T. Rowe Price Associates, Inc. (I. recently announced the acquisition of new stake in Patterson Companies Inc. (NASDAQ:PDCO). The institutional investor has increased its shareholding in the Healthcare company by 8.80% to 13.98 million shares with purchase of 1.13 million shares. This fresh investment now brings its stake to 14.56% valued currently at $307.46 million. In addition, The Vanguard Group, Inc. raised its holdings by 57055.0 to 8.55 million shares. And Dimensional Fund Advisors LP has lifted its position by 3.02% or 0.15 million shares – to 4.99 million shares.
With over 1.43 million Patterson Companies Inc. (PDCO) shares trading Monday and a closing price of $25.17 on the day, the dollar volume was approximately $35.88 million. The shares have shown a positive weekly performance of 9.46% and its price on 07/20/20 lost nearly -2.39%. Currently, there are 94.46M common shares owned by the public and among those 84.37M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 15 analysts who have offered their price forecasts for PDCO have a consensus price objective of $22.81. The analysts have set the share’s price value over the next 12 months at a high of $28.00 and a low of $18.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Patterson Companies Inc. stock is 2.60 for the next 12 months. The average price target is -9.43% below its last price level and a downside to the estimated low will see the stock lose -39.83% over that period. But an upside of 10.11% will see the stock hit the forecast high price target while mean target price for the stock is $21.00.
Insiders at the company have transacted a total of 32 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 244,131 shares. Insider sales of the common stock occurred on 8 occasions, with total insider shares sold totaling 18,682 shares.
The top 3 mutual fund holders in Patterson Companies Inc. are T Rowe Price Mid Cap Value Fund, Vanguard Total Stock Market Index, and iShares Core S&P Mid Cap ETF. T Rowe Price Mid Cap Value Fund owns 9.11 million shares of the company’s stock, all valued at over $200.44 million. The company sold 64300.0 shares recently to bring their total holdings to about 9.49% of the shares outstanding. Vanguard Total Stock Market Index sold 33481.0 shares to see its total holdings shrink to 2.43 million shares valued at over $53.5 million and representing 2.53% of the shares outstanding. iShares Core S&P Mid Cap ETF now owns shares totaling to 2.40% of the shares outstanding.
Shares of Patterson Companies Inc. (NASDAQ: PDCO) opened at $25.80, up $0.02 from a prior closing price of $25.78. However, the script later closed the day at $25.17, down -2.39%. The company’s stock has a 5-day price change of 9.46% and 62.15% over the past three months. PDCO shares are trading 22.88% year to date (YTD), with the 12-month market performance up to 24.09% higher. It has a 12-month low price of $12.93 and touched a high of $26.00 over the same period. Currently, 1.43 million shares have been traded, compared to an average intraday trading volume of 1.29 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 12.08%, 26.32%, and 28.49% respectively.
Institutional ownership of Patterson Companies Inc. (NASDAQ: PDCO) shares accounts for 90.60% of the company’s 94.46M shares outstanding. Mutual fund holders own 37.10%, while other institutional holders and individual stakeholders account for 52.78% and 19.04% respectively.
It has a market capitalization of $2.31B and a beta (3y monthly) value of 1.55. The earnings-per-share (ttm) stands at -$6.23. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.33% over the week and 4.69% over the month.
Analysts forecast that Patterson Companies Inc. (PDCO) will achieve an EPS of $0.22 for the current quarter, $0.32 for the next quarter and $1.61 for 2022. The lowest estimate earnings-per-share for the quarter is $0.12 while analysts give the company a high EPS estimate of $0.31. Comparatively, EPS for the current quarter was $0.27 a year ago. Earnings per share for the fiscal year are expected to decrease by -821.80%, and 17.41% over the next financial year. EPS should grow at an annualized rate of 3.02% over the next five years, compared to -40.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 15 brokerage firm advisors rate Patterson Companies Inc. (PDCO) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 10 of the 15 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the PDCO, a number of firms have released research notes about the stock. Piper Sandler stated their Neutral rating for the stock in a research note on July 07, 2020, with the firm’s price target at $22. Goldman coverage for the Patterson Companies Inc. (PDCO) stock in a research note released on June 25, 2020 offered a Neutral rating with a price target of $21. Wolfe Research was of a view on April 02, 2020 that the stock is Peer Perform, while JP Morgan gave the stock Neutral rating on February 28, 2020, issuing a price target of $20- $25. BofA/Merrill on their part issued Buy rating on February 27, 2020.