Patterson Companies (PDCO) Downgraded to “Underweight” at Morgan Stanley
Morgan Stanley cut shares of Patterson Companies (NASDAQ:PDCO) from an equal weight rating to an underweight rating in a research report report published on Wednesday. Morgan Stanley currently has $42.00 price target on the stock.
A number of other brokerages have also recently weighed in on PDCO. TheStreet cut shares of Patterson Companies from a b- rating to a c rating in a research note on Thursday, August 24th. Stifel Nicolaus upgraded shares of Patterson Companies from a sell rating to a hold rating and set a $34.00 price objective on the stock in a research note on Wednesday, November 15th. Zacks Investment Research raised Patterson Companies from a sell rating to a hold rating in a report on Wednesday, September 6th. Jefferies Group reaffirmed a hold rating and set a $37.00 target price on shares of Patterson Companies in a report on Thursday, November 23rd. Finally, Robert W. Baird reaffirmed a buy rating and set a $44.00 target price on shares of Patterson Companies in a report on Friday, November 10th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $41.20.
Shares of Patterson Companies (PDCO) traded down $1.51 during midday trading on Wednesday, hitting $34.81. 2,821,000 shares of the company were exchanged, compared to its average volume of 1,308,511. Patterson Companies has a fifty-two week low of $32.07 and a fifty-two week high of $48.29. The company has a current ratio of 1.94, a quick ratio of 1.10 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $3,478.58, a PE ratio of 16.36, a P/E/G ratio of 2.08 and a beta of 0.95.
Patterson Companies (NASDAQ:PDCO) last issued its quarterly earnings data on Tuesday, November 21st. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.03). Patterson Companies had a net margin of 2.84% and a return on equity of 15.19%. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the firm earned $0.56 earnings per share. Patterson Companies’s revenue for the quarter was down 2.3% compared to the same quarter last year. analysts expect that Patterson Companies will post 2.06 EPS for the current year.
In related news, Director John D. Buck purchased 2,834 shares of the company’s stock in a transaction that occurred on Friday, November 24th. The shares were purchased at an average price of $34.93 per share, with a total value of $98,991.62. Following the purchase, the director now owns 54,627 shares of the company’s stock, valued at approximately $1,908,121.11. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ann B. Gugino sold 750 shares of Patterson Companies stock in a transaction dated Wednesday, October 11th. The stock was sold at an average price of $36.73, for a total value of $27,547.50. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of PDCO. AXA grew its stake in Patterson Companies by 32.4% during the 3rd quarter. AXA now owns 249,388 shares of the company’s stock valued at $9,639,000 after acquiring an additional 61,088 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in Patterson Companies by 46.0% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,878,432 shares of the company’s stock valued at $188,551,000 after acquiring an additional 1,536,422 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Patterson Companies by 58.7% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 55,374 shares of the company’s stock valued at $2,140,000 after acquiring an additional 20,491 shares in the last quarter. California Public Employees Retirement System grew its stake in Patterson Companies by 6.1% during the 3rd quarter. California Public Employees Retirement System now owns 271,947 shares of the company’s stock valued at $10,511,000 after acquiring an additional 15,585 shares in the last quarter. Finally, Continental Advisors LLC grew its stake in Patterson Companies by 10.6% during the 3rd quarter. Continental Advisors LLC now owns 78,264 shares of the company’s stock valued at $3,025,000 after acquiring an additional 7,500 shares in the last quarter. 93.36% of the stock is currently owned by hedge funds and other institutional investors.
ILLEGAL ACTIVITY WARNING: This report was reported by Watch List News and is the sole property of of Watch List News. If you are viewing this report on another site, it was stolen and republished in violation of US & international copyright and trademark legislation. The correct version of this report can be accessed at https://www.watchlistnews.com/patterson-companies-pdco-downgraded-to-underweight-at-morgan-stanley/1750175.html.
About Patterson Companies
Patterson Companies, Inc is a value-added distributor focused on providing a customer experience to professionals in the dental and animal health markets. The Company operates through three segments: dental, animal health and corporate. Dental and Animal health are strategic business units that offer similar products and services to different customer bases.
Receive News & Ratings for Patterson Companies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson Companies Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.