Patterson Companies (NASDAQ:PDCO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday, Zacks.com reports. The firm presently has a $23.00 target price on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 4.07% from the company’s previous close.
According to Zacks, “Patterson Companies’ Animal Health segment has been displaying solid performance of late. Also, the Dental unit saw a year-over-year upside in recent times. These apart, the company provides a wide range of consumable supplies, equipment, software and value-added services. A broad spectrum of products cushions it against economic downturns in the MedTech space. We believe that a diverse product portfolio, strong veterinary business prospects, accretive acquisitions and strategic partnerships are the key catalysts. On the flip side, declining Dental Consumable revenues has been plaguing Patterson Companies for quite some time. Moreover, the company narrowed its earnings per share view. Management expects headwinds in the technology-based equipment business to persist through fiscal 2019. The stock has underperformed the industry in a year.”
A number of other research firms have also issued reports on PDCO. ValuEngine upgraded Patterson Companies from a “sell” rating to a “hold” rating in a report on Friday, March 1st. BidaskClub upgraded Patterson Companies from a “buy” rating to a “strong-buy” rating in a report on Friday, May 10th. Wolfe Research assumed coverage on Patterson Companies in a report on Thursday, May 30th. They issued an “underperform” rating for the company. Finally, Guggenheim assumed coverage on Patterson Companies in a report on Wednesday, April 17th. They issued a “neutral” rating and a $23.00 target price for the company. Five analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Patterson Companies presently has a consensus rating of “Hold” and an average target price of $21.50.
Several hedge funds and other institutional investors have recently bought and sold shares of PDCO. Enlightenment Research LLC purchased a new position in shares of Patterson Companies during the fourth quarter valued at about $28,000. One Wealth Advisors LLC purchased a new stake in Patterson Companies in the first quarter worth about $33,000. Financial Gravity Wealth Inc. purchased a new stake in Patterson Companies in the first quarter worth about $49,000. Royce & Associates LP grew its holdings in Patterson Companies by 34.4% in the first quarter. Royce & Associates LP now owns 2,553 shares of the company’s stock worth $56,000 after purchasing an additional 653 shares during the period. Finally, Cullen Frost Bankers Inc. purchased a new stake in Patterson Companies in the first quarter worth about $70,000. 93.65% of the stock is currently owned by institutional investors and hedge funds.
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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