Moran Wealth Management LLC Takes $2.39 Million Position in Patterson Companies, Inc. (NASDAQ:PDCO)

Moran Wealth Management LLC purchased a new position in Patterson Companies, Inc. (NASDAQ:PDCO) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 109,388 shares of the company’s stock, valued at approximately $2,389,000. Moran Wealth Management LLC owned about 0.12% of Patterson Companies at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. LRI Investments LLC lifted its stake in shares of Patterson Companies by 201.2% in the 2nd quarter. LRI Investments LLC now owns 1,262 shares of the company’s stock valued at $30,000 after purchasing an additional 843 shares in the last quarter. Mather Group LLC. increased its position in shares of Patterson Companies by 1,376.1% in the second quarter. Mather Group LLC. now owns 1,609 shares of the company’s stock worth $39,000 after acquiring an additional 1,500 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Patterson Companies during the 2nd quarter valued at $41,000. Family Firm Inc. acquired a new position in shares of Patterson Companies during the 2nd quarter valued at $45,000. Finally, Meeder Asset Management Inc. acquired a new stake in Patterson Companies in the 2nd quarter valued at $45,000. Hedge funds and other institutional investors own 85.43% of the company’s stock.

Patterson Companies Stock Up 1.1 %

NASDAQ:PDCO opened at $20.28 on Friday. The company has a current ratio of 1.30, a quick ratio of 0.67 and a debt-to-equity ratio of 0.34. The stock has a 50 day moving average of $21.04 and a 200-day moving average of $23.13. The firm has a market capitalization of $1.79 billion, a PE ratio of 11.08, a price-to-earnings-growth ratio of 1.49 and a beta of 1.02. Patterson Companies, Inc. has a 52 week low of $19.45 and a 52 week high of $32.58.

Patterson Companies (NASDAQ:PDCO) last issued its earnings results on Wednesday, August 28th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.08). Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same period in the prior year, the business earned $0.40 earnings per share. Patterson Companies’s quarterly revenue was down 2.3% on a year-over-year basis. Analysts predict that Patterson Companies, Inc. will post 2.32 EPS for the current year.

Patterson Companies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders 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 dividend on an annualized basis and a yield of 5.13%. Patterson Companies’s dividend payout ratio (DPR) is presently 56.83%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PDCO shares. JPMorgan Chase & Co. dropped their price objective on shares of Patterson Companies from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. Bank of America dropped their target price on Patterson Companies from $31.00 to $29.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. UBS Group lowered their price objective on Patterson Companies from $27.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Robert W. Baird cut their target price on Patterson Companies from $30.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Finally, Evercore ISI dropped their price target on shares of 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. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $28.30.

About Patterson Companies

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.