Fintel reports that on February 29, 2024, Piper Sandler downgraded their outlook for Patterson Companies (NasdaqGS:PDCO) from Overweight to Neutral .
Analyst Price Forecast Suggests 18.25% Upside
As of February 24, 2024, the average one-year price target for Patterson Companies is 31.62. The forecasts range from a low of 28.28 to a high of $36.75. The average price target represents an increase of 18.25% from its latest reported closing price of 26.74.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Patterson Companies is 6,792MM, an increase of 3.43%. The projected annual non-GAAP EPS is 2.44.
Patterson Companies Declares $0.26 Dividend
On December 6, 2023 the company declared a regular quarterly dividend of $0.26 per share ($1.04 annualized). Shareholders of record as of January 19, 2024 received the payment on February 2, 2024. Previously, the company paid $0.26 per share.
At the current share price of $26.74 / share, the stock's dividend yield is 3.89%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.03%, the lowest has been 2.92%, and the highest has been 7.94%. The standard deviation of yields is 0.94 (n=232).
The current dividend yield is 0.15 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.50. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
What is the Fund Sentiment?
There are 700 funds or institutions reporting positions in Patterson Companies. This is an increase of 7 owner(s) or 1.01% in the last quarter. Average portfolio weight of all funds dedicated to PDCO is 0.19%, a decrease of 8.34%. Total shares owned by institutions increased in the last three months by 1.82% to 93,381K shares. 
The put/call ratio of PDCO is 0.75, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,749K shares representing 2.97% ownership of the company. In it's prior filing, the firm reported owning 2,747K shares, representing an increase of 0.08%. The firm decreased its portfolio allocation in PDCO by 7.42% over the last quarter.
Nordea Investment Management Ab holds 2,595K shares representing 2.80% ownership of the company. In it's prior filing, the firm reported owning 2,072K shares, representing an increase of 20.16%. The firm increased its portfolio allocation in PDCO by 8.98% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 2,583K shares representing 2.79% ownership of the company. In it's prior filing, the firm reported owning 2,660K shares, representing a decrease of 2.96%. The firm decreased its portfolio allocation in PDCO by 13.85% over the last quarter.
River Road Asset Management holds 2,528K shares representing 2.73% ownership of the company. In it's prior filing, the firm reported owning 2,693K shares, representing a decrease of 6.50%. The firm decreased its portfolio allocation in PDCO by 12.10% over the last quarter.
Westwood Holdings Group holds 2,288K shares representing 2.47% ownership of the company. In it's prior filing, the firm reported owning 1,955K shares, representing an increase of 14.54%. The firm decreased its portfolio allocation in PDCO by 49.19% over the last quarter.
Patterson Companies Background Information
(This description is provided by the company.)
Patterson Companies Inc. connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Its comprehensive portfolio, distribution network and supply chain is equaled only by its dedicated, knowledgeable people who deliver unrivalled expertise and unmatched customer service and support.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
