Patterson Companies, Inc. (PDCO) Short Interest Down 10.5% in July

Patterson Companies, Inc. (NASDAQ:PDCO) was the recipient of a large decline in short interest in July. As of July 31st, there was short interest totalling 16,937,908 shares, a decline of 10.5% from the July 13th total of 18,929,465 shares. Based on an average daily trading volume, of 2,481,565 shares, the short-interest ratio is currently 6.8 days. Approximately 20.6% of the company’s stock are sold short.

A number of brokerages have recently commented on PDCO. Morgan Stanley boosted their target price on shares of Patterson Companies from $20.00 to $21.00 and gave the company an “underweight” rating in a report on Friday, June 22nd. Evercore ISI dropped their target price on shares of Patterson Companies from $20.00 to $18.50 and set an “underperform” rating on the stock in a report on Thursday, June 21st. BidaskClub upgraded shares of Patterson Companies from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 13th. Northcoast Research restated a “buy” rating on shares of Patterson Companies in a report on Wednesday, May 16th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Patterson Companies from $26.00 to $24.00 and set an “underweight” rating on the stock in a report on Thursday, June 7th. Seven analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $30.22.

Patterson Companies opened at $22.45 on Monday, according to Marketbeat Ratings. The company has a quick ratio of 1.09, a current ratio of 1.95 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $2.15 billion, a PE ratio of 13.36, a P/E/G ratio of 1.57 and a beta of 1.10. Patterson Companies has a 1 year low of $20.57 and a 1 year high of $40.90.

Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings results on Thursday, June 21st. The company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.43 billion. Patterson Companies had a return on equity of 11.05% and a net margin of 3.68%. Patterson Companies’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.69 EPS. sell-side analysts forecast that Patterson Companies will post 1.74 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 27th. Stockholders of record on Friday, July 13th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 4.63%. The ex-dividend date of this dividend was Thursday, July 12th. Patterson Companies’s dividend payout ratio is presently 61.90%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. State of New Jersey Common Pension Fund D raised its position in Patterson Companies by 4.0% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 520,000 shares of the company’s stock worth $11,788,000 after buying an additional 20,000 shares during the last quarter. Quantbot Technologies LP raised its position in Patterson Companies by 309.6% in the 1st quarter. Quantbot Technologies LP now owns 104,665 shares of the company’s stock worth $2,326,000 after buying an additional 79,114 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in Patterson Companies in the 4th quarter worth about $212,000. Confluence Investment Management LLC raised its position in Patterson Companies by 2.9% in the 2nd quarter. Confluence Investment Management LLC now owns 496,017 shares of the company’s stock worth $11,245,000 after buying an additional 14,079 shares during the last quarter. Finally, Rand Wealth LLC purchased a new position in Patterson Companies in the 2nd quarter worth about $209,000. 91.05% of the stock is owned by hedge funds and other institutional investors.

About Patterson Companies

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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