Candriam Luxembourg S.C.A. lowered its position in shares of Patterson Cos. (NASDAQ:PDCO) by 29.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,559 shares of the company’s stock after selling 3,635 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Patterson Cos. were worth $410,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Confluence Investment Management LLC increased its position in Patterson Cos. by 8.6% in the second quarter. Confluence Investment Management LLC now owns 115,249 shares of the company’s stock worth $5,519,000 after buying an additional 9,118 shares during the period. Bank of Montreal Can acquired a new position in Patterson Cos. during the second quarter worth approximately $1,462,000. MSI Financial Services Inc increased its position in Patterson Cos. by 58.4% in the second quarter. MSI Financial Services Inc now owns 10,181 shares of the company’s stock worth $488,000 after buying an additional 3,754 shares during the period. SeaBridge Investment Advisors LLC increased its position in Patterson Cos. by 1.0% in the second quarter. SeaBridge Investment Advisors LLC now owns 141,073 shares of the company’s stock worth $6,756,000 after buying an additional 1,330 shares during the period. Finally, CWM LLC increased its position in Patterson Cos. by 43,314.0% in the second quarter. CWM LLC now owns 369,453 shares of the company’s stock worth $17,693,000 after buying an additional 368,602 shares during the period. 77.29% of the stock is currently owned by institutional investors and hedge funds.
Patterson Cos. (NASDAQ:PDCO) remained flat at $45.50 during mid-day trading on Wednesday. The company had a trading volume of 842,089 shares. Patterson Cos. has a 52 week low of $38.51 and a 52 week high of $50.40. The stock’s 50-day moving average price is $46.01 and its 200-day moving average price is $46.61. The firm has a market capitalization of $4.34 billion, a price-to-earnings ratio of 22.44 and a beta of 0.94.
Patterson Cos. (NASDAQ:PDCO) last posted its quarterly earnings data on Thursday, August 25th. The company reported $0.51 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. The business earned $1.32 billion during the quarter, compared to the consensus estimate of $1.35 billion. Patterson Cos. had a return on equity of 17.42% and a net margin of 3.52%. The company’s revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.47 earnings per share. On average, equities research analysts expect that Patterson Cos. will post $2.67 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Wednesday, October 12th. Patterson Cos.’s payout ratio is currently 47.29%.
A number of research analysts have commented on the stock. Zacks Investment Research raised shares of Patterson Cos. from a “sell” rating to a “hold” rating in a research report on Thursday, September 22nd. TheStreet downgraded shares of Patterson Cos. from a “buy” rating to a “hold” rating in a research report on Thursday, September 1st. Evercore ISI reissued a “hold” rating and set a $48.00 target price (down previously from $49.00) on shares of Patterson Cos. in a research report on Friday, August 26th. Robert W. Baird restated a “neutral” rating and issued a $49.00 price target (down from $51.00) on shares of Patterson Cos. in a report on Friday, August 26th. Finally, Bank of America Corp. started coverage on shares of Patterson Cos. in a report on Wednesday, August 24th. They issued an “underperform” rating and a $44.00 price target on the stock. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $48.40.
In related news, insider Ann B. Gugino sold 750 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $46.22, for a total transaction of $34,665.00. Following the completion of the sale, the insider now directly owns 40,153 shares of the company’s stock, valued at $1,855,871.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.46% of the stock is owned by 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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