Redmond Asset Management LLC Purchases New Position in Patterson Companies, Inc. (NASDAQ:PDCO)

Redmond Asset Management LLC purchased a new stake in shares of Patterson Companies, Inc. (NASDAQ:PDCO) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 32,104 shares of the company’s stock, valued at approximately $735,000.

Several other institutional investors also recently made changes to their positions in PDCO. Norges Bank bought a new stake in shares of Patterson Companies during the 4th quarter valued at approximately $17,939,000. Dimensional Fund Advisors LP grew its holdings in shares of Patterson Companies by 36.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,085,525 shares of the company’s stock valued at $60,662,000 after purchasing an additional 822,221 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in shares of Patterson Companies by 57.1% during the 1st quarter. Neuberger Berman Group LLC now owns 1,101,838 shares of the company’s stock valued at $24,071,000 after purchasing an additional 400,439 shares during the last quarter. Federated Investors Inc. PA grew its holdings in shares of Patterson Companies by 1,094.8% during the 1st quarter. Federated Investors Inc. PA now owns 236,041 shares of the company’s stock valued at $5,157,000 after purchasing an additional 216,285 shares during the last quarter. Finally, OppenheimerFunds Inc. grew its holdings in shares of Patterson Companies by 26.4% during the 1st quarter. OppenheimerFunds Inc. now owns 775,732 shares of the company’s stock valued at $16,950,000 after purchasing an additional 162,162 shares during the last quarter. 93.23% of the stock is currently owned by institutional investors.

PDCO has been the topic of several recent research reports. 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. cut their target price on shares of Patterson Companies from $22.00 to $20.00 and set an “underweight” rating on the stock in a research report on Friday, June 28th. BidaskClub downgraded shares of Patterson Companies from a “hold” rating to a “sell” rating in a research report on Tuesday, August 6th. Guggenheim initiated 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 on the stock. Finally, ValuEngine downgraded shares of Patterson Companies from a “hold” rating to a “sell” rating in a research report on Friday, July 19th. Seven investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Patterson Companies presently has an average rating of “Sell” and an average price target of $21.14.

NASDAQ:PDCO traded down $0.30 during mid-day trading on Thursday, hitting $16.62. 18,270 shares of the company’s stock were exchanged, compared to its average volume of 1,301,523. The stock’s 50 day moving average is $20.52. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.83 and a quick ratio of 0.96. Patterson Companies, Inc. has a fifty-two week low of $16.74 and a fifty-two week high of $26.60. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 11.94, a P/E/G ratio of 1.93 and a beta of 1.29.

Patterson Companies (NASDAQ:PDCO) last posted its earnings results on Thursday, June 27th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.03). The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.43 billion. Patterson Companies had a return on equity of 8.94% and a net margin of 1.50%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.30 earnings per share. On average, analysts forecast that Patterson Companies, Inc. will post 1.38 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were given a $0.26 dividend. The ex-dividend date was Thursday, July 11th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 6.26%. Patterson Companies’s dividend payout ratio (DPR) 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.

Further Reading: Stock Symbols and CUSIP Explained

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Institutional Ownership by Quarter for Patterson Companies (NASDAQ:PDCO)

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