Nordea Investment Management AB reduced its position in Patterson Cos. (NASDAQ:PDCO) by 99.8% during the second quarter, Holdings Channel reports. The fund owned 2,517 shares of the company’s stock after selling 1,232,069 shares during the period. Nordea Investment Management AB’s holdings in Patterson Cos. were worth $121,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the company. Columbia Partners L L C Investment Management purchased a new position in shares of Patterson Cos. during the first quarter worth $1,608,000. Palisade Capital Management LLC NJ purchased a new position in shares of Patterson Cos. during the first quarter worth $2,675,000. Wellington Management Group LLP raised its position in shares of Patterson Cos. by 3.5% in the first quarter. Wellington Management Group LLP now owns 2,801,575 shares of the company’s stock worth $130,358,000 after buying an additional 94,184 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Patterson Cos. during the first quarter worth $2,354,000. Finally, Envestnet Asset Management Inc. raised its position in shares of Patterson Cos. by 9.8% in the first quarter. Envestnet Asset Management Inc. now owns 62,504 shares of the company’s stock worth $2,908,000 after buying an additional 5,602 shares during the last quarter. Institutional investors own 77.29% of the company’s stock.
Shares of Patterson Cos. (NASDAQ:PDCO) traded down 1.06% during midday trading on Friday, reaching $46.68. 728,200 shares of the company’s stock were exchanged. Patterson Cos. has a one year low of $38.51 and a one year high of $50.40. The stock’s 50-day moving average is $46.24 and its 200 day moving average is $46.52. The firm has a market cap of $4.46 billion, a PE ratio of 23.02 and a beta of 0.88.
Patterson Cos. (NASDAQ:PDCO) last released its quarterly earnings data on Thursday, August 25th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.51. Patterson Cos. had a net margin of 3.52% and a return on equity of 17.42%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period last year, the firm earned $0.47 earnings per share. The company’s quarterly revenue was up 15.7% on a year-over-year basis. Analysts anticipate that Patterson Cos. will post $2.64 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.06%. Patterson Cos.’s dividend payout ratio is presently 47.29%.
A number of equities analysts recently weighed in on PDCO shares. Zacks Investment Research lowered shares of Patterson Cos. from a “hold” rating to a “sell” rating in a report on Wednesday, September 14th. Credit Suisse Group AG reiterated a “buy” rating and set a $55.00 target price on shares of Patterson Cos. in a research note on Monday, June 27th. Evercore ISI reiterated a “hold” rating and set a $48.00 target price (down from $49.00) on shares of Patterson Cos. in a research note on Friday, August 26th. Bank of America Corp. initiated coverage on shares of Patterson Cos. in a research note on Wednesday, August 24th. They set an “underperform” rating and a $44.00 target price for the company. Finally, Stifel Nicolaus reiterated a “hold” rating on shares of Patterson Cos. in a research note on Tuesday, May 31st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $48.40.
In other news, insider Ann B. Gugino sold 750 shares of the stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $46.22, for a total transaction of $34,665.00. Following the transaction, the insider now directly owns 40,153 shares in the company, valued at $1,855,871.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.46% of the company’s stock.
Patterson Cos. Company Profile
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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