Northwestern Mutual Investment Management Company LLC reduced its stake in shares of Patterson Cos. (NASDAQ:PDCO) by 0.4% during the second quarter, Holdings Channel reports. The firm owned 3,176 shares of the company’s stock after selling 12 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Patterson Cos. were worth $152,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the stock. Columbia Partners L L C Investment Management purchased a new position in Patterson Cos. during the first quarter valued at $1,608,000. Palisade Capital Management LLC NJ purchased a new position in Patterson Cos. during the first quarter valued at $2,675,000. Wellington Management Group LLP boosted its position in 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. Adage Capital Partners GP L.L.C. purchased a new position in Patterson Cos. during the first quarter valued at $2,354,000. Finally, Envestnet Asset Management Inc. boosted its position in 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 last quarter. 77.29% of the stock is currently owned by institutional investors and hedge funds.
Patterson Cos. (NASDAQ:PDCO) opened at 45.94 on Monday. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 22.65 and a beta of 0.94. The stock’s 50 day moving average price is $46.14 and its 200-day moving average price is $46.59. Patterson Cos. has a 12 month low of $38.51 and a 12 month high of $50.40.
Patterson Cos. (NASDAQ:PDCO) last posted its earnings results on Thursday, August 25th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.51. The company earned $1.32 billion during the quarter, compared to the consensus estimate of $1.35 billion. Patterson Cos. had a net margin of 3.52% and a return on equity of 17.42%. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the firm posted $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 given a dividend of $0.24 per share. The ex-dividend date is Wednesday, October 12th. This represents a $0.96 dividend on an annualized basis and a yield of 2.09%. Patterson Cos.’s dividend payout ratio is presently 47.29%.
Several equities research analysts have recently commented on PDCO shares. Zacks Investment Research lowered Patterson Cos. from a “hold” rating to a “sell” rating in a research note on Wednesday, September 14th. Credit Suisse Group AG restated a “buy” rating and issued a $55.00 price objective on shares of Patterson Cos. in a research note on Monday, June 27th. Bank of America Corp. started coverage on Patterson Cos. in a research note on Wednesday, August 24th. They issued an “underperform” rating and a $44.00 price objective for the company. Evercore ISI restated a “hold” rating and issued a $48.00 price objective (down from $49.00) on shares of Patterson Cos. in a research note on Friday, August 26th. Finally, Off Wall Street started coverage on Patterson Cos. in a research note on Monday, August 8th. They issued a “sell” rating for the company. Two 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. The company presently 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 business’s stock in a transaction 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 completion of 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 Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.46% of the company’s stock.
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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