Meeder Asset Management Inc. cut its holdings in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 7.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,023 shares of the company’s stock after selling 2,836 shares during the period. Meeder Asset Management Inc.’s holdings in Patterson Companies were worth $756,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in PDCO. Financial Gravity Wealth Inc. purchased a new position in Patterson Companies in the first quarter worth about $49,000. Royce & Associates LP boosted its position in Patterson Companies by 34.4% in the first quarter. Royce & Associates LP now owns 2,553 shares of the company’s stock worth $56,000 after purchasing an additional 653 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in Patterson Companies in the first quarter worth about $70,000. Royal London Asset Management Ltd. purchased a new position in Patterson Companies in the first quarter worth about $72,000. Finally, Twin Tree Management LP purchased a new position in Patterson Companies in the first quarter worth about $87,000. 94.08% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on PDCO shares. BidaskClub cut Patterson Companies from a “hold” rating to a “sell” rating in a research report on Tuesday, August 6th. Wolfe Research started coverage on Patterson Companies in a research report on Thursday, May 30th. They issued an “underperform” rating on the stock. Zacks Investment Research raised Patterson Companies from a “sell” rating to a “hold” rating and set a $23.00 target price on the stock in a research report on Monday, June 10th. ValuEngine cut Patterson Companies from a “hold” rating to a “sell” rating in a research report on Friday, July 19th. Finally, UBS Group set a $24.00 price objective on Patterson Companies and gave the company a “hold” rating in a research report on Tuesday, June 25th. Seven investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company has an average rating of “Sell” and an average target price of $21.14.
Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings data on Thursday, June 27th. The company reported $0.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.40 by ($0.03). Patterson Companies had a net margin of 1.50% and a return on equity of 8.94%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the previous year, the firm earned $0.30 earnings per share. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. On average, equities research analysts expect that Patterson Companies, Inc. will post 1.38 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Friday, July 12th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 6.08%. The ex-dividend date was Thursday, July 11th. Patterson Companies’s dividend payout ratio (DPR) is presently 74.29%.
Patterson Companies Profile
Patterson Companies, Inc distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada. It operates through Dental and Animal Health segments. The company's Dental segment offers consumable products, such as infection control, restorative materials, hand instruments, and sterilization products; basic and advanced technology dental equipment; patient education systems; and office forms and stationery.
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