Edgestream Partners L.P. Reduces Stock Position in Patterson Companies, Inc. (NASDAQ:PDCO)

Edgestream Partners L.P. decreased its position in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 63.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 72,432 shares of the company’s stock after selling 124,931 shares during the period. Edgestream Partners L.P.’s holdings in Patterson Companies were worth $1,582,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Equity Investment Corp acquired a new position in Patterson Companies during the second quarter worth $37,935,000. Private Management Group Inc. increased its position in shares of Patterson Companies by 268.5% in the second quarter. Private Management Group Inc. now owns 1,431,666 shares of the company’s stock valued at $34,532,000 after buying an additional 1,043,201 shares in the last quarter. LSV Asset Management raised its stake in shares of Patterson Companies by 58.8% during the 2nd quarter. LSV Asset Management now owns 1,391,344 shares of the company’s stock worth $33,559,000 after buying an additional 515,299 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Patterson Companies by 83.6% in the 2nd quarter. American Century Companies Inc. now owns 902,759 shares of the company’s stock worth $21,775,000 after buying an additional 411,012 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Patterson Companies by 1,574.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 340,000 shares of the company’s stock valued at $8,201,000 after acquiring an additional 319,700 shares during the last quarter. Hedge funds and other institutional investors own 85.43% of the company’s stock.

Patterson Companies Price Performance

Shares of Patterson Companies stock opened at $21.61 on Wednesday. The stock has a market capitalization of $1.90 billion, a P/E ratio of 11.81, a PEG ratio of 1.59 and a beta of 1.00. 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 business’s fifty day moving average price is $20.97 and its 200 day moving average price is $22.83. Patterson Companies, Inc. has a twelve month low of $19.45 and a twelve month high of $30.68.

Patterson Companies Announces Dividend

The firm 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. This represents a $1.04 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date was Friday, October 18th. Patterson Companies’s dividend payout ratio (DPR) is presently 56.83%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PDCO. Evercore ISI lowered their price target on shares of Patterson Companies from $23.00 to $22.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. JPMorgan Chase & Co. dropped their price target on Patterson Companies from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. UBS Group reduced their price objective on Patterson Companies from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Robert W. Baird dropped their price objective on Patterson Companies from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Finally, Bank of America reduced their target price 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. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Patterson Companies has a consensus rating of “Hold” and an average target price of $27.63.

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.