Patterson Companies, Inc. (NASDAQ:PDCO) Sees Significant Decline in Short Interest

Patterson Companies, Inc. (NASDAQ:PDCO) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 14,500,000 shares, a drop of 8.5% from the September 30th total of 15,850,000 shares. Approximately 17.3% of the company’s shares are sold short. Based on an average daily volume of 1,060,000 shares, the days-to-cover ratio is currently 13.7 days.

Shares of Patterson Companies stock opened at $18.80 on Tuesday. The business has a 50-day moving average of $17.53 and a 200 day moving average of $19.53. Patterson Companies has a 12 month low of $15.73 and a 12 month high of $26.60. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of 13.43, a price-to-earnings-growth ratio of 2.44 and a beta of 1.34. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.81 and a quick ratio of 0.88.

Patterson Companies (NASDAQ:PDCO) last announced its earnings results on Thursday, August 29th. The company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.02. Patterson Companies had a return on equity of 8.95% and a net margin of 2.12%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same period last year, the business posted $0.26 EPS. Patterson Companies’s revenue for the quarter was down .6% on a year-over-year basis. Equities research analysts anticipate that Patterson Companies will post 1.38 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 5.53%. The ex-dividend date of this dividend was Thursday, October 10th. Patterson Companies’s payout ratio is presently 74.29%.

Several institutional investors and hedge funds have recently made changes to their positions in PDCO. Amundi Pioneer Asset Management Inc. boosted its stake in shares of Patterson Companies by 33.4% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 144,328 shares of the company’s stock valued at $3,154,000 after buying an additional 36,096 shares during the period. Valeo Financial Advisors LLC boosted its stake in shares of Patterson Companies by 6,340.8% in the 2nd quarter. Valeo Financial Advisors LLC now owns 8,051 shares of the company’s stock valued at $184,000 after buying an additional 7,926 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Patterson Companies by 39.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 57,465 shares of the company’s stock valued at $1,316,000 after buying an additional 16,300 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Patterson Companies by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 33,516 shares of the company’s stock valued at $768,000 after buying an additional 472 shares during the period. Finally, Biechele Royce Advisors boosted its stake in shares of Patterson Companies by 4.7% in the 2nd quarter. Biechele Royce Advisors now owns 277,997 shares of the company’s stock valued at $6,366,000 after buying an additional 12,502 shares during the period. Institutional investors and hedge funds own 93.47% of the company’s stock.

PDCO has been the subject of a number of recent analyst reports. Wolfe Research set a $17.00 price objective on Patterson Companies and gave the stock a “sell” rating in a research report on Friday, August 30th. Barclays lowered their target price on Patterson Companies from $20.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, August 30th. Goldman Sachs Group set a $15.00 target price on Patterson Companies and gave the company a “sell” rating in a report on Friday, August 30th. Robert W. Baird set a $19.00 target price on Patterson Companies and gave the company a “hold” rating in a report on Friday, August 30th. Finally, BidaskClub upgraded Patterson Companies from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Four analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Patterson Companies has an average rating of “Hold” and an average target price of $18.63.

Patterson Companies Company Profile

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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