Mitsubishi UFJ Trust & Banking Corp trimmed its stake in shares of Patterson Companies, Inc. (NASDAQ:PDCO – Get Rating) by 29.2% in the second quarter, Holdings Channel.com reports. The fund owned 10,804 shares of the company’s stock after selling 4,449 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Patterson Companies were worth $327,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of PDCO. Brown Advisory Inc. acquired a new stake in shares of Patterson Companies during the 1st quarter valued at approximately $37,708,000. American Century Companies Inc. lifted its position in shares of Patterson Companies by 14.9% during the 1st quarter. American Century Companies Inc. now owns 3,232,682 shares of the company’s stock valued at $104,642,000 after acquiring an additional 418,046 shares during the period. Invesco Ltd. raised its position in shares of Patterson Companies by 149.7% during the 1st quarter. Invesco Ltd. now owns 626,944 shares of the company’s stock worth $20,295,000 after purchasing an additional 375,904 shares during the last quarter. Westwood Holdings Group Inc. raised its position in shares of Patterson Companies by 27.5% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,441,407 shares of the company’s stock worth $46,659,000 after purchasing an additional 310,501 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Patterson Companies by 26.2% during the 1st quarter. Victory Capital Management Inc. now owns 1,432,935 shares of the company’s stock worth $45,250,000 after purchasing an additional 297,657 shares during the last quarter. 82.55% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on PDCO. Evercore ISI cut their price objective on Patterson Companies to $26.50 in a research report on Tuesday, September 6th. William Blair restated a “market perform” rating on shares of Patterson Companies in a research report on Friday, September 2nd. The Goldman Sachs Group cut their price objective on Patterson Companies from $34.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, September 6th. Robert W. Baird cut their price objective on Patterson Companies to $33.00 in a research report on Tuesday, September 6th. Finally, StockNews.com started coverage on Patterson Companies in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Patterson Companies has a consensus rating of “Hold” and an average target price of $32.92.
Patterson Companies Trading Up 1.2 %
Patterson Companies (NASDAQ:PDCO – Get Rating) last issued its quarterly earnings results on Thursday, September 1st. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.06). The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.55 billion. Patterson Companies had a net margin of 3.02% and a return on equity of 20.68%. The company’s revenue was down 5.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 earnings per share. As a group, analysts forecast that Patterson Companies, Inc. will post 2.27 EPS for the current year.
Patterson Companies Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 4th. Stockholders of record on Friday, October 21st were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Thursday, October 20th. This represents a $1.04 annualized dividend and a dividend yield of 3.60%. Patterson Companies’s dividend payout ratio is presently 52.79%.
Patterson Companies Company Profile
Patterson Companies, Inc engages in distribution of dental and animal health products in the United States, the United Kingdom, and Canada. The company 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.
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