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PDCO

Patterson Companies

$39.26

-0.3 (-0.76%)

17:14
11/23/16
11/23
17:14
11/23/16
17:14

Patterson enters stock repurchase plan in accordance with Rule 10b5-1

Patterson Companies said in a regulatory filing that it entered into a stock repurchase plan established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, in connection with its previously disclosed board-authorized March 2013 plan to purchase up to 25M shares through March 19, 2018. As of November 23, 2016, a total of approximately 15.4M shares remain available for purchase under such repurchase authorization. A Rule 10b5-1 plan allows a company to repurchase its shares at times when it otherwise might be unable to do so under the 1934 Act's insider trading rules. The company's designated broker has authority under the company's 10b5-1 repurchase plan agreement to repurchase up to $50M of the company's common stock commencing November 25, 2016 through February 15, 2017, unless terminated earlier in accordance with the terms of the Plan. Because the repurchases under the Plan will be subject to specified parameters and certain price and volume restraints as established in the Plan, there is no guarantee as to the exact number of shares that will be repurchased, or that there will be any repurchases at all pursuant to the Plan.

PDCO Patterson Companies
$39.26

-0.3 (-0.76%)

11/01/16
NRCS
11/01/16
NO CHANGE
NRCS
Amazon.com should partner with Patterson Companies, says Northcoast
Northcoast said Amazon.com (AMZN) has a strong interest in entering the dental market and has spent time and resources attempting to build relationships with manufacturers and distributors to gain product procurement, which so far has been unsuccessful. The firm's analyst said Patterson (PDCO) is aggressively trying to reinvent how dental distribution will occur in the future and is building a new IT backbone, making huge investments in technical service. Northcoast said Patterson is on a path to disrupt the industry and could accelerate this effort with a partnership with Amazon. The firm continues to view Patterson as undervalued, with out without Amazon, and recommends investors build positions at this time.
11/21/16
BARD
11/21/16
NO CHANGE
BARD
Outperform
Baird expects Amazon.com distribution announcement with Patterson
Following industry conversions, Baird analyst Jeff Johnson expects Patterson Companies (PDCO) to announce an Amazon.com (AMZN) distribution agreement tomorrow. What the analyst hadnt considered and is now hearing is that Amazon could fulfill orders placed through Patterson's order portal, lowering Patterson's fulfillment costs and given the company breathing room as it pursues DSO deals. Johnson rates Patterson a Neutral with a $48 price target.
11/22/16
PIPR
11/22/16
NO CHANGE
PIPR
Patterson cancellation a positive for Dentsply, says Piper Jaffray
Piper Jaffray analyst Matt O'Brien believes Patterson Companies (PDCO) cancelling its exclusive selling agreement with legacy Sirona products beyond September 2017 as positive for Dentsply Sirona (XRAY). The move is unsurprising given the changing industry dynamics, O'Brien tells investors in a research note. He points out that the initial exclusive agreement was established in 1998. Assuming Henry Schein (HSIC) starts selling legacy Sirona equipment, the cancellation is a positive for Dentsply as this will ultimately allow the company to increase cross-selling opportunities with those customers, O'Brien argues. He's been calling for a cancellation of the exclusive selling agreement with Patterson saying Dentsply has been adamant about realizing sales synergies through increased cross-selling opportunities. The analyst reiterates an Overweight rating on Dentsply with a $70 price target. Patterson in pre-market trading is down 17% to $39.20 after reporting a decline in North American dental consumables sales of 2.5%. Dentsply shares are down 2% to $58.40.
11/23/16
JPMS
11/23/16
NO CHANGE
Target $40
JPMS
Neutral
Patterson Companies price target lowered to $40 from $48 at JPMorgan
JPMorgan analyst Lisa Gill lowered her price target for Patterson Companies to $40 from $48 after the company reported Q2 earnings below her estimate and cut its FY17 earnings guidance. The analyst remains cautious on Patterson's outlook "given the lack of visibility into the timing of improvement on both sides of the business." She keeps a Neutral rating on the shares.

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