Patterson Companies (NASDAQ:PDCO) Shares Gap Up After Earnings Beat

Patterson Companies, Inc. (NASDAQ:PDCO) shares gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $19.21, but opened at $20.23. Patterson Companies shares last traded at $23.95, with a volume of 915,570 shares trading hands.

The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.35 by $0.04. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.42 billion. Patterson Companies had a net margin of 2.12% and a return on equity of 8.95%. The firm’s revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 earnings per share.

A number of analysts have recently commented on the company. Barclays lowered their target price on Patterson Companies from $20.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, August 30th. Goldman Sachs Group set a $15.00 price target on Patterson Companies and gave the company a “sell” rating in a research report on Friday, August 30th. UBS Group reduced their price target on Patterson Companies from $23.00 to $16.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. ValuEngine raised Patterson Companies from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, William Blair restated a “market perform” rating on shares of Patterson Companies in a research report on Wednesday. Four research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $19.00.

Institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Patterson Companies by 15.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,116 shares of the company’s stock worth $117,000 after acquiring an additional 692 shares in the last quarter. First Trust Advisors LP boosted its position in Patterson Companies by 0.8% during the third quarter. First Trust Advisors LP now owns 100,827 shares of the company’s stock worth $1,797,000 after purchasing an additional 758 shares in the last quarter. Arizona State Retirement System boosted its position in Patterson Companies by 1.3% during the second quarter. Arizona State Retirement System now owns 60,092 shares of the company’s stock worth $1,376,000 after purchasing an additional 773 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in Patterson Companies by 3.8% during the third quarter. Northwestern Mutual Investment Management Company LLC now owns 24,520 shares of the company’s stock worth $437,000 after purchasing an additional 906 shares in the last quarter. Finally, Mason Street Advisors LLC grew its holdings in Patterson Companies by 2.2% in the third quarter. Mason Street Advisors LLC now owns 45,098 shares of the company’s stock valued at $804,000 after purchasing an additional 966 shares during the period. Institutional investors and hedge funds own 93.75% of the company’s stock.

The firm has a market capitalization of $2.25 billion, a PE ratio of 16.79, a PEG ratio of 2.62 and a beta of 1.36. The stock has a 50-day moving average price of $18.52 and a 200 day moving average price of $19.31. The company has a quick ratio of 0.88, a current ratio of 1.81 and a debt-to-equity ratio of 0.51.

Patterson Companies Company Profile (NASDAQ:PDCO)

Patterson Companies, Inc distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada. It operates through Dental and Animal Health segments. The company's Dental segment offers consumable products, such as infection control, restorative materials, hand instruments, and sterilization products; basic and advanced technology dental equipment; patient education systems; and office forms and stationery.

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