Patterson Companies (NASDAQ:PDCO) Given Market Perform Rating at Leerink Partners

Patterson Companies (NASDAQ:PDCO)‘s stock had its “market perform” rating reaffirmed by equities researchers at Leerink Partners in a report released on Wednesday,Benzinga reports. They presently have a $31.35 price objective on the stock, up from their prior price objective of $29.00. Leerink Partners’ price target would suggest a potential upside of 1.19% from the company’s previous close.

Other analysts have also issued research reports about the stock. Mizuho began coverage on shares of Patterson Companies in a research note on Wednesday, December 4th. They issued a “neutral” rating and a $23.00 price objective on the stock. Stifel Nicolaus lowered their price target on shares of Patterson Companies from $25.00 to $24.00 and set a “hold” rating on the stock in a report on Thursday, December 5th. JPMorgan Chase & Co. lowered their price target on shares of Patterson Companies from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Robert W. Baird lowered their price target on shares of Patterson Companies from $28.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, December 6th. Finally, Piper Sandler lowered their price target on shares of Patterson Companies from $26.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, December 6th. Ten research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $25.64.

Patterson Companies Stock Up 34.1 %

Shares of NASDAQ PDCO traded up $7.87 during trading hours on Wednesday, hitting $30.98. 6,622,535 shares of the stock were exchanged, compared to its average volume of 979,691. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 0.34. Patterson Companies has a 12 month low of $19.45 and a 12 month high of $31.34. The company has a market cap of $2.73 billion, a PE ratio of 18.13, a PEG ratio of 1.69 and a beta of 1.00. The firm has a fifty day moving average price of $21.05 and a 200-day moving average price of $22.77.

Patterson Companies (NASDAQ:PDCO) last issued its quarterly earnings results on Thursday, December 5th. The company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.65 billion. Patterson Companies had a net margin of 2.37% and a return on equity of 19.77%. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS. On average, sell-side analysts expect that Patterson Companies will post 2.29 EPS for the current year.

Insider Transactions at Patterson Companies

In other news, CEO Donald Zurbay sold 1,962 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $23.08, for a total value of $45,282.96. Following the transaction, the chief executive officer now directly owns 222,736 shares of the company’s stock, valued at approximately $5,140,746.88. This trade represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Patterson Companies

Several hedge funds and other institutional investors have recently modified their holdings of PDCO. Miller Howard Investments Inc. NY increased its position in Patterson Companies by 2.3% during the second quarter. Miller Howard Investments Inc. NY now owns 19,545 shares of the company’s stock worth $471,000 after purchasing an additional 442 shares during the last quarter. KBC Group NV increased its position in Patterson Companies by 32.7% during the third quarter. KBC Group NV now owns 2,757 shares of the company’s stock worth $60,000 after purchasing an additional 680 shares during the last quarter. Hsbc Holdings PLC increased its position in Patterson Companies by 6.2% during the second quarter. Hsbc Holdings PLC now owns 14,184 shares of the company’s stock worth $341,000 after purchasing an additional 828 shares during the last quarter. LRI Investments LLC increased its position in Patterson Companies by 201.2% during the second 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 last quarter. Finally, Bfsg LLC increased its position in Patterson Companies by 8.2% during the third quarter. Bfsg LLC now owns 12,250 shares of the company’s stock worth $268,000 after purchasing an additional 925 shares during the last quarter. 85.43% of the stock is 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.