The Manufacturers Life Insurance Company Sells 940 Shares of Patterson Companies, Inc. (NASDAQ:PDCO)

The Manufacturers Life Insurance Company trimmed its holdings in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 2.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,865 shares of the company’s stock after selling 940 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Patterson Companies were worth $958,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Truvestments Capital LLC bought a new stake in shares of Patterson Companies in the third quarter worth $108,000. Charles Schwab Investment Management Inc. grew its position in shares of Patterson Companies by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,554,566 shares of the company’s stock valued at $33,952,000 after buying an additional 81,524 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Patterson Companies in the third quarter valued at about $536,000. Moran Wealth Management LLC bought a new position in shares of Patterson Companies during the third quarter worth about $2,389,000. Finally, Advisors Asset Management Inc. lifted its stake in shares of Patterson Companies by 38.3% in the third quarter. Advisors Asset Management Inc. now owns 173,470 shares of the company’s stock worth $3,789,000 after acquiring an additional 48,068 shares during the period. 85.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on PDCO. Robert W. Baird increased their target price on shares of Patterson Companies from $25.00 to $31.00 and gave the company a “neutral” rating in a research report on Thursday. UBS Group lowered their target price on shares of Patterson Companies from $27.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Leerink Partners reaffirmed a “market perform” rating and set a $31.35 price target (up previously from $29.00) on shares of Patterson Companies in a research report on Wednesday. Evercore ISI lowered their price objective on Patterson Companies from $23.00 to $22.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. Finally, Leerink Partnrs downgraded Patterson Companies from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Eleven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Patterson Companies currently has a consensus rating of “Hold” and a consensus target price of $26.24.

Insider Buying and Selling

In other news, CEO Donald Zurbay sold 1,962 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $23.08, for a total value of $45,282.96. Following the completion of the transaction, the chief executive officer now directly owns 222,736 shares of the company’s stock, valued at $5,140,746.88. This represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Patterson Companies Price Performance

Shares of PDCO opened at $30.98 on Friday. The business’s fifty day moving average is $21.52 and its 200 day moving average is $22.88. Patterson Companies, Inc. has a 12-month low of $19.45 and a 12-month high of $31.79. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.73 billion, a P/E ratio of 18.12, a P/E/G ratio of 1.69 and a beta of 1.00.

Patterson Companies (NASDAQ:PDCO) last posted its earnings results on Thursday, December 5th. The company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.65 billion. Patterson Companies had a return on equity of 19.77% and a net margin of 2.37%. The company’s revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 EPS. Sell-side analysts anticipate that Patterson Companies, Inc. will post 2.29 earnings per share for the current fiscal year.

Patterson Companies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Wednesday, October 16th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $1.04 annualized dividend and a dividend yield of 3.36%. Patterson Companies’s payout ratio is 60.82%.

Patterson Companies Profile

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.