Van ECK Associates Corp Decreases Stake in Patterson Companies, Inc. (NASDAQ:PDCO)

Van ECK Associates Corp cut its holdings in shares of Patterson Companies, Inc. (NASDAQ:PDCOFree Report) by 25.9% during the third quarter, HoldingsChannel.com reports. The fund owned 112,105 shares of the company’s stock after selling 39,131 shares during the period. Van ECK Associates Corp’s holdings in Patterson Companies were worth $3,323,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PDCO. Norges Bank acquired a new position in Patterson Companies during the fourth quarter worth about $22,778,000. Marshall Wace LLP boosted its holdings in Patterson Companies by 315.3% in the 2nd quarter. Marshall Wace LLP now owns 891,045 shares of the company’s stock valued at $29,636,000 after purchasing an additional 676,473 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Patterson Companies by 44.1% in the 4th quarter. Morgan Stanley now owns 1,921,031 shares of the company’s stock worth $53,847,000 after acquiring an additional 587,570 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Patterson Companies by 35.9% in the 1st quarter. Bank of America Corp DE now owns 1,907,391 shares of the company’s stock worth $51,061,000 after acquiring an additional 503,683 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Patterson Companies by 93.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 789,726 shares of the company’s stock worth $26,266,000 after acquiring an additional 381,278 shares during the last quarter. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Patterson Companies Stock Up 1.4 %

Shares of NASDAQ PDCO opened at $29.09 on Tuesday. Patterson Companies, Inc. has a 12-month low of $25.00 and a 12-month high of $34.53. The company has a market cap of $2.70 billion, a P/E ratio of 14.12, a P/E/G ratio of 1.44 and a beta of 1.09. The company has a current ratio of 1.56, a quick ratio of 0.81 and a debt-to-equity ratio of 0.43. The stock has a fifty day moving average price of $28.72 and a 200 day moving average price of $30.11.

Patterson Companies (NASDAQ:PDCOGet Free Report) last announced its quarterly earnings results on Wednesday, November 29th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.09). Patterson Companies had a net margin of 3.05% and a return on equity of 20.91%. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the company posted $0.63 earnings per share. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. Research analysts anticipate that Patterson Companies, Inc. will post 2.38 EPS for the current fiscal year.

Patterson Companies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 2nd. Investors of record on Friday, January 19th were issued a $0.26 dividend. The ex-dividend date of this dividend was Thursday, January 18th. This represents a $1.04 annualized dividend and a yield of 3.58%. Patterson Companies’s dividend payout ratio is currently 50.49%.

Insider Activity

In other news, CFO Kevin Michael Barry sold 1,627 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $25.36, for a total transaction of $41,260.72. Following the completion of the sale, the chief financial officer now directly owns 23,103 shares in the company, valued at $585,892.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Donald Zurbay sold 1,868 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $26.58, for a total transaction of $49,651.44. Following the completion of the sale, the chief executive officer now directly owns 141,923 shares in the company, valued at $3,772,313.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin Michael Barry sold 1,627 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $25.36, for a total value of $41,260.72. Following the sale, the chief financial officer now owns 23,103 shares of the company’s stock, valued at $585,892.08. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Stifel Nicolaus restated a “hold” rating and issued a $32.00 price objective on shares of Patterson Companies in a report on Tuesday, November 28th. StockNews.com lowered shares of Patterson Companies from a “buy” rating to a “hold” rating in a report on Friday, November 17th. The Goldman Sachs Group cut their target price on shares of Patterson Companies from $35.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, November 30th. Morgan Stanley dropped their price objective on shares of Patterson Companies from $38.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 30th. Finally, Piper Sandler dropped their target price on shares of Patterson Companies from $39.00 to $34.00 and set an “overweight” rating on the stock in a research report on Thursday, November 30th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Patterson Companies presently has a consensus rating of “Hold” and a consensus target price of $34.00.

Read Our Latest Analysis on Patterson Companies

Patterson Companies Company Profile

(Free Report)

Patterson Companies, Inc engages in the 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.

Further Reading

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Institutional Ownership by Quarter for Patterson Companies (NASDAQ:PDCO)

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