The Manufacturers Life Insurance Company Reduces Stock Holdings in Patterson Companies, Inc. (NASDAQ:PDCO)

The Manufacturers Life Insurance Company decreased its holdings in Patterson Companies, Inc. (NASDAQ:PDCO) by 94.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 44,805 shares of the company’s stock after selling 785,251 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.05% of Patterson Companies worth $1,081,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LRI Investments LLC lifted its stake in Patterson Companies by 201.2% in the second quarter. LRI Investments LLC now owns 1,262 shares of the company’s stock worth $30,000 after acquiring an additional 843 shares during the period. Mather Group LLC. lifted its position in Patterson Companies by 1,376.1% during the second quarter. Mather Group LLC. now owns 1,609 shares of the company’s stock valued at $39,000 after buying an additional 1,500 shares during the period. Canada Pension Plan Investment Board purchased a new position in Patterson Companies during the second quarter valued at $41,000. Family Firm Inc. purchased a new position in Patterson Companies during the second quarter valued at $45,000. Finally, Meeder Asset Management Inc. purchased a new position in Patterson Companies during the second quarter valued at $45,000. Hedge funds and other institutional investors own 85.43% of the company’s stock.

Patterson Companies Stock Performance

PDCO opened at $20.64 on Friday. Patterson Companies, Inc. has a 12-month low of $19.89 and a 12-month high of $32.58. The company has a current ratio of 1.30, a quick ratio of 0.67 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $1.82 billion, a PE ratio of 11.28, a P/E/G ratio of 1.46 and a beta of 1.02. The firm has a 50 day moving average of $22.43 and a two-hundred day moving average of $24.16.

Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings results on Wednesday, August 28th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.08). Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.59 billion. During the same period in the prior year, the business posted $0.40 earnings per share. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, analysts anticipate that Patterson Companies, Inc. will post 2.33 EPS for the current year.

Patterson Companies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 5.04%. The ex-dividend date of this dividend is Friday, October 18th. Patterson Companies’s dividend payout ratio (DPR) is 56.83%.

Insider Activity at Patterson Companies

In other Patterson Companies news, CEO Donald Zurbay sold 7,216 shares of Patterson Companies stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $24.99, for a total transaction of $180,327.84. Following the sale, the chief executive officer now owns 230,072 shares of the company’s stock, valued at $5,749,499.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Robert W. Baird reduced their price objective on Patterson Companies from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. JPMorgan Chase & Co. cut their price objective on Patterson Companies from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Morgan Stanley lowered their price target on Patterson Companies from $30.00 to $28.00 and set an “equal weight” rating on the stock in a report on Thursday, June 20th. Bank of America decreased their price objective on Patterson Companies from $31.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, UBS Group cut their target price on Patterson Companies from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $28.30.

Patterson Companies Profile

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.