Patterson Companies (NASDAQ:PDCO) Hits New 52-Week Low - Here's What Happened

Shares of Patterson Companies, Inc. (NASDAQ:PDCO - Get Free Report) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $19.82 and last traded at $19.82, with a volume of 21057 shares changing hands. The stock had previously closed at $20.00.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Robert W. Baird reduced their price objective on shares of Patterson Companies from $30.00 to $28.00 and set a "neutral" rating for the company in a research note on Thursday, August 29th. UBS Group reduced their price objective on Patterson Companies from $27.00 to $24.00 and set a "neutral" rating on the stock in a research note on Thursday, September 5th. Evercore ISI reduced their target price on Patterson Companies from $23.00 to $22.00 and set an "in-line" rating on the stock in a research note on Tuesday, October 8th. JPMorgan Chase & Co. lowered their target price 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, Bank of America dropped their price target on Patterson Companies from $31.00 to $29.00 and set a "buy" rating on the stock in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Patterson Companies presently has a consensus rating of "Hold" and an average price target of $28.30.

Patterson Companies Stock Down 2.2 %

The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 0.67. The company has a market cap of $1.72 billion, a PE ratio of 10.85, a PEG ratio of 1.51 and a beta of 1.02. The business's fifty day simple moving average is $21.10 and its two-hundred day simple moving average is $23.32.

Patterson Companies (NASDAQ:PDCO - Get Free Report) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.24 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.08). Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.59 billion. During the same quarter in the prior year, the company posted $0.40 earnings per share. The business's revenue for the quarter was down 2.3% compared to the same quarter last year. On average, analysts predict that Patterson Companies, Inc. will post 2.32 earnings per share for the current year.

Patterson Companies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Wednesday, October 16th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.31%. Patterson Companies's payout ratio is 56.83%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. LRI Investments LLC increased its stake in Patterson Companies by 201.2% during the 2nd quarter. LRI Investments LLC now owns 1,262 shares of the company's stock valued at $30,000 after buying an additional 843 shares during the period. Mather Group LLC. increased its holdings in Patterson Companies by 1,376.1% in the 2nd quarter. Mather Group LLC. now owns 1,609 shares of the company's stock valued at $39,000 after buying an additional 1,500 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of Patterson Companies during the second quarter valued at $41,000. Family Firm Inc. bought a new position in shares of Patterson Companies in the second quarter valued at about $45,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Patterson Companies during the second quarter worth $45,000. 85.43% of the stock is owned by institutional investors and hedge funds.

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.