Envestnet Asset Management Inc. lowered its stake in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 19.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,454 shares of the company’s stock after selling 2,284 shares during the period. Envestnet Asset Management Inc.’s holdings in Patterson Companies were worth $342,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of PDCO. Alps Advisors Inc. bought a new position in Patterson Companies during the fourth quarter worth about $48,813,000. Victory Capital Management Inc. raised its position in shares of Patterson Companies by 90,810.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,235,473 shares of the company’s stock worth $44,638,000 after purchasing an additional 1,234,114 shares during the period. Bank of New York Mellon Corp raised its position in shares of Patterson Companies by 70.7% during the fourth quarter. Bank of New York Mellon Corp now owns 1,681,338 shares of the company’s stock worth $60,747,000 after purchasing an additional 696,540 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Patterson Companies by 46.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,544,632 shares of the company’s stock worth $55,808,000 after purchasing an additional 492,936 shares during the period. Finally, W. E. Donoghue & Co. LLC acquired a new stake in shares of Patterson Companies during the fourth quarter worth about $17,796,000. Hedge funds and other institutional investors own 94.61% of the company’s stock.
A number of equities research analysts have recently commented on PDCO shares. Zacks Investment Research raised Patterson Companies from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 4th. JPMorgan Chase dropped their price target on Patterson Companies from $36.00 to $26.00 and set an “underweight” rating on the stock in a research report on Monday, March 5th. Northcoast Research set a $38.00 price target on Patterson Companies and gave the stock a “buy” rating in a research report on Thursday, March 1st. BidaskClub raised Patterson Companies from a “sell” rating to a “hold” rating in a research report on Thursday, February 22nd. Finally, Evercore ISI lowered Patterson Companies from an “in-line” rating to an “underperform” rating in a research report on Thursday, March 1st. Six equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $36.17.
Shares of Patterson Companies stock opened at $23.48 on Wednesday. Patterson Companies, Inc. has a 52-week low of $21.09 and a 52-week high of $48.29. The company has a market capitalization of $2,166.17, a P/E ratio of 10.03, a PEG ratio of 1.82 and a beta of 1.17. The company has a current ratio of 1.80, a quick ratio of 1.00 and a debt-to-equity ratio of 0.64.
Patterson Companies (NASDAQ:PDCO) last announced its earnings results on Thursday, March 1st. The company reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.09). Patterson Companies had a net margin of 4.39% and a return on equity of 13.85%. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the prior year, the business posted $0.58 EPS. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. research analysts forecast that Patterson Companies, Inc. will post 1.69 earnings per share for the current year.
Patterson Companies announced that its Board of Directors has initiated a share buyback plan on Tuesday, March 13th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Friday, April 13th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date is Thursday, April 12th. Patterson Companies’s dividend payout ratio is presently 44.44%.
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Patterson Companies Company Profile
Patterson Companies, Inc distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada. It operates through Dental and Animal Health segments. The company's Dental segment offers consumable products, such as infection control, restorative materials, hand instruments, and sterilization products; basic and advanced technology dental equipment; patient education systems; and office forms and stationery.
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