Patterson Companies (NASDAQ:PDCO) Announces Earnings Results

Patterson Companies (NASDAQ:PDCOGet Free Report) posted its quarterly earnings results on Wednesday. The company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01), Briefing.com reports. Patterson Companies had a return on equity of 20.98% and a net margin of 2.95%. The business had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the business posted $0.62 earnings per share. The business’s quarterly revenue was up .9% compared to the same quarter last year. Patterson Companies updated its FY24 guidance to $2.30-2.35 EPS and its FY 2024 guidance to 2.300-2.350 EPS.

Patterson Companies Trading Up 1.0 %

Shares of NASDAQ PDCO traded up $0.26 during trading on Friday, hitting $27.35. 835,991 shares of the company were exchanged, compared to its average volume of 839,441. The firm has a market capitalization of $2.45 billion, a PE ratio of 13.47, a P/E/G ratio of 1.34 and a beta of 1.06. Patterson Companies has a 12-month low of $25.00 and a 12-month high of $34.53. The company has a fifty day moving average price of $29.02 and a 200-day moving average price of $29.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.81 and a current ratio of 1.43.

Patterson Companies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 2nd. Shareholders of record on Friday, January 19th were paid a dividend of $0.26 per share. The ex-dividend date was Thursday, January 18th. This represents a $1.04 annualized dividend and a yield of 3.80%. Patterson Companies’s dividend payout ratio (DPR) is presently 51.23%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. StockNews.com lowered shares of Patterson Companies from a “buy” rating to a “hold” rating in a report on Friday, November 17th. Morgan Stanley dropped their price target on shares of Patterson Companies from $38.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 30th. The Goldman Sachs Group dropped their price target on shares of Patterson Companies from $35.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, November 30th. SVB Leerink began coverage on shares of Patterson Companies in a research note on Monday, February 26th. They issued an “outperform” rating and a $36.00 price target on the stock. Finally, Piper Sandler cut shares of Patterson Companies from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $34.00 to $28.00 in a research note on Thursday. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $33.50.

View Our Latest Report on Patterson Companies

Insider Activity at Patterson Companies

In other Patterson Companies news, CEO Donald Zurbay sold 1,868 shares of the stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $26.58, for a total transaction of $49,651.44. Following the completion of the sale, the chief executive officer now directly owns 141,923 shares in the company, valued at approximately $3,772,313.34. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patterson Companies

A number of institutional investors and hedge funds have recently made changes to their positions in PDCO. Raymond James Financial Services Advisors Inc. bought a new position in shares of Patterson Companies during the 1st quarter worth approximately $266,000. PNC Financial Services Group Inc. lifted its holdings in shares of Patterson Companies by 89.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,266 shares of the company’s stock worth $203,000 after acquiring an additional 2,966 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Patterson Companies by 40.4% during the 1st quarter. MetLife Investment Management LLC now owns 102,249 shares of the company’s stock worth $3,310,000 after acquiring an additional 29,446 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Patterson Companies by 10.7% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,801 shares of the company’s stock worth $1,029,000 after purchasing an additional 3,084 shares during the last quarter. Finally, Great West Life Assurance Co. Can lifted its stake in Patterson Companies by 12.0% in the first quarter. Great West Life Assurance Co. Can now owns 52,913 shares of the company’s stock worth $1,763,000 after purchasing an additional 5,655 shares during the last quarter. Institutional investors own 79.24% of the company’s stock.

Patterson Companies Company Profile

(Get Free Report)

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.

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Earnings History for Patterson Companies (NASDAQ:PDCO)

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