Patterson Companies, Inc. (NASDAQ:PDCO) was the target of a significant decline in short interest in July. As of July 31st, there was short interest totalling 16,937,908 shares, a decline of 10.5% from the July 13th total of 18,929,465 shares. Based on an average daily volume of 2,481,565 shares, the short-interest ratio is presently 6.8 days. Approximately 20.6% of the shares of the company are sold short.
A number of analysts have recently commented on the company. Zacks Investment Research upgraded Patterson Companies from a “strong sell” rating to a “hold” rating in a research report on Monday, June 25th. Morgan Stanley lifted their target price on Patterson Companies from $20.00 to $21.00 and gave the stock an “underweight” rating in a research report on Friday, June 22nd. Evercore ISI cut their target price on Patterson Companies from $20.00 to $18.50 and set an “underperform” rating on the stock in a research report on Thursday, June 21st. ValuEngine cut Patterson Companies from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 2nd. Finally, BidaskClub upgraded Patterson Companies from a “sell” rating to a “hold” rating in a research report on Thursday, April 26th. Seven analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company’s stock. Patterson Companies presently has an average rating of “Hold” and a consensus price target of $30.22.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PDCO. Tyers Asset Management LLC grew its holdings in shares of Patterson Companies by 58.0% during the second quarter. Tyers Asset Management LLC now owns 6,624 shares of the company’s stock worth $150,000 after buying an additional 2,432 shares during the last quarter. Riverhead Capital Management LLC boosted its holdings in Patterson Companies by 62.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 7,300 shares of the company’s stock valued at $165,000 after purchasing an additional 2,800 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Patterson Companies by 52.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,369 shares of the company’s stock valued at $190,000 after purchasing an additional 2,864 shares in the last quarter. Rand Wealth LLC purchased a new stake in Patterson Companies in the 2nd quarter valued at approximately $209,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in Patterson Companies in the 4th quarter valued at approximately $212,000. 91.05% of the stock is currently owned by hedge funds and other institutional investors.
Patterson Companies (NASDAQ:PDCO) last released its quarterly earnings results on Thursday, June 21st. The company reported $0.30 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.30. Patterson Companies had a return on equity of 11.05% and a net margin of 3.68%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter last year, the company posted $0.69 earnings per share. The business’s revenue was down 3.1% on a year-over-year basis. analysts predict that Patterson Companies will post 1.74 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 27th. Investors of record on Friday, July 13th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date of this dividend was Thursday, July 12th. Patterson Companies’s dividend payout ratio is currently 61.90%.
Patterson Companies Company Profile
Patterson Companies, Inc distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada. It operates through Dental and Animal Health segments. The company's Dental segment offers consumable products, such as infection control, restorative materials, hand instruments, and sterilization products; basic and advanced technology dental equipment; patient education systems; and office forms and stationery.
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