stock worth $30,000 after buying an additional 843 shares during the last quarter. Mather Group LLC. lifted its position in Patterson Companies by 1,376.1% in the 2nd quarter. Mather Group LLC. now owns 1,609 shares of the company’s stock valued at $39,000 after acquiring an additional 1,500 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in Patterson Companies in the 2nd quarter valued at approximately $41,000. Family Firm Inc. bought a new position in Patterson Companies in the 2nd quarter valued at approximately $45,000. Finally, Meeder Asset Management Inc. bought a new position in Patterson Companies in the 2nd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 85.43% of the company’s stock.

Patterson Companies Price Performance

The firm has a market capitalization of $1.78 billion, a P/E ratio of 10.07, a PEG ratio of 1.49 and a beta of 1.02. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.67 and a current ratio of 1.30. The firm has a 50-day moving average of $22.72 and a 200-day moving average of $24.27.

Patterson Companies (NASDAQ:PDCO) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.08). Patterson Companies had a net margin of 2.58% and a return on equity of 19.87%. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same period in the previous year, the company earned $0.40 earnings per share. Patterson Companies’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, analysts predict that Patterson Companies, Inc. will post 2.33 EPS for the current year.

Patterson Companies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Wednesday, October 16th will be issued a $0.26 dividend. The ex-dividend date is Friday, October 18th. This represents a $1.04 dividend on an annualized basis and a yield of 5.16%. Patterson Companies’s dividend payout ratio is currently 52.00%.

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.