Patterson Companies (NASDAQ:PDCO) Given New $31.35 Price Target at Morgan Stanley

Patterson Companies (NASDAQ:PDCO) had its price objective lifted by Morgan Stanley from $27.00 to $31.35 in a report released on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms also recently commented on PDCO. Evercore ISI dropped their price objective on shares of Patterson Companies from $23.00 to $22.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Piper Sandler cut their price target on Patterson Companies from $26.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, December 6th. Robert W. Baird lifted their price objective on Patterson Companies from $25.00 to $31.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Leerink Partners reiterated a “market perform” rating and set a $31.35 target price (up from $29.00) on shares of Patterson Companies in a research report on Wednesday, December 11th. Finally, Leerink Partnrs cut shares of Patterson Companies from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Eleven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $26.57.

Patterson Companies Stock Up 0.1 %

Shares of PDCO opened at $30.91 on Tuesday. The business’s 50 day moving average is $22.58 and its 200 day moving average is $23.12. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 0.34. Patterson Companies has a 12-month low of $19.45 and a 12-month high of $31.79. The company has a market capitalization of $2.73 billion, a PE ratio of 18.08, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00.

Patterson Companies (NASDAQ:PDCO) last released its quarterly earnings data 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). Patterson Companies had a net margin of 2.37% and a return on equity of 19.77%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the previous year, the business earned $0.50 EPS. The company’s quarterly revenue was up 1.0% on a year-over-year basis. Research analysts expect that Patterson Companies will post 2.26 earnings per share for the current fiscal year.

Insider Transactions at Patterson Companies

In related news, CEO Donald Zurbay sold 1,962 shares of the 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 sale, 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 document filed with the SEC, which is available through this hyperlink. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB bought a new position in Patterson Companies in the 3rd quarter valued at $65,000. Sanctuary Advisors LLC grew its holdings in shares of Patterson Companies by 54.1% in the third quarter. Sanctuary Advisors LLC now owns 25,670 shares of the company’s stock worth $525,000 after purchasing an additional 9,015 shares during the last quarter. Barclays PLC increased its stake in Patterson Companies by 37.2% in the 3rd quarter. Barclays PLC now owns 165,715 shares of the company’s stock worth $3,619,000 after buying an additional 44,906 shares during the period. Stifel Financial Corp lifted its holdings in Patterson Companies by 6.2% during the 3rd quarter. Stifel Financial Corp now owns 30,825 shares of the company’s stock valued at $673,000 after buying an additional 1,789 shares in the last quarter. Finally, Petrus Trust Company LTA boosted its position in Patterson Companies by 186.9% in the 3rd quarter. Petrus Trust Company LTA now owns 30,241 shares of the company’s stock valued at $660,000 after buying an additional 19,701 shares during the period. Institutional investors own 85.43% of the company’s stock.

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.