ProShare Advisors LLC Trims Stake in Patterson Companies, Inc. (NASDAQ:PDCO)

ProShare Advisors LLC lowered its position in Patterson Companies, Inc. (NASDAQ:PDCO) by 24.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,928 shares of the company’s stock after selling 4,762 shares during the quarter. ProShare Advisors LLC’s holdings in Patterson Companies were worth $360,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PDCO. LRI Investments LLC raised its stake in shares of Patterson Companies by 201.2% in the second quarter. LRI Investments LLC now owns 1,262 shares of the company’s stock valued at $30,000 after acquiring an additional 843 shares during the period. Mather Group LLC. raised its stake in shares of Patterson Companies by 1,376.1% in the second quarter. Mather Group LLC. now owns 1,609 shares of the company’s stock valued at $39,000 after acquiring an additional 1,500 shares during the period. Canada Pension Plan Investment Board purchased a new stake in shares of Patterson Companies in the second quarter valued at $41,000. Family Firm Inc. purchased a new position in Patterson Companies in the 2nd quarter worth about $45,000. Finally, Meeder Asset Management Inc. purchased a new position in Patterson Companies in the 2nd quarter worth about $45,000. Hedge funds and other institutional investors own 85.43% of the company’s stock.

Insider Activity

In other news, CEO Donald Zurbay sold 7,216 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $24.99, for a total value of $180,327.84. Following the sale, the chief executive officer now directly owns 230,072 shares in the company, valued at approximately $5,749,499.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.50% of the company’s stock.

Analyst Upgrades and Downgrades

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

Patterson Companies Stock Down 2.3 %

Shares of Patterson Companies stock opened at $20.59 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 0.67. Patterson Companies, Inc. has a 1 year low of $19.96 and a 1 year high of $32.58. The firm’s 50-day moving average is $23.19 and its two-hundred day moving average is $24.48. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 10.30, a PEG ratio of 1.61 and a beta of 1.02.

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

Patterson Companies Dividend Announcement

The company also recently declared 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 5.05%. The ex-dividend date is Friday, October 18th. Patterson Companies’s dividend payout ratio is currently 52.00%.

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.