Envestnet Asset Management Inc. Boosts Holdings in Patterson Companies, Inc. (NASDAQ:PDCO)

Envestnet Asset Management Inc. boosted its holdings in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 52.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 120,186 shares of the company’s stock after purchasing an additional 41,507 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Patterson Companies were worth $2,899,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. LRI Investments LLC boosted its holdings 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 purchasing an additional 843 shares during the period. Mather Group LLC. grew its position in shares of Patterson Companies by 1,376.1% during the 2nd 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 last quarter. Family Firm Inc. acquired a new stake in Patterson Companies during the second quarter worth about $45,000. Meeder Asset Management Inc. bought a new position in Patterson Companies in the second quarter worth about $45,000. Finally, Innealta Capital LLC acquired a new position in Patterson Companies in the second quarter valued at approximately $66,000. 85.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Donald Zurbay sold 7,216 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $24.99, for a total value of $180,327.84. Following the completion of the transaction, the chief executive officer now directly owns 230,072 shares in the company, valued at $5,749,499.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is owned by company insiders.

Patterson Companies Trading Down 1.7 %

Shares of NASDAQ PDCO opened at $20.23 on Friday. The firm has a market capitalization of $1.78 billion, a PE ratio of 10.12, a PEG ratio of 1.61 and a beta of 1.02. Patterson Companies, Inc. has a one year low of $19.96 and a one year 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 business has a 50-day moving average price of $23.07 and a two-hundred day moving average price of $24.45.

Patterson Companies (NASDAQ:PDCO) last announced 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). The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.59 billion. Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.40 EPS. As a group, analysts predict that Patterson Companies, Inc. will post 2.33 earnings per share for the current fiscal year.

Patterson Companies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be paid a $0.26 dividend. The ex-dividend date is Friday, October 18th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.14%. Patterson Companies’s payout ratio is presently 52.00%.

Analysts Set New Price Targets

PDCO has been the topic of several analyst reports. Robert W. Baird dropped their target price on Patterson Companies from $30.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. UBS Group dropped their price target on shares of Patterson Companies from $27.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Morgan Stanley reduced their price objective on 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. Evercore ISI lowered their price target on Patterson Companies from $25.00 to $23.00 and set an “in-line” rating on the stock in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. dropped 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 report on Thursday, August 29th. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Patterson Companies currently has an average rating of “Hold” and a consensus target price of $28.40.

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.