Bank of America Trims Patterson Companies (NASDAQ:PDCO) Target Price to $29.00

Patterson Companies (NASDAQ:PDCO) had its price target cut by equities research analysts at Bank of America from $31.00 to $29.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 28.95% from the company’s previous close.

Other analysts also recently issued research reports about the company. Morgan Stanley reduced their price objective on Patterson Companies from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 20th. JPMorgan Chase & Co. cut their target price on Patterson Companies from $30.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, June 20th. StockNews.com downgraded Patterson Companies from a “buy” rating to a “hold” rating in a research report on Saturday, June 1st. Finally, Evercore ISI cut their target price on Patterson Companies from $27.00 to $25.00 and set an “in-line” rating on the stock in a research report on Tuesday, July 9th. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $28.89.

Patterson Companies Stock Performance

NASDAQ:PDCO opened at $22.49 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 0.75. Patterson Companies has a 1 year low of $21.56 and a 1 year high of $32.58. The stock’s 50 day simple moving average is $24.53 and its two-hundred day simple moving average is $25.48. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 11.25, a PEG ratio of 2.32 and a beta of 1.06.

Patterson Companies (NASDAQ:PDCO) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.08). Patterson Companies had a return on equity of 20.80% and a net margin of 2.83%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same period in the previous year, the firm earned $0.40 EPS. The business’s revenue was down 2.3% compared to the same quarter last year. As a group, equities analysts anticipate that Patterson Companies will post 2.36 earnings per share for the current fiscal year.

Insider Activity at Patterson Companies

In related news, 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 transaction of $67,383.82. Following the completion of the transaction, the insider now owns 103,765 shares in the company, valued at approximately $2,460,268.15. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Patterson Companies news, CEO Donald Zurbay sold 7,216 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $24.99, for a total value of $180,327.84. Following the completion of the sale, the chief executive officer now directly owns 230,072 shares in the company, valued at approximately $5,749,499.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Les B. Korsh sold 2,842 shares of the company’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 completion of the sale, the insider now owns 103,765 shares of the company’s stock, valued at $2,460,268.15. The disclosure for this sale can be found here. Insiders sold a total of 17,149 shares of company stock worth $415,851 in the last quarter. 1.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patterson Companies

Hedge funds have recently made changes to their positions in the company. LRI Investments LLC lifted its holdings in shares of Patterson Companies by 201.2% in the 2nd quarter. LRI Investments LLC now owns 1,262 shares of the company’s stock worth $30,000 after buying an additional 843 shares during the period. GAMMA Investing LLC purchased a new stake in shares of Patterson Companies in the 4th quarter worth $32,000. Spire Wealth Management bought a new position in shares of Patterson Companies in the 1st quarter worth $35,000. Mather Group LLC. raised its position in shares of Patterson Companies by 1,376.1% in the 2nd quarter. Mather Group LLC. now owns 1,609 shares of the company’s stock worth $39,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of Patterson Companies in the 2nd quarter worth $41,000. 85.43% of the stock is currently 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.