Patterson Companies, Inc. (PDCO) To Go Ex-Dividend on October 18th

Patterson Companies, Inc. (NASDAQ:PDCO) declared a quarterly dividend on Tuesday, September 17th, Zacks reports. Stockholders of record on Friday, October 18th will be given a dividend of 0.26 per share on Friday, November 1st. This represents a $1.04 annualized dividend and a dividend yield of 4.66%. The ex-dividend date of this dividend is Friday, October 18th.

Patterson Companies has a payout ratio of 41.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Patterson Companies to earn $2.51 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 41.4%.

Patterson Companies Stock Performance

Shares of PDCO traded up $0.37 during mid-day trading on Thursday, hitting $22.33. 31,077 shares of the company traded hands, compared to its average volume of 969,969. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.67 and a current ratio of 1.30. The stock has a 50-day moving average price of $23.90 and a two-hundred day moving average price of $24.86. Patterson Companies has a 1 year low of $19.96 and a 1 year high of $32.58. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 10.98, a P/E/G ratio of 1.53 and a beta of 1.02.

Patterson Companies (NASDAQ:PDCO) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.08). The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.59 billion. Patterson Companies had a net margin of 2.58% and a return on equity of 19.87%. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.40 earnings per share. Equities analysts anticipate that Patterson Companies will post 2.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

PDCO has been the subject of several recent research reports. Evercore ISI cut their target price on shares of Patterson Companies from $25.00 to $23.00 and set an “in-line” rating for the company in a research report on Thursday, August 29th. 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 report on Thursday, June 20th. JPMorgan Chase & Co. cut their target price on shares of Patterson Companies from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Bank of America dropped their price target on shares of Patterson Companies from $31.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, UBS Group dropped their price target on shares of Patterson Companies from $27.00 to $24.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $28.40.

Insider Buying and Selling

In related news, CEO Donald Zurbay sold 7,216 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were 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 approximately $5,749,499.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Patterson Companies news, CEO Donald Zurbay sold 7,216 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $24.99, for a total transaction of $180,327.84. Following the transaction, the chief executive officer now directly owns 230,072 shares in the company, valued at approximately $5,749,499.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Les B. Korsh sold 2,842 shares of the stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $23.71, for a total transaction of $67,383.82. Following the transaction, the insider now owns 103,765 shares in the company, valued at $2,460,268.15. The disclosure for this sale can be found here. Insiders have sold 17,149 shares of company stock valued at $415,851 in the last 90 days. Company insiders own 1.50% 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.