Evercore ISI Cuts Patterson Companies (NASDAQ:PDCO) Price Target to $23.00

Patterson Companies (NASDAQ:PDCO) had its price objective dropped by equities research analysts at Evercore ISI from $25.00 to $23.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “in-line” rating on the stock. Evercore ISI’s price target would indicate a potential upside of 2.34% from the company’s previous close.

A number of other equities research analysts have also recently commented on PDCO. JPMorgan Chase & Co. dropped their target price on Patterson Companies from $30.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, June 20th. StockNews.com cut shares of Patterson Companies from a “buy” rating to a “hold” rating in a research report on Saturday, June 1st. Morgan Stanley cut their target price on shares of Patterson Companies from $30.00 to $28.00 and set an “equal weight” rating for the company in a research note on Thursday, June 20th. Bank of America reduced their target price on Patterson Companies from $31.00 to $29.00 and set a “buy” rating for the company in a report on Thursday. Finally, Robert W. Baird lowered their price target on Patterson Companies from $30.00 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Patterson Companies presently has a consensus rating of “Hold” and an average target price of $29.22.

Patterson Companies Trading Down 12.5 %

Shares of NASDAQ:PDCO opened at $22.48 on Thursday. The company has a current ratio of 1.33, a quick ratio of 0.75 and a debt-to-equity ratio of 0.33. Patterson Companies has a 12-month low of $21.56 and a 12-month high of $33.87. The business has a 50 day moving average of $24.60 and a two-hundred day moving average of $25.55. The company has a market capitalization of $1.97 billion, a PE ratio of 11.24, a PEG ratio of 2.32 and a beta of 1.06.

Patterson Companies (NASDAQ:PDCO) last posted its earnings results on Wednesday, August 28th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.08). The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.59 billion. Patterson Companies had a net margin of 2.83% and a return on equity of 20.80%. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 earnings per share. As a group, analysts forecast that Patterson Companies will post 2.36 EPS for the current year.

Insider Buying and Selling at Patterson Companies

In other news, CEO Donald Zurbay sold 7,216 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $24.99, for a total value of $180,327.84. Following the completion of the sale, the chief executive officer now owns 230,072 shares of the company’s stock, valued at approximately $5,749,499.28. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Patterson Companies news, CFO Kevin Michael Barry sold 1,216 shares of Patterson Companies stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $23.72, for a total value of $28,843.52. Following the sale, the chief financial officer now owns 41,605 shares in the company, valued at $986,870.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Donald Zurbay sold 7,216 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $24.99, for a total value of $180,327.84. Following the transaction, the chief executive officer now owns 230,072 shares of the company’s stock, valued at $5,749,499.28. The disclosure for this sale can be found here. Insiders have sold 17,149 shares of company stock worth $415,851 in the last ninety days. 1.50% of the stock is owned by insiders.

Institutional Trading of Patterson Companies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Patterson Companies by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 10,018,184 shares of the company’s stock valued at $277,003,000 after buying an additional 730,819 shares during the period. Dimensional Fund Advisors LP increased its stake in Patterson Companies by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,915,315 shares of the company’s stock worth $94,436,000 after buying an additional 23,344 shares during the period. Westwood Holdings Group Inc. increased its stake in Patterson Companies by 3.6% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,370,075 shares of the company’s stock worth $65,533,000 after buying an additional 82,522 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Patterson Companies by 7.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,925,898 shares of the company’s stock worth $46,453,000 after buying an additional 133,760 shares in the last quarter. Finally, Equity Investment Corp purchased a new position in Patterson Companies in the 2nd quarter valued at approximately $37,935,000. 85.43% of the stock is currently owned by hedge funds and other institutional investors.

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.