Patterson Companies (NASDAQ:PDCO) Price Target Cut to $28.00 by Analysts at Robert W. Baird

Patterson Companies (NASDAQ:PDCO) had its price target decreased by stock analysts at Robert W. Baird from $30.00 to $28.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Robert W. Baird’s target price indicates a potential upside of 24.58% from the stock’s current price.

A number of other equities research analysts also recently weighed in on PDCO. Morgan Stanley lowered their price objective 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. Evercore ISI lowered their target price on Patterson Companies from $27.00 to $25.00 and set an “in-line” rating for the company in a report on Tuesday, July 9th. JPMorgan Chase & Co. cut their price target on Patterson Companies from $30.00 to $29.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. Bank of America dropped their target price on Patterson Companies from $31.00 to $29.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, StockNews.com downgraded shares of Patterson Companies from a “buy” rating to a “hold” rating in a report on Saturday, June 1st. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Patterson Companies currently has a consensus rating of “Hold” and a consensus price target of $29.22.

Patterson Companies Trading Down 12.5 %

Shares of NASDAQ PDCO opened at $22.48 on Thursday. The company has a quick ratio of 0.75, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. The stock’s 50 day moving average price is $24.60 and its two-hundred day moving average price is $25.55. Patterson Companies has a 52-week low of $21.56 and a 52-week high of $33.87. The stock has a market capitalization of $1.97 billion, a P/E ratio of 11.24, a PEG ratio of 2.32 and a beta of 1.06.

Patterson Companies (NASDAQ:PDCO) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.59 billion. Patterson Companies had a return on equity of 20.80% and a net margin of 2.83%. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.40 earnings per share. On average, analysts anticipate that Patterson Companies will post 2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Donald Zurbay sold 5,875 shares of Patterson Companies stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $23.71, for a total value of $139,296.25. Following the transaction, the chief executive officer now owns 237,288 shares of the company’s stock, valued at approximately $5,626,098.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Donald Zurbay sold 5,875 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $23.71, for a total transaction of $139,296.25. Following the completion of the sale, the chief executive officer now directly owns 237,288 shares of the company’s stock, valued at approximately $5,626,098.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Les B. Korsh sold 2,842 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $23.71, for a total value of $67,383.82. Following the sale, the insider now directly owns 103,765 shares in the company, valued at $2,460,268.15. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,149 shares of company stock worth $415,851. 1.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Illinois Municipal Retirement Fund acquired a new position in Patterson Companies in the 1st quarter valued at approximately $1,339,000. Norges Bank purchased a new stake in shares of Patterson Companies during the fourth quarter worth $26,162,000. Sound Income Strategies LLC boosted its position in Patterson Companies by 10.3% during the first quarter. Sound Income Strategies LLC now owns 619,529 shares of the company’s stock valued at $17,130,000 after purchasing an additional 58,084 shares during the last quarter. UniSuper Management Pty Ltd purchased a new position in Patterson Companies in the first quarter valued at about $535,000. Finally, Russell Investments Group Ltd. increased its position in Patterson Companies by 1,802.5% in the 1st quarter. Russell Investments Group Ltd. now owns 67,615 shares of the company’s stock worth $1,870,000 after purchasing an additional 64,061 shares during the last quarter. 85.43% of the stock is 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.