Stock Traders Buy Large Volume of Put Options on Patterson Companies (PDCO)

Patterson Companies, Inc. (NASDAQ:PDCO) was the target of unusually large options trading activity on Tuesday. Stock traders bought 921 put options on the company. This represents an increase of 959% compared to the typical daily volume of 87 put options.

A number of analysts recently commented on the stock. BidaskClub downgraded shares of Patterson Companies from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Zacks Investment Research upgraded shares of Patterson Companies from a “sell” rating to a “hold” rating in a report on Monday, October 23rd. Piper Jaffray Companies assumed coverage on shares of Patterson Companies in a report on Thursday, October 19th. They issued a “neutral” rating and a $41.00 target price on the stock. Robert W. Baird reiterated a “buy” rating and issued a $44.00 target price on shares of Patterson Companies in a report on Tuesday, September 26th. Finally, Royal Bank Of Canada began coverage on shares of Patterson Companies in a report on Tuesday, September 19th. They set a “sector perform” rating and a $42.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $41.36.

In related news, CFO Ann B. Gugino sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, October 11th. The shares were sold at an average price of $36.73, for a total value of $27,547.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Amica Retiree Medical Trust grew its position in Patterson Companies by 433.8% during the third quarter. Amica Retiree Medical Trust now owns 2,989 shares of the company’s stock valued at $116,000 after purchasing an additional 2,429 shares in the last quarter. Advisory Services Network LLC grew its position in Patterson Companies by 423.4% during the second quarter. Advisory Services Network LLC now owns 2,523 shares of the company’s stock valued at $118,000 after purchasing an additional 2,041 shares in the last quarter. Commonwealth Bank of Australia grew its position in Patterson Companies by 15.9% during the second quarter. Commonwealth Bank of Australia now owns 3,027 shares of the company’s stock valued at $140,000 after purchasing an additional 415 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Patterson Companies by 4.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,576 shares of the company’s stock valued at $168,000 after purchasing an additional 150 shares in the last quarter. Finally, Palisade Asset Management LLC purchased a new position in Patterson Companies during the second quarter valued at approximately $188,000. Institutional investors and hedge funds own 88.73% of the company’s stock.

Shares of Patterson Companies (NASDAQ:PDCO) opened at $35.29 on Friday. Patterson Companies has a 1-year low of $32.07 and a 1-year high of $48.29. The company has a current ratio of 1.94, a quick ratio of 1.15 and a debt-to-equity ratio of 0.73. The stock has a market cap of $3,333.00, a P/E ratio of 15.68, a PEG ratio of 2.00 and a beta of 0.96.

Patterson Companies (NASDAQ:PDCO) last released its quarterly earnings results on Tuesday, November 21st. The company reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.03). Patterson Companies had a net margin of 2.84% and a return on equity of 15.19%. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the firm earned $0.56 EPS. The firm’s revenue was down 2.3% compared to the same quarter last year. analysts forecast that Patterson Companies will post 2.05 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 27th. Stockholders of record on Friday, October 13th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Thursday, October 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.95%. Patterson Companies’s dividend payout ratio is currently 62.28%.

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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.

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