Patterson Companies (NASDAQ:PDCO) Price Target Raised to $31.35

Patterson Companies (NASDAQ:PDCO) had its price target lifted by Morgan Stanley from $27.00 to $31.35 in a report issued on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

Other research analysts have also recently issued reports about the stock. Piper Sandler lowered their price target on shares of Patterson Companies from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, December 6th. Stifel Nicolaus dropped their price target on Patterson Companies from $25.00 to $24.00 and set a “hold” rating on the stock in a research report on Thursday, December 5th. Leerink Partners reaffirmed a “market perform” rating and set a $31.35 price objective (up previously from $29.00) on shares of Patterson Companies in a research report on Wednesday, December 11th. JPMorgan Chase & Co. lowered their price objective on Patterson Companies from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Finally, Mizuho assumed coverage on Patterson Companies in a research note on Wednesday, December 4th. They issued a “neutral” rating and a $23.00 target price on the stock. Eleven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Patterson Companies currently has an average rating of “Hold” and an average price target of $26.57.

Patterson Companies Stock Performance

Patterson Companies stock opened at $30.91 on Tuesday. Patterson Companies has a fifty-two week low of $19.45 and a fifty-two week high of $31.79. The stock’s 50 day simple moving average is $22.58 and its two-hundred day simple moving average is $23.12. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.76 and a current ratio of 1.37. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 2.70 and a beta of 1.00.

Patterson Companies (NASDAQ:PDCO) last issued its quarterly earnings results on Thursday, December 5th. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Patterson Companies had a return on equity of 19.77% and a net margin of 2.37%. Patterson Companies’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.50 earnings per share. As a group, analysts expect that Patterson Companies will post 2.26 earnings per share for the current fiscal year.

Insider Transactions at Patterson Companies

In other Patterson Companies news, CEO Donald Zurbay sold 1,962 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $23.08, for a total transaction of $45,282.96. Following the completion of the sale, the chief executive officer now directly owns 222,736 shares in the company, valued at $5,140,746.88. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PDCO. LRI Investments LLC raised its holdings in 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 purchasing an additional 843 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of Patterson Companies in the second quarter worth about $41,000. Family Firm Inc. purchased a new position in shares of Patterson Companies during the 2nd quarter valued at about $45,000. Meeder Asset Management Inc. bought a new position in shares of Patterson Companies during the 2nd quarter valued at approximately $45,000. Finally, International Assets Investment Management LLC increased its holdings in Patterson Companies by 2,084.0% in the 3rd quarter. International Assets Investment Management LLC now owns 2,184 shares of the company’s stock worth $48,000 after acquiring an additional 2,084 shares in the last quarter. Hedge funds and other institutional investors 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.