Patterson Companies (NASDAQ:PDCO) Reaches New 12-Month Low – Here’s What Happened

Patterson Companies, Inc. (NASDAQ:PDCO) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $19.82 and last traded at $19.82, with a volume of 21057 shares. The stock had previously closed at $20.00.

Analyst Upgrades and Downgrades

PDCO has been the subject of several recent analyst reports. Bank of America decreased 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. JPMorgan Chase & Co. decreased their price objective on shares of Patterson Companies from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Evercore ISI cut their target price 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. Robert W. Baird decreased 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, UBS Group dropped their price target on Patterson Companies from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $28.30.

Patterson Companies Trading Up 0.9 %

The company has a fifty day moving average price of $21.07 and a 200-day moving average price of $23.29. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of 10.79, a price-to-earnings-growth ratio of 1.46 and a beta of 1.02. The company has a current ratio of 1.30, a quick ratio of 0.67 and a debt-to-equity ratio of 0.34.

Patterson Companies (NASDAQ:PDCO) last posted its earnings results on Wednesday, August 28th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.08). The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.59 billion. Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. The business’s revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.40 earnings per share. On average, equities research analysts predict that Patterson Companies, Inc. will post 2.32 EPS for the current year.

Patterson Companies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Wednesday, October 16th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $1.04 annualized dividend and a yield of 5.27%. Patterson Companies’s dividend payout ratio (DPR) is currently 56.83%.

Institutional Trading of Patterson Companies

Several large investors have recently made changes to their positions in PDCO. UniSuper Management Pty Ltd bought a new stake in Patterson Companies during the first quarter worth approximately $535,000. Russell Investments Group Ltd. lifted its position in shares of Patterson Companies by 1,802.5% during the 1st quarter. Russell Investments Group Ltd. now owns 67,615 shares of the company’s stock worth $1,870,000 after buying an additional 64,061 shares during the period. CANADA LIFE ASSURANCE Co grew its position in Patterson Companies by 35.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 91,921 shares of the company’s stock valued at $2,540,000 after acquiring an additional 23,941 shares during the period. Seven Eight Capital LP raised its stake in Patterson Companies by 177.7% during the second quarter. Seven Eight Capital LP now owns 73,504 shares of the company’s stock worth $1,773,000 after acquiring an additional 47,032 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Patterson Companies by 7.9% during the first quarter. Vanguard Group Inc. now owns 10,018,184 shares of the company’s stock valued at $277,003,000 after acquiring an additional 730,819 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.