The Rising Influence of Rising Affluence

[DewDiligence]

Barron’s likes PDCO as an ag ‘TGDT’ play:

http://www.barrons.com/articles/patterson-sees-new-ways-to-grow-in-dental-vet-supplies-1455944548

Patterson is…a leader in veterinary distribution, supplying products like vaccines, antibiotics, and pet food. The company caters to companion animals, such as cats, dogs, and horses, and production animals, including cows and pigs… It has been a stable grower and could remain so, given the long-term trend toward higher pet ownership, which could drive more business to veterinarians.

…the production-animal market…is now responsible for half of division sales. The outlook in this market is improving. Driven by increased demand for protein, global animal production is expected to grow by 5%, annually.

See #msg-118970085 for related info.

The vet division provides about half of PDCO’s sales; the other half comes from the dental-supply business, where PDCO is the #2 player after HSIC.