First Trust Advisors LP Reduces Stake in Patterson Companies, Inc. (PDCO)
First Trust Advisors LP lowered its holdings in Patterson Companies, Inc. (NASDAQ:PDCO) by 0.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 635,760 shares of the company’s stock after selling 2,379 shares during the quarter. First Trust Advisors LP owned 0.68% of Patterson Companies worth $24,572,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. OLD Mutual Customised Solutions Proprietary Ltd. increased its stake in Patterson Companies by 27.8% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,300 shares of the company’s stock valued at $104,000 after acquiring an additional 500 shares during the period. Advisory Services Network LLC increased its stake in Patterson Companies by 423.4% in the second quarter. Advisory Services Network LLC now owns 2,523 shares of the company’s stock valued at $118,000 after acquiring an additional 2,041 shares during the period. Commonwealth Bank of Australia increased its stake in Patterson Companies by 15.9% in the second quarter. Commonwealth Bank of Australia now owns 3,027 shares of the company’s stock valued at $140,000 after acquiring an additional 415 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Patterson Companies by 4.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,576 shares of the company’s stock valued at $168,000 after acquiring an additional 150 shares during the period. Finally, Palisade Asset Management LLC bought a new stake in Patterson Companies in the second quarter valued at about $188,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.
Patterson Companies (NASDAQ:PDCO) last announced its quarterly earnings results on Thursday, August 24th. The company reported $0.44 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.44. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.34 billion. Patterson Companies had a net margin of 2.93% and a return on equity of 15.51%. The firm’s revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.51 EPS.
The business also recently declared a quarterly dividend, which was paid on Friday, October 27th. Investors of record on Friday, October 13th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.81%. The ex-dividend date was Thursday, October 12th. Patterson Companies’s dividend payout ratio (DPR) is presently 60.47%.
In related news, CFO Ann B. Gugino sold 750 shares of Patterson Companies stock in a transaction that occurred on Wednesday, October 11th. The shares were sold at an average price of $36.73, for a total transaction of $27,547.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.46% of the company’s stock.
A number of research firms have commented on PDCO. Stifel Nicolaus lowered shares of Patterson Companies from a “hold” rating to a “sell” rating and reduced their price target for the company from $47.43 to $39.00 in a research report on Thursday, July 6th. BidaskClub lowered shares of Patterson Companies from a “buy” rating to a “hold” rating in a research report on Saturday, July 8th. UBS AG lowered shares of Patterson Companies from a “neutral” rating to a “sell” rating and reduced their price target for the company from $44.50 to $40.00 in a research report on Tuesday, July 11th. Credit Suisse Group restated an “outperform” rating and issued a $50.00 price target (up from $45.00) on shares of Patterson Companies in a research report on Thursday, July 13th. Finally, Craig Hallum restated a “sell” rating and issued a $41.00 price target (down from $46.00) on shares of Patterson Companies in a research report on Thursday, August 17th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $41.64.
Patterson Companies Profile
Patterson Companies, Inc is a value-added distributor focused on providing a customer experience to professionals in the dental and animal health markets. The Company operates through three segments: dental, animal health and corporate. Dental and Animal health are strategic business units that offer similar products and services to different customer bases.
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