State of Alaska Department of Revenue Trims Stake in Patterson Companies, Inc. (NASDAQ:PDCO)

State of Alaska Department of Revenue decreased its stake in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 9.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,191 shares of the company’s stock after selling 995 shares during the period. State of Alaska Department of Revenue’s holdings in Patterson Companies were worth $261,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in PDCO. Norges Bank purchased a new stake in Patterson Companies during the 4th quarter worth about $22,778,000. Morgan Stanley boosted its stake in Patterson Companies by 44.1% in the 4th quarter. Morgan Stanley now owns 1,921,031 shares of the company’s stock worth $53,847,000 after buying an additional 587,570 shares during the last quarter. Nordea Investment Management AB boosted its stake in Patterson Companies by 25.3% in the 4th quarter. Nordea Investment Management AB now owns 2,594,944 shares of the company’s stock worth $73,852,000 after buying an additional 523,226 shares during the last quarter. Bank of America Corp DE boosted its stake in Patterson Companies by 35.9% in the 1st quarter. Bank of America Corp DE now owns 1,907,391 shares of the company’s stock worth $51,061,000 after buying an additional 503,683 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Patterson Companies by 93.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 789,726 shares of the company’s stock worth $26,266,000 after buying an additional 381,278 shares during the last quarter. 85.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PDCO has been the topic of a number of research analyst reports. SVB Leerink initiated coverage on Patterson Companies in a research note on Monday, February 26th. They issued an “outperform” rating and a $36.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on Patterson Companies from $31.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 6th. Leerink Partnrs reaffirmed an “outperform” rating on shares of Patterson Companies in a research note on Monday, February 26th. Finally, Piper Sandler lowered Patterson Companies from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $34.00 to $28.00 in a research note on Thursday, February 29th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $33.11.

Patterson Companies Stock Performance

Patterson Companies stock opened at $25.46 on Friday. The stock’s 50 day moving average price is $27.45 and its 200 day moving average price is $28.80. The firm has a market capitalization of $2.28 billion, a PE ratio of 12.54, a price-to-earnings-growth ratio of 1.35 and a beta of 1.06. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.72 and a current ratio of 1.43. Patterson Companies, Inc. has a one year low of $25.00 and a one year high of $34.53.

Patterson Companies (NASDAQ:PDCO) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.63 billion. Patterson Companies had a return on equity of 20.98% and a net margin of 2.95%. The business’s revenue was up .9% on a year-over-year basis. During the same period last year, the firm posted $0.62 earnings per share. As a group, sell-side analysts expect that Patterson Companies, Inc. will post 2.32 EPS for the current fiscal year.

Patterson Companies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 3rd. Investors of record on Friday, April 19th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend is Thursday, April 18th. Patterson Companies’s dividend payout ratio (DPR) is presently 51.23%.

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.