New York State Common Retirement Fund grew its position in Patterson Companies, Inc. (NASDAQ:PDCO) by 5.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 230,692 shares of the company’s stock after purchasing an additional 12,394 shares during the quarter. New York State Common Retirement Fund owned approximately 0.24% of Patterson Companies worth $5,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rowland & Co. Investment Counsel ADV boosted its position in shares of Patterson Companies by 4.3% in the first quarter. Rowland & Co. Investment Counsel ADV now owns 104,834 shares of the company’s stock worth $2,291,000 after purchasing an additional 4,294 shares during the period. Legal & General Group Plc boosted its position in shares of Patterson Companies by 1.7% in the fourth quarter. Legal & General Group Plc now owns 110,521 shares of the company’s stock worth $2,173,000 after purchasing an additional 1,892 shares during the period. Oppenheimer Asset Management Inc. boosted its position in shares of Patterson Companies by 19.0% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 28,790 shares of the company’s stock worth $566,000 after purchasing an additional 4,593 shares during the period. First Citizens Bank & Trust Co. bought a new position in shares of Patterson Companies in the first quarter worth approximately $359,000. Finally, Lapides Asset Management LLC boosted its position in shares of Patterson Companies by 2.5% during the first quarter. Lapides Asset Management LLC now owns 93,000 shares of the company’s stock worth $2,032,000 after acquiring an additional 2,300 shares during the last quarter. Institutional investors and hedge funds own 93.65% of the company’s stock.
A number of equities analysts recently weighed in on the stock. BidaskClub lowered shares of Patterson Companies from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. Guggenheim assumed coverage on shares of Patterson Companies in a research report on Wednesday, April 17th. They set a “neutral” rating and a $23.00 target price for the company. UBS Group set a $24.00 target price on shares of Patterson Companies and gave the stock a “hold” rating in a research report on Tuesday, June 25th. JPMorgan Chase & Co. dropped their target price on shares of Patterson Companies from $22.00 to $20.00 and set an “underweight” rating for the company in a research report on Friday. Finally, Wolfe Research assumed coverage on shares of Patterson Companies in a research report on Thursday, May 30th. They set an “underperform” rating for the company. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Patterson Companies currently has a consensus rating of “Hold” and an average price target of $21.63.
Patterson Companies (NASDAQ:PDCO) last announced its earnings results on Thursday, June 27th. The company reported $0.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.03). Patterson Companies had a net margin of 1.50% and a return on equity of 8.94%. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the prior year, the company posted $0.30 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Patterson Companies, Inc. will post 1.39 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 12th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 4.67%. The ex-dividend date of this dividend is Thursday, July 11th. Patterson Companies’s dividend payout ratio is currently 74.29%.
About Patterson Companies
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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