Holocene Advisors LP Takes Position in Patterson Companies, Inc. (NASDAQ:PDCO)

Holocene Advisors LP acquired a new stake in Patterson Companies, Inc. (NASDAQ:PDCO - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 51,415 shares of the company's stock, valued at approximately $1,123,000. Holocene Advisors LP owned approximately 0.06% of Patterson Companies as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Equity Investment Corp bought a new stake in Patterson Companies during the 2nd quarter valued at $37,935,000. Private Management Group Inc. increased its stake in Patterson Companies by 268.5% during the 2nd quarter. Private Management Group Inc. now owns 1,431,666 shares of the company's stock valued at $34,532,000 after purchasing an additional 1,043,201 shares in the last quarter. LSV Asset Management increased its stake in Patterson Companies by 58.8% during the 2nd quarter. LSV Asset Management now owns 1,391,344 shares of the company's stock valued at $33,559,000 after purchasing an additional 515,299 shares in the last quarter. American Century Companies Inc. increased its stake in Patterson Companies by 83.6% during the 2nd quarter. American Century Companies Inc. now owns 902,759 shares of the company's stock valued at $21,775,000 after purchasing an additional 411,012 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in Patterson Companies by 1,574.9% during the 2nd quarter. Point72 Asset Management L.P. now owns 340,000 shares of the company's stock valued at $8,201,000 after purchasing an additional 319,700 shares in the last quarter. Institutional investors own 85.43% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on PDCO. Bank of America decreased their price target on shares of Patterson Companies from $31.00 to $29.00 and set a "buy" rating for the company in a research note on Thursday, August 29th. UBS Group cut their price objective on shares of Patterson Companies from $27.00 to $24.00 and set a "neutral" rating on the stock in a report on Thursday, September 5th. Mizuho initiated coverage on shares of Patterson Companies in a report on Wednesday. They set a "neutral" rating and a $23.00 price objective on the stock. Piper Sandler cut their price objective on shares of Patterson Companies from $26.00 to $24.00 and set a "neutral" rating on the stock in a report on Friday. Finally, Evercore ISI cut their price objective 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. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $26.10.

Patterson Companies Stock Performance

Shares of NASDAQ:PDCO traded up $0.09 during midday trading on Friday, reaching $22.92. The company had a trading volume of 1,170,812 shares, compared to its average volume of 969,411. The company's 50 day moving average price is $21.02 and its 200 day moving average price is $22.79. The company has a current ratio of 1.30, a quick ratio of 0.67 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.02 billion, a P/E ratio of 13.40, a P/E/G ratio of 1.60 and a beta of 1.00. Patterson Companies, Inc. has a 52-week low of $19.45 and a 52-week high of $30.68.

Patterson Companies (NASDAQ:PDCO - Get Free Report) last issued its quarterly earnings results on Thursday, December 5th. The company reported $0.47 earnings per share for the quarter, missing analysts' consensus estimates of $0.49 by ($0.02). The company had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.65 billion. Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. Patterson Companies's quarterly revenue was up 1.0% compared to the same quarter last year. During the same period last year, the firm posted $0.50 earnings per share. As a group, sell-side analysts anticipate that Patterson Companies, Inc. will post 2.32 EPS for the current fiscal year.

Patterson Companies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Wednesday, October 16th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 4.54%. The ex-dividend date of this dividend was Friday, October 18th. Patterson Companies's dividend payout ratio (DPR) is presently 60.82%.

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.