Patterson Companies (NASDAQ:PDCO) had its price objective reduced by Bank of America from $22.00 to $20.00 in a report released on Tuesday, May 29th. They currently have an underperform rating on the stock.
A number of other research firms have also recently weighed in on PDCO. Northcoast Research restated a buy rating on shares of Patterson Companies in a research report on Wednesday, May 16th. BidaskClub cut shares of Patterson Companies from a hold rating to a sell rating in a research report on Wednesday, May 9th. ValuEngine cut shares of Patterson Companies from a sell rating to a strong sell rating in a research report on Wednesday, May 2nd. Craig Hallum upgraded shares of Patterson Companies from a hold rating to a buy rating in a research report on Friday, April 6th. Finally, Piper Jaffray Companies reaffirmed a hold rating and set a $24.00 target price on shares of Patterson Companies in a report on Wednesday, April 4th. Seven investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. Patterson Companies currently has an average rating of Hold and a consensus target price of $35.03.
Shares of Patterson Companies traded up $0.03, hitting $22.33, during trading hours on Tuesday, according to Marketbeat Ratings. The stock had a trading volume of 1,452,227 shares, compared to its average volume of 2,103,487. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.80 and a quick ratio of 1.00. Patterson Companies has a fifty-two week low of $20.57 and a fifty-two week high of $48.29. The stock has a market cap of $2.10 billion, a P/E ratio of 9.54, a P/E/G ratio of 1.83 and a beta of 1.12.
Patterson Companies declared that its Board of Directors has authorized a stock buyback program on Tuesday, March 13th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Hedge funds have recently made changes to their positions in the business. Quantbot Technologies LP lifted its holdings in Patterson Companies by 309.6% in the first quarter. Quantbot Technologies LP now owns 104,665 shares of the company’s stock valued at $2,326,000 after acquiring an additional 79,114 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of Patterson Companies by 8.0% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 558,119 shares of the company’s stock worth $20,165,000 after buying an additional 41,287 shares during the last quarter. Deutsche Bank AG raised its stake in shares of Patterson Companies by 105.9% during the 4th quarter. Deutsche Bank AG now owns 465,694 shares of the company’s stock worth $16,823,000 after buying an additional 239,517 shares during the last quarter. BB&T Securities LLC raised its stake in shares of Patterson Companies by 270.7% during the 4th quarter. BB&T Securities LLC now owns 48,937 shares of the company’s stock worth $1,768,000 after buying an additional 35,734 shares during the last quarter. Finally, Raymond James & Associates raised its stake in shares of Patterson Companies by 42.7% during the 4th quarter. Raymond James & Associates now owns 139,503 shares of the company’s stock worth $5,040,000 after buying an additional 41,766 shares during the last quarter. 90.30% of the stock is owned by institutional investors.
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.
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