Dynamic Technology Lab Private Ltd Purchases New Stake in Patterson Cos. (PDCO)
Dynamic Technology Lab Private Ltd purchased a new position in shares of Patterson Cos. (NASDAQ:PDCO) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 8,991 shares of the company’s stock, valued at approximately $431,000.
Several other institutional investors also recently added to or reduced their stakes in PDCO. Westpac Banking Corp raised its position in Patterson Cos. by 26.1% in the second quarter. Westpac Banking Corp now owns 5,382 shares of the company’s stock worth $258,000 after buying an additional 1,115 shares during the period. Vanguard Group Inc. raised its position in Patterson Cos. by 1.6% in the second quarter. Vanguard Group Inc. now owns 7,763,526 shares of the company’s stock worth $371,795,000 after buying an additional 122,202 shares during the period. Brown Advisory Inc. raised its position in Patterson Cos. by 6.0% in the second quarter. Brown Advisory Inc. now owns 18,047 shares of the company’s stock worth $864,000 after buying an additional 1,020 shares during the period. Prudential Financial Inc. raised its position in Patterson Cos. by 11.9% in the second quarter. Prudential Financial Inc. now owns 115,847 shares of the company’s stock worth $5,548,000 after buying an additional 12,300 shares during the period. Finally, TLP Group LLC bought a new position in Patterson Cos. during the second quarter worth $140,000. Institutional investors and hedge funds own 77.29% of the company’s stock.
Shares of Patterson Cos. (NASDAQ:PDCO) opened at 46.80 on Thursday. The stock has a market capitalization of $4.47 billion, a P/E ratio of 23.08 and a beta of 0.88. Patterson Cos. has a 1-year low of $38.51 and a 1-year high of $50.40. The stock’s 50 day moving average price is $46.31 and its 200-day moving average price is $46.50.
Patterson Cos. (NASDAQ:PDCO) last released its earnings results on Thursday, August 25th. The company reported $0.51 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.51. The company earned $1.32 billion during the quarter, compared to the consensus estimate of $1.35 billion. Patterson Cos. had a return on equity of 17.42% and a net margin of 3.52%. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.47 earnings per share. Equities research analysts anticipate that Patterson Cos. will post $2.64 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be given a dividend of $0.24 per share. The ex-dividend date is Wednesday, October 12th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.05%. Patterson Cos.’s payout ratio is currently 47.29%.
A number of equities analysts recently weighed in on the company. Zacks Investment Research lowered Patterson Cos. from a “hold” rating to a “sell” rating in a research report on Wednesday, September 14th. TheStreet lowered Patterson Cos. from a “buy” rating to a “hold” rating in a research report on Thursday, September 1st. Evercore ISI reiterated a “hold” rating and issued a $48.00 price target (down previously from $49.00) on shares of Patterson Cos. in a research report on Friday, August 26th. Robert W. Baird reiterated a “neutral” rating and issued a $49.00 price target (down previously from $51.00) on shares of Patterson Cos. in a research report on Friday, August 26th. Finally, Bank of America Corp. assumed coverage on Patterson Cos. in a research report on Wednesday, August 24th. They issued an “underperform” rating and a $44.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Patterson Cos. currently has an average rating of “Hold” and a consensus price target of $48.40.
In other news, insider Ann B. Gugino sold 750 shares of the business’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $46.22, for a total transaction of $34,665.00. Following the completion of the sale, the insider now owns 40,153 shares in the company, valued at $1,855,871.66. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.
About Patterson Cos.
Patterson Companies, Inc is a distributor serving the dental, veterinary and rehabilitation supply markets. The Company operates through three segments: dental supply, veterinary supply and rehabilitation supply. The dental supply segment provides a range of consumable dental products, clinical and laboratory equipment, and value-added services to dentists, dental laboratories, institutions and other dental healthcare providers across North America.
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