Patterson Companies (NASDAQ:PDCO) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Patterson Companies, Inc. (NASDAQ:PDCO) saw unusually-strong trading volume on Thursday . Approximately 2,673,529 shares changed hands during mid-day trading, an increase of 139% from the previous session’s volume of 1,116,706 shares.The stock last traded at $30.93 and had previously closed at $31.22.

Analyst Ratings Changes

PDCO has been the subject of several analyst reports. Morgan Stanley raised their price objective on shares of Patterson Companies from $27.00 to $31.35 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Robert W. Baird raised their price target on Patterson Companies from $25.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. StockNews.com assumed coverage on Patterson Companies in a research note on Friday, April 4th. They set a “hold” rating on the stock. Leerink Partnrs cut Patterson Companies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Finally, Leerink Partners reaffirmed a “market perform” rating and set a $31.35 target price (up previously from $29.00) on shares of Patterson Companies in a report on Wednesday, December 11th. Eleven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Patterson Companies presently has a consensus rating of “Hold” and an average target price of $26.57.

Patterson Companies Trading Down 1.0 %

The stock has a fifty day moving average of $31.11 and a two-hundred day moving average of $27.18. The company has a market capitalization of $2.74 billion, a PE ratio of 18.08, a PEG ratio of 2.71 and a beta of 0.73. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 0.34.

Institutional Investors Weigh In On Patterson Companies

Hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new position in Patterson Companies in the 4th quarter worth $18,316,000. American Century Companies Inc. increased its holdings in shares of Patterson Companies by 24.1% in the fourth quarter. American Century Companies Inc. now owns 2,711,030 shares of the company’s stock worth $83,662,000 after buying an additional 527,054 shares during the period. TIG Advisors LLC bought a new stake in shares of Patterson Companies in the 4th quarter valued at about $14,633,000. Hsbc Holdings PLC lifted its stake in shares of Patterson Companies by 2,837.3% in the 4th quarter. Hsbc Holdings PLC now owns 423,977 shares of the company’s stock valued at $13,084,000 after acquiring an additional 409,543 shares during the last quarter. Finally, Woodline Partners LP purchased a new stake in Patterson Companies during the 4th quarter valued at about $12,344,000. 85.43% of the stock is currently owned by institutional investors.

Patterson Companies Company Profile

Patterson Companies, Inc engages in the distribution of dental and animal health products in the United States, the United Kingdom, and Canada. The company operates through three segments: Dental, Animal Health, and Corporate segments. The Dental segment offers consumable products, including infection control, restorative materials, and instruments; basic and advanced technology and dental equipment; practice optimization solutions, such as practice management software, e-commerce, revenue cycle management, patient engagement solutions, and clinical and patient education systems.