Canada Pension Plan Investment Board Invests $41,000 in Patterson Companies, Inc. (NASDAQ:PDCO)

Canada Pension Plan Investment Board bought a new position in shares of Patterson Companies, Inc. (NASDAQ:PDCO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,700 shares of the company’s stock, valued at approximately $41,000.

Several other institutional investors have also recently added to or reduced their stakes in PDCO. Equity Investment Corp acquired a new stake in Patterson Companies during the second quarter worth approximately $37,935,000. Private Management Group Inc. raised its stake in Patterson Companies by 268.5% during the 2nd quarter. Private Management Group Inc. now owns 1,431,666 shares of the company’s stock worth $34,532,000 after acquiring an additional 1,043,201 shares in the last quarter. Norges Bank acquired a new stake in Patterson Companies during the 4th quarter worth $26,162,000. Vanguard Group Inc. lifted its position in Patterson Companies by 7.9% in the first quarter. Vanguard Group Inc. now owns 10,018,184 shares of the company’s stock valued at $277,003,000 after acquiring an additional 730,819 shares during the last quarter. Finally, LSV Asset Management boosted its stake in Patterson Companies by 58.8% in the second quarter. LSV Asset Management now owns 1,391,344 shares of the company’s stock valued at $33,559,000 after acquiring an additional 515,299 shares in the last quarter. Hedge funds and other institutional investors own 85.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PDCO. Evercore ISI reduced their target price on Patterson Companies from $25.00 to $23.00 and set an “in-line” rating for the company in a report on Thursday, August 29th. Morgan Stanley decreased their price objective on Patterson Companies from $30.00 to $28.00 and set an “equal weight” rating for the company in a report on Thursday, June 20th. JPMorgan Chase & Co. cut their target price on shares of Patterson Companies from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Robert W. Baird decreased their price target on shares of Patterson Companies from $30.00 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Finally, Bank of America dropped their price objective on shares of Patterson Companies from $31.00 to $29.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $28.40.

Insider Activity at Patterson Companies

In other Patterson Companies news, CFO Kevin Michael Barry sold 1,216 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $23.72, for a total transaction of $28,843.52. Following the transaction, the chief financial officer now directly owns 41,605 shares in the company, valued at $986,870.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Patterson Companies news, CEO Donald Zurbay sold 5,875 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $23.71, for a total transaction of $139,296.25. Following the sale, the chief executive officer now directly owns 237,288 shares in the company, valued at $5,626,098.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kevin Michael Barry sold 1,216 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $23.72, for a total value of $28,843.52. Following the completion of the sale, the chief financial officer now directly owns 41,605 shares in the company, valued at approximately $986,870.60. The disclosure for this sale can be found here. Insiders sold 17,149 shares of company stock worth $415,851 over the last 90 days. Company insiders own 1.50% of the company’s stock.

Patterson Companies Price Performance

Shares of NASDAQ:PDCO opened at $22.16 on Monday. 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 $23.42 and a 200 day moving average price of $24.60. Patterson Companies, Inc. has a 52 week low of $19.96 and a 52 week high of $32.58. The company has a market cap of $1.95 billion, a P/E ratio of 11.08, a PEG ratio of 1.57 and a beta of 1.02.

Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings results 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 net margin of 2.58% and a return on equity of 19.87%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same period in the prior year, the business earned $0.40 earnings per share. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. Research analysts predict that Patterson Companies, Inc. will post 2.33 earnings per share for the current year.

Patterson Companies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.69%. Patterson Companies’s dividend payout ratio (DPR) 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.