Patterson Companies (NASDAQ:PDCO) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Patterson Companies (NASDAQ:PDCO) had its price target boosted by stock analysts at Morgan Stanley from $27.00 to $31.35 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 1.55% from the stock’s previous close.

Several other brokerages have also commented on PDCO. Bank of America dropped their price objective on Patterson Companies from $31.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Mizuho started coverage on Patterson Companies in a report on Wednesday, December 4th. They issued a “neutral” rating and a $23.00 price objective on the stock. Stifel Nicolaus dropped their price objective on Patterson Companies from $25.00 to $24.00 and set a “hold” rating on the stock in a report on Thursday, December 5th. Evercore ISI dropped their price objective on Patterson Companies from $23.00 to $22.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. Finally, Leerink Partnrs lowered Patterson Companies from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Eleven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $26.57.

Patterson Companies Stock Down 0.1 %

Shares of PDCO stock opened at $30.87 on Tuesday. The stock has a 50 day moving average of $22.37 and a 200 day moving average of $23.07. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.73 billion, a P/E ratio of 18.05, a P/E/G ratio of 2.70 and a beta of 1.00. Patterson Companies has a twelve month low of $19.45 and a twelve month high of $31.79.

Patterson Companies (NASDAQ:PDCO) last announced its quarterly earnings results on Thursday, December 5th. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). Patterson Companies had a net margin of 2.37% and a return on equity of 19.77%. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the business posted $0.50 earnings per share. The firm’s revenue was up 1.0% compared to the same quarter last year. As a group, sell-side analysts expect that Patterson Companies will post 2.26 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Donald Zurbay sold 1,962 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $23.08, for a total transaction of $45,282.96. Following the completion of the transaction, the chief executive officer now directly owns 222,736 shares in the company, valued at approximately $5,140,746.88. This represents a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patterson Companies

A number of hedge funds have recently modified their holdings of PDCO. SG Americas Securities LLC grew its holdings in shares of Patterson Companies by 70.4% during the 2nd quarter. SG Americas Securities LLC now owns 15,420 shares of the company’s stock worth $372,000 after purchasing an additional 6,370 shares during the period. Family Firm Inc. purchased a new position in shares of Patterson Companies during the 2nd quarter worth $45,000. LRI Investments LLC grew its holdings in shares of Patterson Companies by 201.2% during the 2nd quarter. LRI Investments LLC now owns 1,262 shares of the company’s stock worth $30,000 after purchasing an additional 843 shares during the period. Allspring Global Investments Holdings LLC lifted its stake 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 acquiring an additional 133,760 shares in the last quarter. Finally, Miller Howard Investments Inc. NY lifted its stake in Patterson Companies by 2.3% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 19,545 shares of the company’s stock worth $471,000 after acquiring an additional 442 shares in the last quarter. 85.43% of the stock is currently owned by hedge funds and other institutional investors.

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.