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Patterson Companies (PDCO)

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.

Company profile

Ticker
PDCO
Exchange
CEO
Mark Walchirk
Employees
Incorporated
Location
Fiscal year end
Former names
PATTERSON DENTAL CO
SEC CIK
Subsidiaries
Patterson Dental Holdings, Inc. • Patterson Dental Supply, Inc. • Dolphin Imaging Systems, LLC • Dolphin Practice Management, LLC • Direct Dental Supply Co. • Patterson Technology • Patterson Dental Canada Inc. • PCI Limited • PCI Two Limited Partnership • PDC Funding Company, LLC ...
IRS number
410886515

PDCO stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$39.50
Low target
$37.00
High target
$42.00
Credit Suisse
Maintains
Outperform
$37.00
30 Jun 22
Piper Sandler
Maintains
Overweight
$42.00
30 Jun 22

Calendar

29 Jun 22
12 Aug 22
30 Apr 23
Quarter (USD) Apr 22 Jan 22 Oct 21 Jul 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Apr 22 Apr 21 Apr 20 Apr 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 142.01M 142.01M 142.01M 142.01M 142.01M 142.01M
Cash burn (monthly) 7.68M 102.5K (no burn) (no burn) 48.95M 81.75M
Cash used (since last report) 26.53M 354.29K n/a n/a 169.2M 282.57M
Cash remaining 115.48M 141.66M n/a n/a -27.19M -140.55M
Runway (months of cash) 15.0 1382.0 n/a n/a -0.6 -1.7

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
7 Aug 22 Pohlman Kevin M Common Stock Payment of exercise Dispose F No No 30.43 56 1.7K 99,345
19 Jul 22 Timothy E Rogan Common Stock Payment of exercise Dispose F No No 30.72 221 6.79K 45,548
14 Jul 22 Timothy E Rogan Common Stock Payment of exercise Dispose F No No 29.77 820 24.41K 45,769
6 Jul 22 Frohning Andrea L. Common Stock Sell Dispose S No Yes 29.97 1,986 59.52K 39,259
6 Jul 22 Korsh Les B Common Stock Sell Dispose S No Yes 29.6441 4,889 144.93K 71,449
80.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 267 271 -1.5%
Opened positions 35 44 -20.5%
Closed positions 39 30 +30.0%
Increased positions 95 91 +4.4%
Reduced positions 92 85 +8.2%
13F shares Current Prev Q Change
Total value 5.44B 2.3B +136.7%
Total shares 78.43M 78.38M +0.1%
Total puts 45.9K 120K -61.8%
Total calls 163.1K 165.7K -1.6%
Total put/call ratio 0.3 0.7 -61.1%
Largest owners Shares Value Change
TROW T. Rowe Price 11.72M $379.33M +0.7%
BLK Blackrock 10.38M $336.09M -2.6%
Vanguard 8.78M $284.14M +1.1%
Dimensional Fund Advisors 4M $129.36M -0.0%
American Century Companies 3.23M $104.64M +14.9%
STT State Street 2.83M $91.61M +3.7%
River Road Asset Management 1.87M $60.55M +0.7%
Allspring Global Investments 1.77M $57.33M +0.0%
Geode Capital Management 1.57M $50.91M -9.6%
NTRS Northern Trust 1.54M $49.91M -3.0%
Largest transactions Shares Bought/sold Change
Brown Advisory 1.16M +1.16M NEW
Norges Bank 0 -472.77K EXIT
American Century Companies 3.23M +418.05K +14.9%
Citadel Advisors 650.72K +408.19K +168.3%
Lodge Hill Capital 0 -405K EXIT
IVZ Invesco 626.94K +375.9K +149.7%
Aqr Capital Management 604.29K +360.67K +148.1%
Point72 Asset Management 0 -349.6K EXIT
WHG Westwood 1.44M +310.5K +27.5%
Victory Capital Management 1.43M +297.66K +26.2%

Financial report summary

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Risks
  • The COVID-19 pandemic and measures taken in response thereto had, and may continue to have, adverse effects on our results of operations and our financial condition, and the full impact of the pandemic will depend on future developments, which are uncertain and cannot be predicted.
  • Uncertain macro-economic conditions, including inflationary pressure, could materially adversely affect demand for dental and animal health products and services, thereby materially adversely affecting our results of operations.
  • Customer retention and business development depend heavily on our relationships with our sales representatives and service technicians, who interact directly with our customers, and the technological products and services we offer.
  • Disruption to our distribution capabilities, including service issues with our third-party shippers, could materially adversely affect our results.
  • We are dependent on our suppliers and exposed to the risks of their businesses, because we generally do not manufacture the products we sell.
  • The products we sell are subject to market and technological obsolescence; our software products may contain undetected errors or bugs when released.
  • Adverse changes in supplier rebates or other purchasing incentives could negatively affect our business.
  • Sales of private label products entail additional risks, including the risk that such sales could adversely affect our relationships with suppliers.
  • Patterson’s continued success is substantially dependent on positive perceptions of Patterson’s reputation.
  • Risks inherent in asset or business acquisitions and dispositions could offset the anticipated benefits of such transactions, and we may face difficulty in efficiently and effectively integrating acquired businesses.
  • Our credit agreements contain restrictive covenants and additional limits and our other debt instruments contain cross-default provisions, which limit our business and financing activities.
  • Turnover or loss of key personnel or highly skilled employees, including executive officers, could disrupt our operations and any inability to attract and retain qualified personnel could harm our business.
  • Our governing documents, other documents to which we are a party, and Minnesota law may discourage takeovers and business combinations that our shareholders might consider to be in their best interests.
  • Our business and operations are subject to risks related to climate change.
  • The dental and animal health supply markets are highly competitive and consolidating, and we may not be able to compete successfully.
  • Our animal health segment is exposed to the risks of the production animal business, including changes in consumer demand for food animal products, the cyclical livestock market, weather conditions and the availability of natural resources, and other factors outside our control, as well as risks of the companion animal business, including the possibility of disease adversely affecting the pet population.
  • The formation or expansion of group purchasing organizations (“GPOs”), provider networks and buying groups may place us at a competitive disadvantage.
  • Increases in over-the-counter sales of and e-commerce options for companion animal products, or sales of companion animal products from non-veterinarian sources, could adversely affect our business.
  • Change and uncertainty in the health care industry could materially adversely affect our business.
  • Failure to comply with existing and future U.S. and foreign laws and regulatory requirements, including those governing the distribution of pharmaceuticals and controlled substances, could subject us to claims or otherwise harm our business.
  • If we fail to comply with laws and regulations relating to health care fraud or other laws and regulations, we could suffer penalties or be required to make significant changes to our operations, which could materially adversely affect our business.
  • We are subject to a variety of litigation that could adversely affect our business, results of operations and financial condition.
  • If we fail to comply with the evolving laws and regulations relating to the confidentiality of sensitive personal information or standards in electronic health records or transmissions, we could be required to make significant changes to our products, or incur substantial fines, penalties or other liabilities.
  • Tax legislation could materially adversely affect our financial results and tax liabilities.
  • Our international operations are subject to inherent risks that could adversely affect our operating results.
  • Risks generally associated with information systems, software products and cybersecurity attacks could adversely affect our results of operations.
Management Discussion
  • Net sales. Consolidated net sales in fiscal 2022 were $6,499.4 million, an increase of 9.9% from $5,912.1 million in fiscal 2021. Sales were positively impacted by an estimated 1.9% due to the extra week of results in the current year. Foreign exchange rate changes had a favorable impact of 0.7% on fiscal 2022 sales. Sales of certain products previously recognized on a gross basis were recognized on a net basis during fiscal 2022. This change in revenue recognition was driven by changes in contractual terms with certain suppliers in our Animal Health segment. The impact of this change in revenue recognition for certain products was partially offset by the impact of the acquisition of substantially all of the assets of Miller Vet on sales for fiscal 2022, resulting in a net decrease in sales of approximately 1.8%.

Content analysis

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Positive
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Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
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