Profit Investment Management LLC Sells 50,403 Shares of Patterson Companies, Inc. (NASDAQ:PDCO)

Profit Investment Management LLC cut its holdings in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 34.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 94,347 shares of the company’s stock after selling 50,403 shares during the period. Patterson Companies makes up approximately 1.6% of Profit Investment Management LLC’s investment portfolio, making the stock its 26th largest holding. Profit Investment Management LLC’s holdings in Patterson Companies were worth $2,061,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Equity Investment Corp acquired a new stake in shares of Patterson Companies in the 2nd quarter valued at approximately $37,935,000. Private Management Group Inc. increased its stake in shares of Patterson Companies by 268.5% during the 2nd quarter. Private Management Group Inc. now owns 1,431,666 shares of the company’s stock worth $34,532,000 after purchasing an additional 1,043,201 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Patterson Companies by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 10,018,184 shares of the company’s stock valued at $277,003,000 after purchasing an additional 730,819 shares during the period. LSV Asset Management lifted its stake in Patterson Companies by 58.8% in the 2nd quarter. LSV Asset Management now owns 1,391,344 shares of the company’s stock valued at $33,559,000 after purchasing an additional 515,299 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in Patterson Companies by 83.6% in the 2nd quarter. American Century Companies Inc. now owns 902,759 shares of the company’s stock valued at $21,775,000 after purchasing an additional 411,012 shares during the last quarter. 85.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Patterson Companies

In related news, CEO Donald Zurbay sold 7,216 shares of Patterson Companies stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $24.99, for a total transaction of $180,327.84. Following the sale, the chief executive officer now directly owns 230,072 shares of the company’s stock, valued at approximately $5,749,499.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.90% of the stock is currently owned by insiders.

Patterson Companies Price Performance

Patterson Companies stock traded up $0.19 during mid-day trading on Friday, reaching $20.34. 72,415 shares of the company were exchanged, compared to its average volume of 956,882. The firm has a market cap of $1.79 billion, a PE ratio of 11.01, a PEG ratio of 1.46 and a beta of 1.02. Patterson Companies, Inc. has a 12 month low of $19.89 and a 12 month high of $32.58. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 0.67. The company has a fifty day simple moving average of $22.62 and a 200-day simple moving average of $24.24.

Patterson Companies (NASDAQ:PDCO) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.08). The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.59 billion. Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. The business’s revenue was down 2.3% on a year-over-year basis. During the same period last year, the company posted $0.40 EPS. As a group, equities research analysts expect that Patterson Companies, Inc. will post 2.33 earnings per share for the current fiscal year.

Patterson Companies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Wednesday, October 16th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, October 18th. This represents a $1.04 annualized dividend and a dividend yield of 5.11%. Patterson Companies’s dividend payout ratio is currently 56.83%.

Wall Street Analysts Forecast Growth

PDCO has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced their target price on Patterson Companies from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. UBS Group decreased their price objective on shares of Patterson Companies from $27.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Bank of America cut their target price on shares of Patterson Companies from $31.00 to $29.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Robert W. Baird reduced their target price on shares of Patterson Companies from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Finally, Morgan Stanley cut their price objective on shares of Patterson Companies from $30.00 to $28.00 and set an “equal weight” rating for the company in a research report on Thursday, June 20th. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $28.30.

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.