Patterson Companies, Inc. (NASDAQ:PDCO) Shares Sold by State Street Corp

State Street Corp lowered its stake in Patterson Companies, Inc. (NASDAQ:PDCO) by 0.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,225,558 shares of the company’s stock after selling 2,059 shares during the period. State Street Corp owned approximately 3.66% of Patterson Companies worth $70,446,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Equity Investment Corp acquired a new position in Patterson Companies in the 2nd quarter valued at $37,935,000. Private Management Group Inc. increased its stake in shares of Patterson Companies by 268.5% during the second quarter. Private Management Group Inc. now owns 1,431,666 shares of the company’s stock worth $34,532,000 after acquiring an additional 1,043,201 shares during the period. LSV Asset Management raised its holdings in Patterson Companies by 58.8% during the second quarter. LSV Asset Management now owns 1,391,344 shares of the company’s stock worth $33,559,000 after purchasing an additional 515,299 shares in the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new stake in Patterson Companies in the third quarter valued at about $11,183,000. Finally, American Century Companies Inc. boosted its holdings in Patterson Companies by 83.6% in the 2nd quarter. American Century Companies Inc. now owns 902,759 shares of the company’s stock valued at $21,775,000 after purchasing an additional 411,012 shares in the last quarter. Hedge funds and other institutional investors own 85.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PDCO. Evercore ISI cut their target price on Patterson Companies from $23.00 to $22.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. Leerink Partnrs downgraded Patterson Companies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Robert W. Baird boosted their target price on shares of Patterson Companies from $25.00 to $31.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Leerink Partners reiterated a “market perform” rating and issued a $31.35 price target (up previously from $29.00) on shares of Patterson Companies in a report on Wednesday, December 11th. Finally, Bank of America decreased their price objective on shares of Patterson Companies from $31.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Eleven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Patterson Companies currently has a consensus rating of “Hold” and an average price target of $26.57.

Patterson Companies Stock Performance

NASDAQ:PDCO opened at $30.90 on Wednesday. The firm’s fifty day simple moving average is $22.15 and its 200 day simple moving average is $23.01. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 0.34. Patterson Companies, Inc. has a twelve month low of $19.45 and a twelve month high of $31.79. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 2.70 and a beta of 1.00.

Patterson Companies (NASDAQ:PDCO) last issued its earnings results on Thursday, December 5th. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Patterson Companies had a return on equity of 19.77% and a net margin of 2.37%. Patterson Companies’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.50 EPS. As a group, equities research analysts expect that Patterson Companies, Inc. will post 2.26 earnings per share for the current fiscal year.

Insider Activity at Patterson Companies

In related news, CEO Donald Zurbay sold 1,962 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $23.08, for a total transaction of $45,282.96. Following the completion of the sale, the chief executive officer now owns 222,736 shares of the company’s stock, valued at $5,140,746.88. This represents a 0.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Patterson Companies Company 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.