Patterson Companies Sees Unusually High Options Volume (NASDAQ:PDCO)

Patterson Companies, Inc. (NASDAQ:PDCO) was the target of unusually large options trading activity on Tuesday. Traders acquired 2,167 call options on the stock. This is an increase of approximately 2,111% compared to the typical daily volume of 98 call options.

PDCO has been the topic of a number of research reports. UBS Group downgraded shares of to a “neutral” rating and upped their target price for the company from GBX 3,300 ($43.12) to GBX 3,500 ($45.73) in a research report on Tuesday, June 25th. JPMorgan Chase & Co. reiterated an “overweight” rating on shares of in a research report on Friday, June 28th. ValuEngine cut Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Guggenheim started coverage on Patterson Companies in a research note on Wednesday, April 17th. They set a “neutral” rating and a $23.00 target price for the company. Finally, BidaskClub raised Zillow Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Five investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $21.63.

PDCO stock traded down $0.16 during midday trading on Thursday, reaching $20.60. The company had a trading volume of 1,020,470 shares, compared to its average volume of 924,629. Patterson Companies has a 1-year low of $18.94 and a 1-year high of $26.60. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.83 and a quick ratio of 0.96. The company’s 50 day simple moving average is $22.29. The stock has a market capitalization of $1.96 billion, a P/E ratio of 14.70, a price-to-earnings-growth ratio of 2.27 and a beta of 1.29.

Patterson Companies (NASDAQ:PDCO) last released its quarterly earnings results on Thursday, June 27th. The company reported $0.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.03). The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.43 billion. Patterson Companies had a return on equity of 8.94% and a net margin of 1.50%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 earnings per share. Research analysts anticipate that Patterson Companies will post 1.39 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 12th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date is Thursday, July 11th. Patterson Companies’s dividend payout ratio is currently 74.29%.

Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in shares of Patterson Companies by 4.9% in the fourth quarter. BlackRock Inc. now owns 9,795,267 shares of the company’s stock worth $192,575,000 after acquiring an additional 453,803 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Patterson Companies by 36.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,085,525 shares of the company’s stock worth $60,662,000 after acquiring an additional 822,221 shares during the period. Gamco Investors INC. ET AL lifted its stake in shares of Patterson Companies by 6.0% in the first quarter. Gamco Investors INC. ET AL now owns 1,906,285 shares of the company’s stock worth $41,652,000 after acquiring an additional 108,421 shares during the period. Northern Trust Corp lifted its stake in Patterson Companies by 0.8% in the fourth quarter. Northern Trust Corp now owns 1,355,228 shares of the company’s stock valued at $26,643,000 after buying an additional 10,272 shares during the period. Finally, LSV Asset Management lifted its stake in Patterson Companies by 14.7% in the first quarter. LSV Asset Management now owns 1,200,054 shares of the company’s stock valued at $26,221,000 after buying an additional 153,542 shares during the period. 93.54% of the stock is currently owned by institutional investors.

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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