Patterson Companies, Inc. (NASDAQ:PDCO) Shares Acquired by Raymond James & Associates

Raymond James & Associates raised its holdings in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 19.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,748 shares of the company’s stock after acquiring an additional 40,125 shares during the period. Raymond James & Associates owned approximately 0.28% of Patterson Companies worth $5,345,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Patterson Companies by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 10,018,184 shares of the company’s stock worth $277,003,000 after purchasing an additional 730,819 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Patterson Companies by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,915,315 shares of the company’s stock worth $94,436,000 after purchasing an additional 23,344 shares during the period. Westwood Holdings Group Inc. lifted its position in Patterson Companies by 3.6% during the first quarter. Westwood Holdings Group Inc. now owns 2,370,075 shares of the company’s stock worth $65,533,000 after acquiring an additional 82,522 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Patterson Companies by 7.5% during 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 last quarter. Finally, Equity Investment Corp acquired a new stake in shares of Patterson Companies in the second quarter valued at approximately $37,935,000. 85.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Evercore ISI reduced their price objective on shares of Patterson Companies from $23.00 to $22.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 8th. Robert W. Baird lowered their target price 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. UBS Group reduced their target price on shares of Patterson Companies from $27.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. JPMorgan Chase & Co. cut their price target 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. 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 investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Patterson Companies has an average rating of “Hold” and a consensus price target of $28.30.

Patterson Companies Stock Performance

Shares of PDCO opened at $20.85 on Friday. Patterson Companies, Inc. has a 52-week low of $19.89 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 firm has a market cap of $1.84 billion, a price-to-earnings ratio of 11.39, a PEG ratio of 1.55 and a beta of 1.02. The business’s 50 day moving average is $21.44 and its two-hundred day moving average is $23.60.

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 company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter last year, the business earned $0.40 EPS. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. Analysts forecast that Patterson Companies, Inc. will post 2.32 EPS for the current fiscal year.

Patterson Companies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Wednesday, October 16th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 4.99%. The ex-dividend date was Friday, October 18th. Patterson Companies’s dividend payout ratio is 56.83%.

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.