Patterson Cos. (PDCO) Stake Boosted by Vanguard Group Inc.
Vanguard Group Inc. boosted its position in Patterson Cos. (NASDAQ:PDCO) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,763,526 shares of the company’s stock after buying an additional 122,202 shares during the period. Vanguard Group Inc. owned approximately 8.13% of Patterson Cos. worth $371,795,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. increased its stake in shares of Patterson Cos. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,358 shares of the company’s stock worth $113,000 after buying an additional 12 shares during the period. TLP Group LLC bought a new position in Patterson Cos. during the second quarter valued at about $140,000. Friess Associates LLC bought a new position in Patterson Cos. during the first quarter valued at about $151,000. Advisors Asset Management Inc. increased its position in Patterson Cos. by 27.4% in the second quarter. Advisors Asset Management Inc. now owns 3,523 shares of the company’s stock valued at $169,000 after buying an additional 757 shares during the last quarter. Finally, Norinchukin Bank The bought a new position in Patterson Cos. during the second quarter valued at about $209,000. 77.29% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Patterson Cos. (NASDAQ:PDCO) traded down 0.22% during midday trading on Friday, hitting $45.26. 41,052 shares of the stock were exchanged. The firm has a market cap of $4.32 billion, a PE ratio of 22.32 and a beta of 0.94. Patterson Cos. has a 12-month low of $38.51 and a 12-month high of $50.40. The firm has a 50-day moving average price of $46.07 and a 200 day moving average price of $46.60.
Patterson Cos. (NASDAQ:PDCO) last announced its quarterly earnings data on Thursday, August 25th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.51. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Patterson Cos. had a net margin of 3.52% and a return on equity of 17.42%. Patterson Cos.’s revenue was up 15.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.47 EPS. Analysts predict that Patterson Cos. will post $2.67 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be paid a $0.24 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $0.96 annualized dividend and a yield of 2.12%. Patterson Cos.’s dividend payout ratio is currently 47.29%.
Several equities analysts have issued reports on the stock. Zacks Investment Research raised shares of Patterson Cos. from a “sell” rating to a “hold” rating in a report on Thursday, September 22nd. TheStreet downgraded shares of Patterson Cos. from a “buy” rating to a “hold” rating in a report on Thursday, September 1st. Evercore ISI reaffirmed a “hold” rating and set a $48.00 price objective (down from $49.00) on shares of Patterson Cos. in a report on Friday, August 26th. Robert W. Baird reaffirmed a “neutral” rating and set a $49.00 price objective (down from $51.00) on shares of Patterson Cos. in a report on Friday, August 26th. Finally, Bank of America Corp. assumed coverage on shares of Patterson Cos. in a report on Wednesday, August 24th. They set an “underperform” rating and a $44.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $48.40.
In other Patterson Cos. news, insider Ann B. Gugino sold 750 shares of the business’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $46.22, for a total value of $34,665.00. Following the transaction, the insider now directly owns 40,153 shares of the company’s stock, valued at approximately $1,855,871.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.46% of the stock is currently owned by company insiders.
About Patterson Cos.
Patterson Companies, Inc is a distributor serving the dental, veterinary and rehabilitation supply markets. The Company operates through three segments: dental supply, veterinary supply and rehabilitation supply. The dental supply segment provides a range of consumable dental products, clinical and laboratory equipment, and value-added services to dentists, dental laboratories, institutions and other dental healthcare providers across North America.
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