Bank of America Cuts Patterson Companies (NASDAQ:PDCO) Price Target to $32.00

Patterson Companies (NASDAQ:PDCO) had its target price reduced by Bank of America from $34.00 to $32.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued research reports about the company. StockNews.com upgraded Patterson Companies from a hold rating to a buy rating in a research report on Friday, May 10th. Piper Sandler lowered Patterson Companies from an overweight rating to a neutral rating and dropped their price target for the stock from $34.00 to $28.00 in a research report on Thursday, February 29th. JPMorgan Chase & Co. dropped their price target on Patterson Companies from $31.00 to $30.00 and set a neutral rating for the company in a research report on Wednesday, March 6th. Leerink Partnrs reiterated an outperform rating on shares of Patterson Companies in a research report on Monday, February 26th. Finally, Evercore ISI dropped their price target on Patterson Companies from $28.00 to $27.00 and set an in-line rating for the company in a research report on Friday, April 26th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $31.67.

Patterson Companies Trading Down 2.7 %

Shares of PDCO stock opened at $23.81 on Monday. Patterson Companies has a 12-month low of $23.63 and a 12-month high of $34.53. The company has a current ratio of 1.43, a quick ratio of 0.72 and a debt-to-equity ratio of 0.46. The stock’s 50-day moving average price is $26.08 and its 200-day moving average price is $27.90. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of 11.73, a price-to-earnings-growth ratio of 2.02 and a beta of 1.07.

Patterson Companies (NASDAQ:PDCO) last issued its earnings results on Wednesday, February 28th. The company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.01). Patterson Companies had a return on equity of 20.98% and a net margin of 2.95%. The firm had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the firm posted $0.62 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year. Equities research analysts predict that Patterson Companies will post 2.32 EPS for the current fiscal year.

Patterson Companies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 3rd. Investors of record on Friday, April 19th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date of this dividend was Thursday, April 18th. Patterson Companies’s dividend payout ratio (DPR) is 51.23%.

Hedge Funds Weigh In On Patterson Companies

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC acquired a new position in shares of Patterson Companies during the fourth quarter worth $32,000. Fifth Third Bancorp grew its holdings in shares of Patterson Companies by 54.8% during the third quarter. Fifth Third Bancorp now owns 1,226 shares of the company’s stock valued at $36,000 after buying an additional 434 shares during the last quarter. Spire Wealth Management purchased a new stake in shares of Patterson Companies during the first quarter valued at $35,000. Anchor Investment Management LLC purchased a new stake in shares of Patterson Companies during the fourth quarter valued at $55,000. Finally, Signaturefd LLC grew its holdings in shares of Patterson Companies by 93.5% during the fourth quarter. Signaturefd LLC now owns 2,107 shares of the company’s stock valued at $60,000 after buying an additional 1,018 shares during the last quarter. Institutional investors own 85.43% of the company’s stock.

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.