Patterson Companies Sees Unusually High Options Volume (PDCO)

Patterson Companies (NASDAQ:PDCO) was the recipient of unusually large options trading on Thursday. Stock traders purchased 2,322 put options on the company. This represents an increase of 682% compared to the average volume of 297 put options.

Shares of Patterson Companies stock opened at $21.80 on Friday. Patterson Companies has a one year low of $20.91 and a one year high of $48.29. The firm has a market capitalization of $2.01 billion, a P/E ratio of 10.28, a P/E/G ratio of 1.70 and a beta of 1.15. The company has a current ratio of 1.80, a quick ratio of 1.00 and a debt-to-equity ratio of 0.64.

Patterson Companies (NASDAQ:PDCO) last announced its earnings results on Thursday, March 1st. The company reported $0.43 EPS for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.09). Patterson Companies had a return on equity of 13.85% and a net margin of 4.39%. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the business posted $0.58 earnings per share. Patterson Companies’s revenue for the quarter was down 1.6% compared to the same quarter last year. analysts forecast that Patterson Companies will post 1.69 earnings per share for the current year.

Patterson Companies declared that its Board of Directors has approved a share buyback program on Tuesday, March 13th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, April 27th. Investors of record on Friday, April 13th were issued a $0.26 dividend. The ex-dividend date was Thursday, April 12th. This represents a $1.04 dividend on an annualized basis and a yield of 4.77%. Patterson Companies’s dividend payout ratio is currently 44.44%.

Institutional investors have recently made changes to their positions in the stock. Howard Capital Management Inc. bought a new stake in Patterson Companies during the first quarter valued at about $7,949,000. Trilogy Capital Inc. bought a new stake in Patterson Companies during the first quarter valued at about $296,000. Principal Financial Group Inc. raised its holdings in Patterson Companies by 182.5% during the first quarter. Principal Financial Group Inc. now owns 364,937 shares of the company’s stock valued at $8,112,000 after acquiring an additional 235,760 shares during the period. Catalyst Capital Advisors LLC bought a new stake in Patterson Companies during the first quarter valued at about $469,000. Finally, Wesbanco Bank Inc. bought a new stake in Patterson Companies during the first quarter valued at about $919,000. 90.42% of the stock is currently owned by institutional investors.

PDCO has been the topic of a number of research reports. BidaskClub upgraded Patterson Companies from a “sell” rating to a “hold” rating in a research note on Tuesday, January 30th. JPMorgan Chase & Co. downgraded Patterson Companies from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $40.00 to $36.00 in a research note on Thursday, February 15th. Robert W. Baird downgraded Patterson Companies from an “outperform” rating to a “neutral” rating in a research note on Thursday, March 1st. Evercore ISI downgraded Patterson Companies from an “in-line” rating to an “underperform” rating in a research note on Thursday, March 1st. Finally, Northcoast Research set a $38.00 price target on Patterson Companies and gave the stock a “buy” rating in a research note on Thursday, March 1st. Six equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $36.17.

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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