Prudential Financial Inc. increased its stake in shares of Patterson Cos. (NASDAQ:PDCO) by 11.9% during the second quarter, Holdings Channel reports. The fund owned 115,847 shares of the company’s stock after buying an additional 12,300 shares during the period. Prudential Financial Inc. owned about 0.12% of Patterson Cos. worth $5,548,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. 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 valued at $130,358,000 after buying an additional 94,184 shares during the last quarter. Palisade Capital Management LLC NJ acquired a new position in shares of Patterson Cos. during the first quarter valued at $2,675,000. Adage Capital Partners GP L.L.C. acquired a new position in shares of Patterson Cos. during the first quarter valued at $2,354,000. Envestnet Asset Management Inc. increased 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 valued at $2,908,000 after buying an additional 5,602 shares during the period. Finally, Toth Financial Advisory Corp increased its position in shares of Patterson Cos. by 3.1% in the second quarter. Toth Financial Advisory Corp now owns 102,899 shares of the company’s stock valued at $4,928,000 after buying an additional 3,088 shares during the period. 77.29% of the stock is owned by hedge funds and other institutional investors.
Shares of Patterson Cos. (NASDAQ:PDCO) traded down 0.77% during midday trading on Thursday, hitting $45.15. 53,786 shares of the stock were exchanged. The firm has a 50 day moving average of $45.97 and a 200-day moving average of $46.60. Patterson Cos. has a one year low of $38.51 and a one year high of $50.40. The company has a market cap of $4.31 billion, a price-to-earnings ratio of 22.26 and a beta of 0.94.
Patterson Cos. (NASDAQ:PDCO) last posted its earnings results on Thursday, August 25th. The company reported $0.51 earnings per share for the quarter, hitting the consensus estimate of $0.51. The firm earned $1.32 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Patterson Cos. had a return on equity of 17.42% and a net margin of 3.52%. The firm’s revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.47 earnings per share. Equities analysts expect that Patterson Cos. will post $2.67 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 14th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Wednesday, October 12th. Patterson Cos.’s payout ratio is 47.29%.
PDCO has been the topic of several research reports. Zacks Investment Research downgraded 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 issued a $55.00 price target on shares of Patterson Cos. in a report on Monday, June 27th. Bank of America Corp. initiated 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. Evercore ISI reiterated a “hold” rating and issued a $48.00 price target (down previously from $49.00) on shares of Patterson Cos. in a report on Friday, August 26th. Finally, Off Wall Street initiated coverage on shares of Patterson Cos. in a report on Monday, August 8th. They issued a “sell” rating on the stock. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. Patterson Cos. has an average rating of “Hold” and a consensus target price of $48.40.
In related news, insider Ann B. Gugino sold 750 shares of the business’s stock in a transaction that occurred 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 owns 40,153 shares in the company, valued at $1,855,871.66. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate 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.
Want to see what other hedge funds are holding PDCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson Cos. (NASDAQ:PDCO).
Receive News & Ratings for Patterson Cos. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson Cos. and related companies with MarketBeat.com's FREE daily email newsletter.