BlackRock Inc. lifted its position in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 31.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 9,003,165 shares of the company’s stock after purchasing an additional 2,146,696 shares during the quarter. BlackRock Inc. owned 0.09% of Patterson Companies worth $204,103,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the company. Rand Wealth LLC acquired a new position in Patterson Companies during the second quarter valued at approximately $209,000. Profund Advisors LLC acquired a new position in Patterson Companies during the first quarter valued at approximately $213,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Patterson Companies during the second quarter valued at approximately $230,000. Boston Private Wealth LLC boosted its position in Patterson Companies by 65.5% during the first quarter. Boston Private Wealth LLC now owns 12,747 shares of the company’s stock valued at $283,000 after purchasing an additional 5,043 shares during the last quarter. Finally, Advisory Services Network LLC boosted its position in Patterson Companies by 44.2% during the second quarter. Advisory Services Network LLC now owns 12,299 shares of the company’s stock valued at $288,000 after purchasing an additional 3,770 shares during the last quarter. 90.34% of the stock is owned by institutional investors.
PDCO has been the subject of several recent research reports. Bank of America reduced their price target on Patterson Companies from $22.00 to $20.00 and set an “underperform” rating for the company in a research report on Tuesday, May 29th. BidaskClub lowered Patterson Companies from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 2nd. JPMorgan Chase & Co. dropped their price objective on Patterson Companies from $26.00 to $24.00 and set an “underweight” rating on the stock in a research note on Thursday, June 7th. Stifel Nicolaus dropped their price objective on Patterson Companies from $28.00 to $23.00 and set a “hold” rating on the stock in a research note on Monday, June 18th. Finally, Evercore ISI dropped their price objective on Patterson Companies from $20.00 to $18.50 and set an “underperform” rating on the stock in a research note on Thursday, June 21st. Six analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $26.19.
Patterson Companies (NASDAQ:PDCO) last announced its earnings results on Thursday, August 30th. The company reported $0.26 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.08). The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.30 billion. Patterson Companies had a return on equity of 9.71% and a net margin of 3.01%. Patterson Companies’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the business posted $0.44 EPS. equities research analysts predict that Patterson Companies, Inc. will post 1.43 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 26th. Stockholders of record on Friday, October 12th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, October 11th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.05%. Patterson Companies’s dividend payout ratio (DPR) is currently 61.90%.
Patterson Companies Company Profile
Patterson Companies, Inc distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada. It operates through Dental and Animal Health segments. The company's Dental segment offers consumable products, such as infection control, restorative materials, hand instruments, and sterilization products; basic and advanced technology dental equipment; patient education systems; and office forms and stationery.
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