Barclays Initiates Coverage on Patterson Companies (NASDAQ:PDCO)

Investment analysts at Barclays began coverage on shares of Patterson Companies (NASDAQ:PDCO) in a research note issued to investors on Thursday, March 8th, Marketbeat reports. The brokerage set an “underweight” rating and a $23.00 price target on the stock. Barclays’ price objective would indicate a potential upside of 7.48% from the company’s current price.

A number of other equities research analysts have also commented on the stock. Jefferies Group reissued a “hold” rating and set a $26.00 price objective on shares of Patterson Companies in a report on Tuesday, March 6th. JPMorgan Chase decreased their price objective on shares of Patterson Companies from $36.00 to $26.00 and set an “underweight” rating on the stock in a report on Monday, March 5th. Zacks Investment Research lowered shares of Patterson Companies from a “buy” rating to a “hold” rating in a report on Monday, March 5th. Northcoast Research set a $38.00 target price on shares of Patterson Companies and gave the company a “buy” rating in a research note on Thursday, March 1st. Finally, Evercore ISI lowered shares of Patterson Companies from an “in-line” rating to an “underperform” rating in a research note on Thursday, March 1st. Seven analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $37.30.

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NASDAQ:PDCO traded down $0.83 during mid-day trading on Thursday, reaching $21.40. 2,503,266 shares of the company were exchanged, compared to its average volume of 2,428,012. Patterson Companies has a 12 month low of $21.09 and a 12 month high of $48.29. The company has a quick ratio of 1.00, a current ratio of 1.80 and a debt-to-equity ratio of 0.64. The firm has a market cap of $2,103.71, a P/E ratio of 9.15, a P/E/G ratio of 1.77 and a beta of 1.17.

Patterson Companies (NASDAQ:PDCO) last issued its quarterly earnings data on Thursday, March 1st. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.09). Patterson Companies had a return on equity of 13.85% and a net margin of 4.39%. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the company earned $0.58 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. equities analysts predict that Patterson Companies will post 1.69 earnings per share for the current fiscal year.

Patterson Companies declared that its board has authorized a stock repurchase program on Tuesday, March 13th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

In related news, insider Ann B. Gugino sold 750 shares of Patterson Companies stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $36.38, for a total transaction of $27,285.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.46% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Patterson Companies by 46.0% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,878,432 shares of the company’s stock worth $188,551,000 after buying an additional 1,536,422 shares during the period. Alps Advisors Inc. acquired a new stake in Patterson Companies during the 4th quarter worth approximately $48,813,000. Victory Capital Management Inc. raised its holdings in Patterson Companies by 90,810.4% during the 4th quarter. Victory Capital Management Inc. now owns 1,235,473 shares of the company’s stock worth $44,638,000 after buying an additional 1,234,114 shares during the period. Bank of New York Mellon Corp raised its holdings in Patterson Companies by 70.7% during the 4th quarter. Bank of New York Mellon Corp now owns 1,681,338 shares of the company’s stock worth $60,747,000 after buying an additional 696,540 shares during the period. Finally, Thompson Siegel & Walmsley LLC raised its holdings in Patterson Companies by 152.8% during the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 885,174 shares of the company’s stock worth $34,212,000 after buying an additional 535,029 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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About Patterson Companies

Patterson Companies, Inc distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada. It operates through Dental and Animal Health segments. The company's Dental segment offers consumable products, such as infection control, restorative materials, hand instruments, and sterilization products; basic and advanced technology dental equipment; patient education systems; and office forms and stationery.

Analyst Recommendations for Patterson Companies (NASDAQ:PDCO)

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