Glenmede Trust Co. NA Acquires 56,662 Shares of Patterson Companies, Inc. (PDCO)
Glenmede Trust Co. NA lifted its holdings in Patterson Companies, Inc. (NASDAQ:PDCO) by 24.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 284,118 shares of the company’s stock after buying an additional 56,662 shares during the quarter. Glenmede Trust Co. NA owned approximately 0.30% of Patterson Companies worth $10,264,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Patterson Companies by 6.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,182,834 shares of the company’s stock worth $187,255,000 after buying an additional 304,402 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Patterson Companies by 70.7% in the 4th quarter. Bank of New York Mellon Corp now owns 1,681,338 shares of the company’s stock valued at $60,747,000 after purchasing an additional 696,540 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Patterson Companies by 46.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,544,632 shares of the company’s stock valued at $55,808,000 after purchasing an additional 492,936 shares during the last quarter. Guggenheim Capital LLC lifted its position in Patterson Companies by 24.6% in the 4th quarter. Guggenheim Capital LLC now owns 1,467,613 shares of the company’s stock valued at $53,024,000 after purchasing an additional 289,732 shares during the last quarter. Finally, Alps Advisors Inc. bought a new stake in Patterson Companies in the 4th quarter valued at about $48,813,000. Institutional investors own 94.45% of the company’s stock.
Several analysts recently weighed in on the stock. BidaskClub upgraded shares of Patterson Companies from a “sell” rating to a “hold” rating in a research report on Tuesday, January 16th. Evercore ISI assumed coverage on shares of Patterson Companies in a research report on Thursday, January 4th. They issued an “in-line” rating and a $38.50 price objective on the stock. Zacks Investment Research upgraded shares of Patterson Companies from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 4th. Morgan Stanley cut shares of Patterson Companies from an “equal weight” rating to an “underweight” rating and set a $42.00 target price on the stock. in a research note on Wednesday, December 6th. Finally, Jefferies Group reissued a “hold” rating and set a $37.00 target price on shares of Patterson Companies in a research note on Thursday, November 23rd. Six equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $37.30.
Patterson Companies (NASDAQ:PDCO) last announced its quarterly earnings data on Thursday, March 1st. The company reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.09). The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.38 billion. Patterson Companies had a return on equity of 13.85% and a net margin of 4.39%. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.58 EPS. equities research analysts forecast that Patterson Companies, Inc. will post 1.69 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Stockholders of record on Friday, April 13th will be paid a $0.26 dividend. The ex-dividend date is Thursday, April 12th. This represents a $1.04 annualized dividend and a dividend yield of 4.62%. Patterson Companies’s dividend payout ratio is currently 40.15%.
Patterson Companies declared that its Board of Directors has initiated a stock buyback program on Tuesday, March 13th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, insider Ann B. Gugino sold 750 shares of Patterson Companies stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $36.38, for a total value of $27,285.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.46% of the company’s stock.
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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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