Steel Grove Capital Advisors LLC Makes New Investment in Patterson Companies, Inc. (NASDAQ:PDCO)

Steel Grove Capital Advisors LLC bought a new position in shares of Patterson Companies, Inc. (NASDAQ:PDCO) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 69,727 shares of the company’s stock, valued at approximately $1,682,000. Steel Grove Capital Advisors LLC owned approximately 0.08% of Patterson Companies as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PDCO. LRI Investments LLC increased its position in shares of Patterson Companies by 201.2% in the 2nd quarter. LRI Investments LLC now owns 1,262 shares of the company’s stock valued at $30,000 after purchasing an additional 843 shares during the last quarter. Mather Group LLC. increased its position in shares of Patterson Companies by 1,376.1% in the 2nd quarter. Mather Group LLC. now owns 1,609 shares of the company’s stock valued at $39,000 after purchasing an additional 1,500 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Patterson Companies in the 2nd quarter valued at approximately $41,000. Family Firm Inc. purchased a new stake in shares of Patterson Companies in the 2nd quarter valued at approximately $45,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Patterson Companies in the 2nd quarter valued at approximately $45,000. 85.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Patterson Companies news, CEO Donald Zurbay sold 7,216 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $24.99, for a total value of $180,327.84. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Donald Zurbay sold 7,216 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $24.99, for a total transaction of $180,327.84. Following the completion of the transaction, the chief executive officer now owns 230,072 shares in the company, valued at approximately $5,749,499.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Kevin Michael Barry sold 1,216 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $23.72, for a total transaction of $28,843.52. Following the transaction, the chief financial officer now owns 41,605 shares of the company’s stock, valued at approximately $986,870.60. The disclosure for this sale can be found here. Insiders sold 17,149 shares of company stock valued at $415,851 over the last 90 days. 1.50% of the stock is currently owned by company insiders.

Patterson Companies Stock Down 3.0 %

Patterson Companies stock opened at $21.59 on Monday. The company has a 50-day simple moving average of $23.81 and a 200-day simple moving average of $24.77. The firm has a market capitalization of $1.90 billion, a P/E ratio of 10.80, a P/E/G ratio of 1.58 and a beta of 1.02. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.67 and a current ratio of 1.30. Patterson Companies, Inc. has a one year low of $19.96 and a one year high of $32.58.

Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.08). The company had revenue of $1.54 billion during the quarter, compared to analyst estimates 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 for the quarter was down 2.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.40 EPS. As a group, equities analysts expect that Patterson Companies, Inc. will post 2.33 earnings per share for the current year.

Patterson Companies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 4.82%. The ex-dividend date is Friday, October 18th. Patterson Companies’s payout ratio is currently 52.00%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Bank of America lowered their price objective on shares of Patterson Companies from $31.00 to $29.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Evercore ISI reduced their target price on shares of Patterson Companies from $25.00 to $23.00 and set an “in-line” rating for the company in a research note on Thursday, August 29th. Morgan Stanley reduced their target price on shares of Patterson Companies from $30.00 to $28.00 and set an “equal weight” rating for the company in a research note on Thursday, June 20th. Robert W. Baird dropped 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, JPMorgan Chase & Co. lowered their price target on shares of Patterson Companies from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $28.40.

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.