Patterson Companies (NASDAQ:PDCO) Updates FY24 Earnings Guidance

Patterson Companies (NASDAQ:PDCOGet Free Report) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.30-2.35 for the period, compared to the consensus earnings per share estimate of $2.36. Patterson Companies also updated its FY 2024 guidance to 2.300-2.350 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PDCO. StockNews.com cut shares of Patterson Companies from a buy rating to a hold rating in a report on Friday, November 17th. Leerink Partnrs reiterated an outperform rating on shares of Patterson Companies in a research report on Monday. Piper Sandler reduced their target price on shares of Patterson Companies from $39.00 to $34.00 and set an overweight rating on the stock in a report on Thursday, November 30th. The Goldman Sachs Group reduced their target price on shares of Patterson Companies from $35.00 to $30.00 and set a neutral rating on the stock in a report on Thursday, November 30th. Finally, Morgan Stanley dropped their price objective on shares of Patterson Companies from $38.00 to $35.00 and set an equal weight rating for the company in a research note on Thursday, November 30th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $34.25.

Check Out Our Latest Analysis on Patterson Companies

Patterson Companies Stock Performance

PDCO traded down $2.10 during trading hours on Wednesday, hitting $26.74. 1,989,358 shares of the stock were exchanged, compared to its average volume of 1,315,400. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.56 and a quick ratio of 0.81. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 1.45 and a beta of 1.09. Patterson Companies has a 12 month low of $25.00 and a 12 month high of $34.53. The stock has a 50-day simple moving average of $29.08 and a 200-day simple moving average of $29.75.

Patterson Companies (NASDAQ:PDCOGet Free Report) last posted its earnings results on Wednesday, February 28th. The company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The company had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.63 billion. Patterson Companies had a net margin of 3.05% and a return on equity of 20.91%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.62 earnings per share. Analysts anticipate that Patterson Companies will post 2.37 earnings per share for the current year.

Patterson Companies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 2nd. Investors of record on Friday, January 19th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date was Thursday, January 18th. Patterson Companies’s payout ratio is currently 50.49%.

Insider Activity at Patterson Companies

In related news, CEO Donald Zurbay sold 1,868 shares of the stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $26.58, for a total value of $49,651.44. Following the completion of the transaction, the chief executive officer now owns 141,923 shares in the company, valued at approximately $3,772,313.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Kevin Michael Barry sold 1,627 shares of Patterson Companies stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $25.36, for a total transaction of $41,260.72. Following the completion of the sale, the chief financial officer now directly owns 23,103 shares in the company, valued at approximately $585,892.08. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Donald Zurbay sold 1,868 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $26.58, for a total value of $49,651.44. Following the completion of the transaction, the chief executive officer now directly owns 141,923 shares in the company, valued at $3,772,313.34. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its stake in Patterson Companies by 89.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,266 shares of the company’s stock valued at $203,000 after buying an additional 2,966 shares in the last quarter. Balyasny Asset Management LLC acquired a new position in shares of Patterson Companies during the third quarter worth about $201,000. State of Wyoming increased its stake in Patterson Companies by 21.9% in the 4th quarter. State of Wyoming now owns 6,594 shares of the company’s stock valued at $185,000 after buying an additional 1,183 shares during the last quarter. Stonebridge Capital Advisors LLC acquired a new position in Patterson Companies during the first quarter valued at approximately $181,000. Finally, Lazard Asset Management LLC acquired a new stake in Patterson Companies in the second quarter valued at $164,000. 79.24% of the stock is owned by institutional investors.

Patterson Companies Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Patterson Companies (NASDAQ:PDCO)

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