Point72 DIFC Ltd Makes New $407,000 Investment in Patterson Companies, Inc. (NASDAQ:PDCO)

Point72 DIFC Ltd bought a new stake in shares of Patterson Companies, Inc. (NASDAQ:PDCO) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 16,884 shares of the company’s stock, valued at approximately $407,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Patterson Companies by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 10,018,184 shares of the company’s stock valued at $277,003,000 after purchasing an additional 730,819 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Patterson Companies by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,915,315 shares of the company’s stock valued at $94,436,000 after buying an additional 23,344 shares during the period. Westwood Holdings Group Inc. raised its holdings in shares of Patterson Companies by 3.6% in the first quarter. Westwood Holdings Group Inc. now owns 2,370,075 shares of the company’s stock valued at $65,533,000 after acquiring an additional 82,522 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Patterson Companies by 7.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,925,898 shares of the company’s stock worth $46,453,000 after acquiring an additional 133,760 shares during the period. Finally, Equity Investment Corp bought a new position in Patterson Companies during the 2nd quarter worth about $37,935,000. 85.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PDCO shares. Morgan Stanley lowered their price target on shares of Patterson Companies from $30.00 to $28.00 and set an “equal weight” rating for the company in a research report on Thursday, June 20th. JPMorgan Chase & Co. dropped their target price on Patterson Companies from $29.00 to $26.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Robert W. Baird reduced their price target on Patterson Companies from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. UBS Group decreased their price objective on Patterson Companies from $27.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Finally, StockNews.com lowered Patterson Companies from a “buy” rating to a “hold” rating in a research note on Saturday, June 1st. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Patterson Companies currently has an average rating of “Hold” and an average target price of $28.40.

Insider Transactions at Patterson Companies

In related news, CEO Donald Zurbay sold 5,875 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $23.71, for a total value of $139,296.25. Following the sale, the chief executive officer now owns 237,288 shares in the company, valued at $5,626,098.48. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Kevin Michael Barry sold 1,216 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $23.72, for a total transaction of $28,843.52. Following the completion of the transaction, the chief financial officer now owns 41,605 shares of the company’s stock, valued at $986,870.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Donald Zurbay sold 5,875 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $23.71, for a total transaction of $139,296.25. Following the transaction, the chief executive officer now owns 237,288 shares of the company’s stock, valued at $5,626,098.48. The disclosure for this sale can be found here. Insiders sold a total of 17,149 shares of company stock worth $415,851 over the last three months. 1.50% of the stock is currently owned by insiders.

Patterson Companies Stock Performance

Shares of Patterson Companies stock opened at $21.53 on Friday. The firm has a market capitalization of $1.90 billion, a P/E ratio of 10.77, a PEG ratio of 1.57 and a beta of 1.02. Patterson Companies, Inc. has a 52 week low of $19.96 and a 52 week high of $32.58. The company has a quick ratio of 0.67, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The company has a 50 day moving average price of $23.57 and a 200 day moving average price of $24.67.

Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.08). Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the previous year, the firm posted $0.40 earnings per share. The company’s quarterly revenue was down 2.3% on a year-over-year basis. Sell-side analysts expect that Patterson Companies, Inc. will post 2.33 EPS for the current year.

Patterson Companies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date is Friday, October 18th. Patterson Companies’s dividend payout ratio is presently 52.00%.

About Patterson Companies

Patterson Companies, Inc engages in the distribution of dental and animal health products in the United States, the United Kingdom, and Canada. The company operates through three segments: Dental, Animal Health, and Corporate segments. The Dental segment offers consumable products, including infection control, restorative materials, and instruments; basic and advanced technology and dental equipment; practice optimization solutions, such as practice management software, e-commerce, revenue cycle management, patient engagement solutions, and clinical and patient education systems.