Tocqueville Asset Management L.P. Increases Position in Patterson Cos. (PDCO)
Tocqueville Asset Management L.P. raised its stake in shares of Patterson Cos. (NASDAQ:PDCO) by 2.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 237,855 shares of the company’s stock after buying an additional 5,812 shares during the period. Tocqueville Asset Management L.P. owned approximately 0.25% of Patterson Cos. worth $11,391,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. CWM LLC increased its stake in shares of Patterson Cos. by 43,314.0% in the second quarter. CWM LLC now owns 369,453 shares of the company’s stock worth $17,693,000 after buying an additional 368,602 shares during the last quarter. Sector Gamma AS purchased a new stake in shares of Patterson Cos. during the first quarter worth about $15,414,000. BlackRock Fund Advisors increased its stake in shares of Patterson Cos. by 12.7% in the first quarter. BlackRock Fund Advisors now owns 2,542,819 shares of the company’s stock worth $118,317,000 after buying an additional 287,257 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Patterson Cos. by 198.4% in the first quarter. JPMorgan Chase & Co. now owns 143,065 shares of the company’s stock worth $6,657,000 after buying an additional 95,122 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Patterson Cos. by 3.5% in the first quarter. Wellington Management Group LLP now owns 2,801,575 shares of the company’s stock worth $130,358,000 after buying an additional 94,184 shares during the last quarter. Institutional investors and hedge funds own 77.29% of the company’s stock.
Shares of Patterson Cos. (NASDAQ:PDCO) traded down 1.96% on Friday, reaching $44.41. 939,464 shares of the company were exchanged. The firm has a market capitalization of $4.24 billion, a PE ratio of 21.90 and a beta of 0.94. The stock’s 50-day moving average is $45.91 and its 200 day moving average is $46.59. Patterson Cos. has a 12-month low of $38.51 and a 12-month high of $50.40.
Patterson Cos. (NASDAQ:PDCO) last announced its quarterly earnings data on Thursday, August 25th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.51. Patterson Cos. had a return on equity of 17.42% and a net margin of 3.52%. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the previous year, the business posted $0.47 EPS. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. On average, analysts forecast that Patterson Cos. will post $2.67 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 14th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Wednesday, October 12th. Patterson Cos.’s dividend payout ratio is currently 47.29%.
A number of brokerages have issued reports on PDCO. Zacks Investment Research downgraded shares of Patterson Cos. from a “hold” rating to a “sell” rating in a research note on Tuesday, August 16th. Off Wall Street began coverage on shares of Patterson Cos. in a research note on Monday, August 8th. They set a “sell” rating on the stock. Credit Suisse Group AG reiterated a “buy” rating and set a $55.00 price objective on shares of Patterson Cos. in a research note on Monday, June 27th. TheStreet downgraded shares of Patterson Cos. from a “buy” rating to a “hold” rating in a research note on Thursday, September 1st. Finally, Robert W. Baird reiterated a “neutral” rating and set a $49.00 price objective (down from $51.00) on shares of Patterson Cos. in a research note on Friday, August 26th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $48.40.
In related news, insider Ann B. Gugino sold 750 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $46.22, for a total value of $34,665.00. Following the sale, the insider now directly owns 40,153 shares in the company, valued at approximately $1,855,871.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.46% of the stock is owned by corporate insiders.
Patterson Cos. Company Profile
Patterson Companies, Inc is a distributor serving the dental, veterinary and rehabilitation supply markets. The Company operates through three segments: dental supply, veterinary supply and rehabilitation supply. The dental supply segment provides a range of consumable dental products, clinical and laboratory equipment, and value-added services to dentists, dental laboratories, institutions and other dental healthcare providers across North America.
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