Millennium Management LLC Cuts Holdings in Patterson Companies, Inc. (PDCO)
Millennium Management LLC trimmed its position in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 80.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 191,238 shares of the company’s stock after selling 805,373 shares during the quarter. Millennium Management LLC’s holdings in Patterson Companies were worth $3,760,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of PDCO. Dimensional Fund Advisors LP boosted its position in 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 acquiring an additional 822,221 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in Patterson Companies by 1,913.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 649,645 shares of the company’s stock valued at $33,000 after acquiring an additional 617,386 shares in the last quarter. Morgan Stanley boosted its position in shares of Patterson Companies by 64.8% in the 3rd quarter. Morgan Stanley now owns 1,162,577 shares of the company’s stock worth $28,424,000 after purchasing an additional 457,312 shares in the last quarter. BlackRock Inc. boosted its position in shares of Patterson Companies by 4.9% in the 4th quarter. BlackRock Inc. now owns 9,795,267 shares of the company’s stock worth $192,575,000 after purchasing an additional 453,803 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Patterson Companies by 40.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,321,793 shares of the company’s stock worth $32,319,000 after purchasing an additional 382,142 shares in the last quarter. 95.21% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently commented on the company. ValuEngine cut Patterson Companies from a “hold” rating to a “sell” rating in a research report on Thursday. Guggenheim assumed coverage on Patterson Companies in a research report on Wednesday. They issued a “neutral” rating on the stock. BidaskClub cut Patterson Companies from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. Zacks Investment Research cut Patterson Companies from a “hold” rating to a “sell” rating in a research report on Wednesday, February 27th. Finally, UBS Group assumed coverage on Patterson Companies in a research report on Thursday, January 17th. They issued a “neutral” rating and a $23.00 price target on the stock. Eight investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Patterson Companies currently has a consensus rating of “Hold” and a consensus price target of $21.75.
Patterson Companies (NASDAQ:PDCO) last announced its quarterly earnings data on Thursday, February 28th. The company reported $0.38 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.38. Patterson Companies had a net margin of 1.38% and a return on equity of 8.50%. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the business earned $0.43 EPS. Sell-side analysts expect that Patterson Companies, Inc. will post 1.43 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $1.04 dividend on an annualized basis and a yield of 4.95%. Patterson Companies’s payout ratio is currently 61.90%.
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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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