Allspring Global Investments Holdings LLC Sells 497,417 Shares of Patterson Companies, Inc. (NASDAQ:PDCO)

Allspring Global Investments Holdings LLC cut its holdings in Patterson Companies, Inc. (NASDAQ:PDCO) by 22.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,686,523 shares of the company’s stock after selling 497,417 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Patterson Companies were worth $51,945,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. BNP Paribas Financial Markets grew its holdings in shares of Patterson Companies by 31.5% in the third quarter. BNP Paribas Financial Markets now owns 33,257 shares of the company’s stock valued at $726,000 after acquiring an additional 7,969 shares in the last quarter. Equity Investment Corp grew its holdings in shares of Patterson Companies by 10.6% in the third quarter. Equity Investment Corp now owns 1,739,669 shares of the company’s stock valued at $37,994,000 after acquiring an additional 166,899 shares in the last quarter. Goodman Financial Corp grew its holdings in shares of Patterson Companies by 19.1% in the third quarter. Goodman Financial Corp now owns 543,282 shares of the company’s stock valued at $11,865,000 after acquiring an additional 86,972 shares in the last quarter. Mork Capital Management LLC grew its holdings in shares of Patterson Companies by 142.9% in the third quarter. Mork Capital Management LLC now owns 84,980 shares of the company’s stock valued at $1,856,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Barclays PLC lifted its stake in Patterson Companies by 37.2% in the third quarter. Barclays PLC now owns 165,715 shares of the company’s stock valued at $3,619,000 after purchasing an additional 44,906 shares during the last quarter. 85.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PDCO. Leerink Partners reiterated a “market perform” rating and issued a $31.35 price objective (up previously from $29.00) on shares of Patterson Companies in a research note on Wednesday, December 11th. Piper Sandler dropped their price objective on Patterson Companies from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, December 6th. Morgan Stanley upped their price objective on Patterson Companies from $27.00 to $31.35 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Stifel Nicolaus dropped their price objective on Patterson Companies from $25.00 to $24.00 and set a “hold” rating on the stock in a research note on Thursday, December 5th. Finally, Robert W. Baird upped their price objective on Patterson Companies from $25.00 to $31.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Eleven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $26.57.

Insider Transactions at Patterson Companies

In other news, CEO Donald Zurbay sold 1,962 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $23.08, for a total value of $45,282.96. Following the transaction, the chief executive officer now owns 222,736 shares of the company’s stock, valued at approximately $5,140,746.88. This represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.90% of the company’s stock.

Patterson Companies Stock Performance

NASDAQ:PDCO opened at $31.04 on Friday. The company has a market cap of $2.74 billion, a P/E ratio of 18.15, a P/E/G ratio of 2.70 and a beta of 0.90. The stock’s fifty day moving average price is $30.29 and its two-hundred day moving average price is $24.92. Patterson Companies, Inc. has a 1 year low of $19.45 and a 1 year high of $31.79. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.37 and a quick ratio of 0.76.

Patterson Companies (NASDAQ:PDCO) last released its quarterly earnings results on Thursday, December 5th. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.65 billion. Patterson Companies had a return on equity of 19.77% and a net margin of 2.37%. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 EPS. As a group, analysts expect that Patterson Companies, Inc. will post 2.25 EPS for the current year.

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.