Patterson Companies (NASDAQ:PDCO) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Patterson Companies, Inc. (NASDAQ:PDCO) saw unusually-strong trading volume on Thursday . Approximately 1,433,612 shares were traded during trading, an increase of 17% from the previous session’s volume of 1,229,472 shares.The stock last traded at $31.12 and had previously closed at $31.07.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PDCO. Robert W. Baird upped their price target on shares of Patterson Companies from $25.00 to $31.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. StockNews.com started coverage on shares of Patterson Companies in a report on Sunday, February 23rd. They set a “hold” rating for the company. Piper Sandler dropped their price target on shares of Patterson Companies from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, December 6th. Leerink Partnrs downgraded shares of Patterson Companies from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, Leerink Partners reaffirmed a “market perform” rating and issued a $31.35 target price (up from $29.00) on shares of Patterson Companies in a report on Wednesday, December 11th. Eleven research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $26.57.

Patterson Companies Trading Down 0.0 %

The stock has a fifty day simple moving average of $30.95 and a 200 day simple moving average of $25.45. The firm has a market capitalization of $2.76 billion, a P/E ratio of 18.21, a PEG ratio of 2.71 and a beta of 0.90. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 0.34.

Patterson Companies (NASDAQ:PDCO) last issued its earnings results on Thursday, December 5th. The company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). Patterson Companies had a net margin of 2.37% and a return on equity of 19.77%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period last year, the business posted $0.50 EPS. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, research analysts forecast that Patterson Companies, Inc. will post 2.25 EPS for the current year.

Insider Transactions at Patterson Companies

In other news, CEO Donald Zurbay sold 1,962 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $23.08, for a total transaction of $45,282.96. Following the completion of the transaction, the chief executive officer now owns 222,736 shares in the company, valued at $5,140,746.88. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Patterson Companies

Several institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in shares of Patterson Companies during the 4th quarter worth approximately $18,316,000. American Century Companies Inc. raised its stake in Patterson Companies by 24.1% during the fourth quarter. American Century Companies Inc. now owns 2,711,030 shares of the company’s stock valued at $83,662,000 after purchasing an additional 527,054 shares in the last quarter. Hotchkis & Wiley Capital Management LLC bought a new position in Patterson Companies during the third quarter valued at $11,183,000. TIG Advisors LLC bought a new position in Patterson Companies during the fourth quarter valued at $14,633,000. Finally, Hsbc Holdings PLC grew its stake in shares of Patterson Companies by 2,837.3% in the 4th quarter. Hsbc Holdings PLC now owns 423,977 shares of the company’s stock worth $13,084,000 after buying an additional 409,543 shares in the last quarter. Hedge funds and other institutional investors own 85.43% of the company’s stock.

Patterson Companies Company Profile

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.