The Manufacturers Life Insurance Company Sells 940 Shares of Patterson Companies, Inc. (NASDAQ:PDCO)

The Manufacturers Life Insurance Company cut its position in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 2.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 43,865 shares of the company’s stock after selling 940 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Patterson Companies were worth $958,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. LRI Investments LLC raised its holdings in shares of Patterson Companies by 201.2% in the second 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. Canada Pension Plan Investment Board bought a new stake in Patterson Companies during the 2nd quarter worth about $41,000. Family Firm Inc. acquired a new position in shares of Patterson Companies during the 2nd quarter worth about $45,000. Meeder Asset Management Inc. bought a new position in shares of Patterson Companies in the 2nd quarter valued at about $45,000. Finally, International Assets Investment Management LLC grew its stake in Patterson Companies by 2,084.0% in the third quarter. International Assets Investment Management LLC now owns 2,184 shares of the company’s stock valued at $48,000 after purchasing an additional 2,084 shares in the last quarter. Institutional investors own 85.43% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on PDCO. Leerink Partnrs downgraded shares of Patterson Companies from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Evercore ISI dropped their target price on shares of Patterson Companies from $23.00 to $22.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. Robert W. Baird lifted their price target on Patterson Companies from $25.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday. 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. Finally, Leerink Partners reiterated a “market perform” rating and set a $31.35 target price (up from $29.00) on shares of Patterson Companies in a research note on Wednesday. Eleven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Patterson Companies currently has an average rating of “Hold” and an average target price of $26.24.

Patterson Companies Stock Down 1.3 %

PDCO opened at $30.98 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.76 and a current ratio of 1.37. The stock has a fifty day moving average of $21.52 and a 200-day moving average of $22.88. Patterson Companies, Inc. has a fifty-two week low of $19.45 and a fifty-two week high of $31.79. The company has a market capitalization of $2.73 billion, a P/E ratio of 18.12, a P/E/G ratio of 1.69 and a beta of 1.00.

Patterson Companies (NASDAQ:PDCO) last announced its earnings results on Thursday, December 5th. The company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). Patterson Companies had a return on equity of 19.77% and a net margin of 2.37%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the previous year, the company earned $0.50 EPS. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, equities analysts expect that Patterson Companies, Inc. will post 2.29 EPS for the current year.

Patterson Companies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Wednesday, October 16th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend was Friday, October 18th. Patterson Companies’s dividend payout ratio (DPR) is presently 60.82%.

Insider Buying and Selling

In related news, CEO Donald Zurbay sold 1,962 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $23.08, for a total transaction of $45,282.96. Following the completion of the sale, the chief executive officer now directly owns 222,736 shares in the company, valued at $5,140,746.88. This represents a 0.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.90% of the stock is currently owned by company insiders.

About Patterson Companies

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.