Cambridge Investment Research Advisors Inc. purchased a new position in shares of Patterson Companies (NASDAQ:PDCO) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 5,869 shares of the company’s stock, valued at approximately $212,000.
Other hedge funds have also modified their holdings of the company. Advisory Services Network LLC boosted its position in Patterson Companies by 346.8% during the fourth quarter. Advisory Services Network LLC now owns 3,454 shares of the company’s stock worth $125,000 after purchasing an additional 2,681 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new position in Patterson Companies during the fourth quarter worth approximately $145,000. Two Sigma Securities LLC purchased a new position in Patterson Companies during the fourth quarter worth approximately $209,000. Exchange Capital Management Inc. boosted its position in Patterson Companies by 458.3% during the fourth quarter. Exchange Capital Management Inc. now owns 6,532 shares of the company’s stock worth $236,000 after purchasing an additional 5,362 shares in the last quarter. Finally, American Assets Investment Management LLC purchased a new position in Patterson Companies during the fourth quarter worth approximately $238,000. Institutional investors own 94.61% of the company’s stock.
PDCO has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Patterson Companies from a “sell” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Tuesday, January 23rd. Northcoast Research set a $38.00 price target on Patterson Companies and gave the stock a “buy” rating in a research report on Thursday, March 1st. Craig Hallum upgraded Patterson Companies from a “hold” rating to a “buy” rating in a research report on Friday, April 6th. BidaskClub upgraded Patterson Companies from a “sell” rating to a “hold” rating in a research report on Thursday, February 22nd. Finally, Jefferies Group reiterated a “hold” rating and set a $26.00 price target on shares of Patterson Companies in a research report on Tuesday, March 6th. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. Patterson Companies has a consensus rating of “Hold” and a consensus target price of $36.17.
Patterson Companies (NASDAQ:PDCO) last released its earnings results on Thursday, March 1st. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.09). The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Patterson Companies had a net margin of 4.39% and a return on equity of 13.85%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.58 EPS. research analysts predict that Patterson Companies will post 1.69 earnings per share for the current fiscal year.
Patterson Companies declared that its Board of Directors has approved a share buyback program on Tuesday, March 13th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Friday, April 13th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $1.04 dividend on an annualized basis and a yield of 4.41%. Patterson Companies’s payout ratio is 44.44%.
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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