Patterson Companies, Inc. (NASDAQ:PDCO) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in shares of Patterson Companies, Inc. (NASDAQ:PDCO) by 17.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 370,202 shares of the company’s stock after selling 80,454 shares during the quarter. Principal Financial Group Inc. owned about 0.42% of Patterson Companies worth $8,085,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Canada Pension Plan Investment Board acquired a new stake in Patterson Companies in the 2nd quarter valued at approximately $41,000. Meeder Asset Management Inc. acquired a new stake in shares of Patterson Companies in the second quarter valued at $45,000. International Assets Investment Management LLC raised its holdings in shares of Patterson Companies by 2,084.0% in the 3rd quarter. International Assets Investment Management LLC now owns 2,184 shares of the company’s stock valued at $48,000 after buying an additional 2,084 shares during the period. KBC Group NV raised its holdings in shares of Patterson Companies by 32.7% in the 3rd quarter. KBC Group NV now owns 2,757 shares of the company’s stock valued at $60,000 after buying an additional 680 shares during the period. Finally, Chris Bulman Inc acquired a new position in Patterson Companies during the 2nd quarter worth about $71,000. 85.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Patterson Companies

In other news, CEO Donald Zurbay sold 1,962 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $23.08, for a total value of $45,282.96. Following the completion of the sale, the chief executive officer now directly owns 222,736 shares of the company’s stock, valued at approximately $5,140,746.88. This represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

PDCO has been the topic of a number of recent research reports. Morgan Stanley boosted their price target on shares of Patterson Companies from $27.00 to $31.35 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. StockNews.com initiated coverage on shares of Patterson Companies in a research note on Sunday. They set a “hold” rating on the stock. Evercore ISI decreased their price target on shares of Patterson Companies from $23.00 to $22.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. Stifel Nicolaus cut their price objective on Patterson Companies from $25.00 to $24.00 and set a “hold” rating on the stock in a research report on Thursday, December 5th. Finally, Piper Sandler decreased their target price on Patterson Companies from $26.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, December 6th. Eleven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Patterson Companies has an average rating of “Hold” and an average price target of $26.57.

Patterson Companies Price Performance

PDCO stock opened at $30.86 on Wednesday. The business has a 50 day moving average price of $24.16 and a 200 day moving average price of $23.53. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 2.70 and a beta of 1.00. Patterson Companies, Inc. has a fifty-two week low of $19.45 and a fifty-two week high of $31.79.

Patterson Companies (NASDAQ:PDCO) last issued its earnings results on Thursday, December 5th. The company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). Patterson Companies had a net margin of 2.37% and a return on equity of 19.77%. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the previous year, the company posted $0.50 EPS. The company’s quarterly revenue was up 1.0% on a year-over-year basis. Equities research analysts anticipate that Patterson Companies, Inc. will post 2.26 earnings per share for the current fiscal year.

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.