Fund Management

Patterson Companies (NASDAQ:PDCO) Updates FY 2023 Earnings Guidance

Patterson Companies (NASDAQ:PDCO) updated its FY 2023 earnings guidance. The company provided EPS guidance of $2.25-$2.35 for the period, compared to the consensus estimate of $2.26.

Blog

Jan 8, 2023 • 4 min read

Patterson Companies (NASDAQ:PDCO - Get Rating) updated its FY 2023 earnings guidance on Saturday. The company provided EPS guidance of $2.25-$2.35 for the period, compared to the consensus EPS estimate of $2.26. The company issued revenue guidance of -.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. William Blair reissued a market perform rating on shares of Patterson Companies in a research note on Friday, September 2nd. TheStreet upgraded Patterson Companies from a c+ rating to a b rating in a research report on Thursday, December 1st. Robert W. Baird decreased their price objective on Patterson Companies to $33.00 in a research report on Tuesday, September 6th. Credit Suisse Group raised their price objective on Patterson Companies to $39.00 and gave the stock an outperform rating in a research report on Monday, November 28th. Finally, Piper Sandler decreased their price objective on Patterson Companies from $40.00 to $35.00 and set an overweight rating for the company in a research report on Monday, October 17th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $33.83.

Patterson Companies Stock Down 0.6 %

Shares of Patterson Companies stock opened at $28.03 on Friday. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 13.81, a P/E/G ratio of 1.78 and a beta of 1.30. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.60 and a quick ratio of 0.83. Patterson Companies has a 52-week low of $23.87 and a 52-week high of $35.29. The stock has a 50-day simple moving average of $28.10 and a 200-day simple moving average of $28.15.

Patterson Companies (NASDAQ:PDCO - Get Rating) last announced its quarterly earnings results on Thursday, December 1st. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.68 billion. Patterson Companies had a return on equity of 20.93% and a net margin of 3.13%. The firm's revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.58 EPS. On average, equities research analysts expect that Patterson Companies will post 2.28 earnings per share for the current fiscal year.

Patterson Companies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 3rd. Stockholders of record on Friday, January 20th will be issued a dividend of $0.26 per share. The ex-dividend date is Thursday, January 19th. This represents a $1.04 annualized dividend and a dividend yield of 3.71%. Patterson Companies's dividend payout ratio is 51.23%.

Insider Buying and Selling

In related news, CFO Kevin Michael Barry sold 9,443 shares of the business's stock in a transaction that occurred on Monday, December 5th. The stock was sold at an average price of $29.10, for a total value of $274,791.30. Following the completion of the sale, the chief financial officer now directly owns 6,442 shares in the company, valued at approximately $187,462.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On Patterson Companies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors lifted its holdings in Patterson Companies by 28.7% in the 2nd quarter. Captrust Financial Advisors now owns 1,815 shares of the company's stock worth $55,000 after purchasing an additional 405 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Patterson Companies by 2.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 16,670 shares of the company's stock worth $400,000 after buying an additional 452 shares during the period. Yousif Capital Management LLC increased its position in Patterson Companies by 1.8% in the 1st quarter. Yousif Capital Management LLC now owns 49,790 shares of the company's stock worth $1,612,000 after buying an additional 885 shares during the period. Toroso Investments LLC increased its position in Patterson Companies by 8.7% in the 1st quarter. Toroso Investments LLC now owns 11,455 shares of the company's stock worth $371,000 after buying an additional 916 shares during the period. Finally, Baird Financial Group Inc. increased its position in Patterson Companies by 15.5% in the 3rd quarter. Baird Financial Group Inc. now owns 12,816 shares of the company's stock worth $307,000 after buying an additional 1,716 shares during the period. 81.09% of the stock is currently owned by institutional investors and hedge funds.

Patterson Companies Company Profile

Patterson Companies, Inc engages in 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.