JPMorgan Chase & Co. Trims Patterson Companies (NASDAQ:PDCO) Target Price to $29.00

Patterson Companies (NASDAQ:PDCO) had its price objective trimmed by JPMorgan Chase & Co. from $30.00 to $29.00 in a report published on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts have also issued reports about the stock. StockNews.com lowered shares of Patterson Companies from a buy rating to a hold rating in a report on Saturday, June 1st. Evercore ISI reduced their target price on shares of Patterson Companies from $28.00 to $27.00 and set an in-line rating on the stock in a report on Friday, April 26th. SVB Leerink initiated coverage on shares of Patterson Companies in a report on Monday, February 26th. They issued an outperform rating and a $36.00 target price on the stock. Piper Sandler lowered shares of Patterson Companies from an overweight rating to a neutral rating and reduced their target price for the company from $34.00 to $28.00 in a report on Thursday, February 29th. Finally, Leerink Partnrs restated an outperform rating on shares of Patterson Companies in a report on Monday, February 26th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Patterson Companies presently has an average rating of Hold and a consensus target price of $30.25.

Patterson Companies Stock Performance

NASDAQ:PDCO opened at $24.31 on Thursday. The company has a quick ratio of 0.72, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. Patterson Companies has a fifty-two week low of $22.29 and a fifty-two week high of $34.53. The stock has a market cap of $2.13 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 2.03 and a beta of 1.07. The firm’s fifty day simple moving average is $24.88 and its 200-day simple moving average is $26.94.

Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings results on Tuesday, June 18th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). Patterson Companies had a return on equity of 20.80% and a net margin of 2.83%. The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the company earned $0.84 earnings per share. The business’s revenue for the quarter was down .1% compared to the same quarter last year. Analysts expect that Patterson Companies will post 2.37 earnings per share for the current fiscal year.

Patterson Companies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date is Friday, July 19th. Patterson Companies’s dividend payout ratio (DPR) is presently 52.00%.

Institutional Trading of Patterson Companies

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in Patterson Companies in the fourth quarter valued at approximately $26,162,000. Vanguard Group Inc. grew its position in Patterson Companies by 7.9% in the first quarter. Vanguard Group Inc. now owns 10,018,184 shares of the company’s stock valued at $277,003,000 after acquiring an additional 730,819 shares in the last quarter. Nordea Investment Management AB grew its position in Patterson Companies by 25.3% in the fourth quarter. Nordea Investment Management AB now owns 2,594,944 shares of the company’s stock valued at $73,852,000 after acquiring an additional 523,226 shares in the last quarter. Private Management Group Inc. acquired a new stake in Patterson Companies in the first quarter valued at approximately $10,741,000. Finally, Westwood Holdings Group Inc. grew its position in Patterson Companies by 17.0% in the fourth quarter. Westwood Holdings Group Inc. now owns 2,287,553 shares of the company’s stock valued at $65,081,000 after acquiring an additional 332,593 shares in the last quarter. Institutional investors and hedge funds own 85.43% 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.