LSV Asset Management Trims Stock Position in Patterson Companies, Inc. (NASDAQ:PDCO)

LSV Asset Management cut its stake in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 5.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 876,045 shares of the company’s stock after selling 52,400 shares during the period. LSV Asset Management owned approximately 0.98% of Patterson Companies worth $24,223,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division purchased a new position in shares of Patterson Companies during the 1st quarter worth approximately $95,000. Hussman Strategic Advisors Inc. raised its stake in shares of Patterson Companies by 40.0% during the 1st quarter. Hussman Strategic Advisors Inc. now owns 147,000 shares of the company’s stock worth $4,065,000 after buying an additional 42,000 shares in the last quarter. Prosperity Consulting Group LLC purchased a new position in shares of Patterson Companies during the 1st quarter worth approximately $546,000. North Star Investment Management Corp. raised its stake in shares of Patterson Companies by 44.3% during the 1st quarter. North Star Investment Management Corp. now owns 78,045 shares of the company’s stock worth $2,158,000 after buying an additional 23,970 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Patterson Companies by 2.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,792,138 shares of the company’s stock worth $49,553,000 after buying an additional 43,980 shares in the last quarter. 85.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PDCO shares. Evercore ISI cut their target price on Patterson Companies from $27.00 to $25.00 and set an “in-line” rating for the company in a research note on Tuesday. StockNews.com cut Patterson Companies from a “buy” rating to a “hold” rating in a report on Saturday, June 1st. Bank of America lowered their target price on Patterson Companies from $34.00 to $32.00 and set a “buy” rating on the stock in a report on Monday, May 20th. JPMorgan Chase & Co. lowered their target price on Patterson Companies from $30.00 to $29.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. Finally, Morgan Stanley decreased their price objective 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. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Patterson Companies presently has a consensus rating of “Hold” and a consensus price target of $30.00.

Patterson Companies Price Performance

NASDAQ:PDCO traded up $0.17 during midday trading on Friday, hitting $24.33. 569,300 shares of the stock were exchanged, compared to its average volume of 1,012,680. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 2.17 and a beta of 1.06. Patterson Companies, Inc. has a one year low of $22.29 and a one year high of $34.53. The business has a 50-day moving average price of $24.36 and a two-hundred day moving average price of $26.63. The company has a current ratio of 1.33, a quick ratio of 0.75 and a debt-to-equity ratio of 0.33.

Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings results on Tuesday, June 18th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). Patterson Companies had a net margin of 2.83% and a return on equity of 20.80%. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the company posted $0.84 EPS. Patterson Companies’s quarterly revenue was down .1% on a year-over-year basis. Sell-side analysts predict that Patterson Companies, Inc. will post 2.37 EPS for the current year.

Patterson Companies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend is Friday, July 19th. Patterson Companies’s payout ratio is presently 52.00%.

Insider Activity at Patterson Companies

In related news, CEO Donald Zurbay sold 5,875 shares of Patterson Companies stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $23.71, for a total value of $139,296.25. Following the completion of the sale, the chief executive officer now owns 237,288 shares of the company’s stock, valued at approximately $5,626,098.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Patterson Companies news, CFO Kevin Michael Barry sold 1,216 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $23.72, for a total transaction of $28,843.52. Following the completion of the transaction, the chief financial officer now owns 41,605 shares of the company’s stock, valued at approximately $986,870.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Donald Zurbay sold 5,875 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $23.71, for a total transaction of $139,296.25. Following the transaction, the chief executive officer now directly owns 237,288 shares of the company’s stock, valued at approximately $5,626,098.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,933 shares of company stock valued at $235,524. Insiders own 1.50% of the company’s stock.

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.