Patterson Companies Inc Stock Research

Market Summary

USD26.57-0.75

Market Closed

-2.75%

PDCO Stock Price

PDCO RSI Chart

PDCO Valuation

Market Cap

2.5B

Price/Earnings (Trailing)

12.88

Price/Sales (Trailing)

0.39

EV/EBITDA

8.77

Price/Free Cashflow

-2.71

PDCO Price/Sales (Trailing)

PDCO Profitability

Operating Margin

20.84%

EBT Margin

3.97%

Return on Equity

17.75%

Return on Assets

6.65%

Free Cashflow Yield

-36.86%

PDCO Fundamentals

PDCO Revenue

Revenue (TTM)

6.4B

Revenue Y/Y

0.27%

Revenue Q/Q

-1.56%

PDCO Earnings

Earnings (TTM)

195.7M

Earnings Y/Y

-4.68%

Earnings Q/Q

-0.27%

Price Action

52 Week Range

23.6434.39

(Low)(High)

Last 7 days

-4.3%

Last 30 days

-14.1%

Last 90 days

-7.6%

Trailing 12 Months

-14.7%

PDCO Financial Health

Current Ratio

1.57

Debt/Equity

0.44

Debt/Cashflow

-1.79

PDCO Investor Care

Dividend Yield

4.03%

Dividend/Share (TTM)

1.04

Shares Dilution (1Y)

0.12%

Diluted EPS (TTM)

1.99

Peers (Alternatives to Patterson Companies)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
UNH	440.9B	324.2B	-6.04%	-5.61%	21.91	1.36	12.71%	16.40%
MCK	47.6B	273.9B	-8.61%	15.39%	15.14	0.17	6.57%	122.45%
ABC	30.7B	241.8B	-5.67%	-0.26%	17.78	0.13	9.36%	7.14%
CAH	18.4B	193.0B	-12.13%	32.76%	-14.46	0.1	12.68%	-329.37%
HSIC	10.3B	12.6B	-12.76%	-10.22%	19.14	0.81	1.98%	-14.74%
MID-CAP
LHCG	5.2B	2.3B	3.17%	35.63%	86.23	2.28	2.85%	-58.05%
HQY	5.0B	831.2M	-11.67%	3.11%	-84.99	6.01	12.11%	-862.52%
AMN	3.6B	5.2B	-10.88%	-15.90%	8.03	0.68	31.60%	35.63%
PDCO	2.5B	6.4B	-14.06%	-14.67%	12.88	0.39	-0.52%	17.01%
SMALL-CAP
ADUS	1.6B	951.1M	-7.28%	30.41%	34.53	1.67	10.02%	1.99%
RDNT	1.3B	1.4B	12.22%	10.36%	120.12	0.89	8.74%	-56.93%
OMI	980.9M	10.0B	-39.00%	-69.08%	43.81	0.1	1.74%	-89.90%
BKD	524.3M	2.8B	-3.12%	-59.80%	-2.2	0.19	2.43%	-140.13%
PETQ	365.3M	934.1M	8.79%	-50.13%	-7.58	0.39	3.77%	-201.92%
SMED	170.0M	-	1.98%	-1.24%	31.24	2.46	-	-

Financials for Patterson Companies

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	0.1%	6,389	6,385	6,408	6,499	6,422
Cost Of Revenue	0.0%	5,058	5,060	5,084	5,210	5,177
Gross Profit	0.5%	1,331	1,325	1,323	1,289	1,245
Operating Expenses	-0.8%	1,088	1,096	1,092	1,132	1,124
EBITDA	-0.2%	326	327	317	369	-
EBITDA Margin	-0.2%	0.05*	0.05*	0.05*	0.06*	-
Earnings Before Taxes	-2.3%	253	259	253	266	220
EBT Margin	-2.4%	0.04*	0.04*	0.04*	0.04*	-
Interest Expenses	21.4%	28.00	23.00	21.00	20.00	21.00
Net Income	-1.3%	196	198	193	202	167
Net Income Margin	-1.4%	0.03*	0.03*	0.03*	0.03*	-
Free Cahsflow	8.1%	-929	-1,011	-1,015	-1,019	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	2.1%	2,942	2,880	2,758	2,742	2,863
Current Assets	1.1%	1,845	1,826	1,706	1,679	1,790
Cash Equivalents	5.0%	147	140	150	142	165
Inventory	7.0%	939	877	875	786	869
Net PPE	2.7%	214	208	216	213	214
Goodwill	11.6%	156	140	141	141	141
Liabilities	0.1%	1,840	1,838	1,731	1,699	1,819
Current Liabilities	2.6%	1,174	1,144	1,044	1,016	1,132
Long Term Debt	-0.1%	489	489	489	488	-
LT Debt, Current	1100.0%	36.00	3.00	-	-	-
LT Debt, Non Current	-6.9%	452	486	489	489	488
Shareholder's Equity	5.9%	1,102	1,041	1,027	1,042	1,044
Retained Earnings	3.0%	963	935	906	922	918
Additional Paid-In Capital	8.4%	227	209	206	201	192
Accumulated Depreciation	-	408	-	-	-	-
Shares Outstanding	0.7%	98.00	97.00	97.00	97.00	98.00
Minority Interest	-6.8%	1.00	1.00	1.00	1.00	1.00

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	9.1%	-875	-962	-970	-980	-959
Share Based Compensation	-10.3%	17.00	19.00	23.00	24.00	24.00
Cashflow From Investing	-11.1%	960	1,079	1,132	1,239	1,141
Cashflow From Financing	19.1%	-94.86	-117	-141	-253	-173
Dividend Payments	-0.1%	101	101	101	101	101
Buy Backs	0%	50.00	50.00	50.00	35.00	0.00

Risks for PDCO

What is the probability of a big loss on PDCO?

89.6%

Probability that Patterson Companies stock will be more than 20% underwater in next one year

51.9%

Probability that Patterson Companies stock will be more than 30% underwater in next one year.

34.6%

Probability that Patterson Companies stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does PDCO drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Patterson Companies was unfortunately bought at previous high price.

Drawdowns

Returns for PDCO

Cumulative Returns on PDCO

-0.6%

10-Year Cumulative Returns

-4.2%

7-Year Cumulative Returns

5.7%

5-Year Cumulative Returns

11.2%

3-Year Cumulative Returns

What are the long-term rolling returns for PDCO?

FIve years rolling returns for Patterson Companies.

Annualized Returns

Which funds bought or sold PDCO recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-23.35	-4,044,320	34,263,700	0.04%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-30.18	-5,000	21,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-2.48	1,146,610	9,452,610	0.01%
2023-02-24	NATIXIS	new	-	11,913	11,913	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	reduced	-11.51	13,000	388,000	-%
2023-02-21	KB FINANCIAL PARTNERS, LLC	reduced	-29.00	-	2,000	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-100	-40,000	-	-%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-35.92	-76,283	224,717	0.01%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	added	27.01	16,689	49,689	-%
2023-02-17	TRUIST FINANCIAL CORP	reduced	-6.69	29,613	367,613	-%

Latest Funds Activity

Are funds buying PDCO calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own PDCO

No. of Funds

Patterson Companies News

Schedule 13G FIlings of Patterson Companies

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	price t rowe associates inc /md/	4.4%	4,366,620	SC 13G/A
Feb 09, 2023	vanguard group inc	9.52%	9,240,985	SC 13G/A
Feb 06, 2023	principal financial group inc	9.62%	9,384,927	SC 13G/A
Jan 23, 2023	blackrock inc.	10.4%	10,081,506	SC 13G/A
Sep 12, 2022	price t rowe associates inc /md/	6.8%	6,646,160	SC 13G/A
Feb 14, 2022	price t rowe associates inc /md/	11.9%	11,639,786	SC 13G/A
Feb 11, 2022	principal financial group inc	9.90%	9,684,044	SC 13G/A
Feb 10, 2022	vanguard group inc	8.91%	8,684,983	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G/A
Jan 27, 2022	blackrock inc.	10.9%	10,663,028	SC 13G/A

PDCO Fair Value

Patterson Companies fair value in different scenarios

The table shows the Fair Value estimates for Patterson Companies for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	27.83 4.74%	34.05 28.15%	50.56 90.29%	63.69 139.71%	77.99 193.53%
Current Inflation	26.14 -1.62%	31.60 18.93%	45.68 71.92%	56.83 113.89%	68.96 159.54%
Very High Inflation	24.00 -9.67%	28.56 7.49%	39.82 49.87%	48.72 83.36%	58.39 119.76%

Historical Patterson Companies Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Patterson Companies

View All Filings

Date Filed	Form Type	Document
Mar 02, 2023	8-K	Current Report
Mar 02, 2023	10-Q	Quarterly Report
Feb 28, 2023	8-K	Current Report
Feb 14, 2023	SC 13G/A	Major Ownership Report
Feb 09, 2023	SC 13G/A	Major Ownership Report
Feb 06, 2023	SC 13G/A	Major Ownership Report
Jan 23, 2023	SC 13G/A	Major Ownership Report
Dec 19, 2022	4	Insider Trading
Dec 19, 2022	4	Insider Trading
Dec 15, 2022	8-K	Current Report

Latest Insider Trading transactions for PDCO

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-12-15	POHLMAN KEVIN M	acquired	224,995	27.87	8,073	president - animal health
2022-12-15	BARRY KEVIN MICHAEL	acquired	259,999	27.87	9,329	chief financial officer
2022-12-05	BARRY KEVIN MICHAEL	sold	-274,808	29.1018	-9,443	chief financial officer
2022-12-05	Zurbay Donald	acquired	1,150,000	28.99	39,669	president & ceo
2022-09-12	Blanco Alex N	acquired	145,027	27.23	5,326	-
2022-09-12	RUDNICK ELLEN A	acquired	145,027	27.23	5,326	-
2022-09-12	FERAGEN JODY H	acquired	145,027	27.23	5,326	-
2022-09-12	McKoy Philip	acquired	145,027	27.23	5,326	-
2022-09-12	Frenzel Robert	acquired	145,027	27.23	5,326	-
2022-09-12	Buck John D	acquired	145,027	27.23	5,326	-

About Patterson Companies

Mark S. Walchirk

www.pattersoncompanies.com

7800

Patterson Companies, Inc. distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada. It 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. It also provides a range of related services comprising software and design services, maintenance and repair, and equipment financing. The Animal Health segment distributes biologicals, pharmaceuticals, vaccines, parasiticides, diagnostics, prescription and non-prescription diets, nutritionals, consumable supplies, equipment, and software, as well as value-added services. This segment also provides private label portfolio of products to veterinarians, producers, and retailers under the Aspen, First Companion, and Patterson Veterinary brands. The Corporate segment offers customer financing services; and sells other miscellaneous products. It serves dentists, laboratories, institutions, other healthcare professionals, veterinarians, other animal health professionals, production animal operators, and animal health product retailers. The company was formerly known as Patterson Dental Company and changed its name to Patterson Companies, Inc. in June 2004. Patterson Companies, Inc. was founded in 1877 and is headquartered in Saint Paul, Minnesota.

PDCO Income Statement

2023-01-28

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Income Statement [Abstract]
Net sales	$ 1,600,850	$ 1,596,596	$ 4,750,319	$ 4,860,633
Cost of sales	1,257,888	1,259,985	3,767,135	3,919,785
Gross profit	342,962	336,611	983,184	940,848
Operating expenses	267,040	275,778	812,323	856,684
Operating income	75,922	60,833	170,861	84,164
Other income (expense):
Gains on investments	0	13,092	0	100,919
Other income, net	3,096	6,186	23,079	14,413
Interest expense	(9,731)	(4,879)	(22,838)	(15,595)
Income before taxes	69,287	75,232	171,102	183,901
Income tax expense	15,440	18,657	39,346	45,586
Net income	53,847	56,575	131,756	138,315
Net loss attributable to noncontrolling interests	(82)	(431)	(836)	(1,017)
Net income attributable to Patterson Companies, Inc.	$ 53,929	$ 57,006	$ 132,592	$ 139,332
Earnings per share attributable to Patterson Companies, Inc.:
Basic (in USD per share)	$ 0.55	$ 0.58	$ 1.37	$ 1.43
Diluted (in USD per share)	$ 0.55	$ 0.58	$ 1.35	$ 1.42
Weighted average shares:
Basic (in shares)	97,327	97,471	96,957	97,213
Diluted (in shares)	97,977	98,554	97,881	98,450
Dividends declared per common share (in USD per share)	$ 0.26	$ 0.26	$ 0.78	$ 0.78
Comprehensive income:
Net income (loss)	$ 53,847	$ 56,575	$ 131,756	$ 138,315
Foreign currency translation (loss) gain	14,197	(6,506)	(8,385)	(5,742)
Cash flow hedges, net of tax	261	261	782	782
Comprehensive income	$ 68,305	$ 50,330	$ 124,153	$ 133,355

PDCO Balance Sheet

2023-01-28

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 28, 2023	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 147,290	$ 142,014
Receivables, net of allowance for doubtful accounts of $4,327 and $5,913	422,715	447,162
Inventory	939,098	785,604
Prepaid expenses and other current assets	335,611	304,242
Total current assets	1,844,714	1,679,022
Property and equipment, net	213,770	213,140
Operating lease right-of-use assets, net	74,783	70,722
Long-term receivables, net	130,733	138,812
Goodwill, net	156,317	140,630
Identifiable intangibles, net	241,463	252,614
Investments	159,365	139,182
Other non-current assets, net	120,846	107,508
Total assets	2,941,991	2,741,630
Current liabilities:
Accounts payable	702,456	681,321
Accrued payroll expense	73,060	102,266
Other accrued liabilities	159,127	173,734
Operating lease liabilities	28,063	29,348
Current maturities of long-term debt	36,000	0
Borrowings on revolving credit	175,000	29,000
Total current liabilities	1,173,706	1,015,669
Long-term debt	451,910	488,554
Non-current operating lease liabilities	48,989	43,332
Other non-current liabilities	164,965	151,440
Total liabilities	1,839,570	1,698,995
Stockholders’ equity:
Common stock, $0.01 par value: 600,000 shares authorized; 97,708 and 96,762 shares issued and outstanding	977	968
Additional paid-in capital	226,525	200,520
Accumulated other comprehensive loss	(89,119)	(81,516)
Retained earnings	962,915	921,704
Total Patterson Companies, Inc. stockholders' equity	1,101,298	1,041,676
Noncontrolling interests	1,123	959
Total stockholders’ equity	1,102,421	1,042,635
Total liabilities and stockholders’ equity	$ 2,941,991	$ 2,741,630