Norges Bank Invests $26.16 Million in Patterson Companies, Inc. (NASDAQ:PDCO)

Norges Bank bought a new stake in shares of Patterson Companies, Inc. (NASDAQ:PDCO - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 919,584 shares of the company's stock, valued at approximately $26,162,000. Norges Bank owned approximately 0.99% of Patterson Companies as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Great Lakes Advisors LLC lifted its position in shares of Patterson Companies by 93.0% during the third quarter. Great Lakes Advisors LLC now owns 73,165 shares of the company's stock worth $2,169,000 after purchasing an additional 35,265 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Patterson Companies by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 780,633 shares of the company's stock valued at $23,138,000 after buying an additional 5,187 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in shares of Patterson Companies by 22.5% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 11,553 shares of the company's stock worth $342,000 after acquiring an additional 2,119 shares during the last quarter. Huntington National Bank increased its holdings in Patterson Companies by 57.0% in the third quarter. Huntington National Bank now owns 2,737 shares of the company's stock valued at $81,000 after purchasing an additional 994 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Patterson Companies in the third quarter valued at about $1,765,000. Institutional investors own 85.43% of the company's stock.

Patterson Companies Stock Up 1.6 %

Patterson Companies stock traded up $0.38 during midday trading on Friday, reaching $24.59. The stock had a trading volume of 702,137 shares, compared to its average volume of 862,790. Patterson Companies, Inc. has a 1-year low of $23.63 and a 1-year high of $34.53. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.72 and a current ratio of 1.43. The firm's fifty day simple moving average is $25.72 and its 200-day simple moving average is $27.57. The stock has a market capitalization of $2.20 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 2.01 and a beta of 1.07.

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

Patterson Companies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 3rd. Shareholders of record on Friday, April 19th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Thursday, April 18th. This represents a $1.04 annualized dividend and a yield of 4.23%. Patterson Companies's dividend payout ratio (DPR) is presently 51.23%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PDCO shares. Evercore ISI decreased their price objective on shares of Patterson Companies from $28.00 to $27.00 and set an "in-line" rating for the company in a report on Friday, April 26th. JPMorgan Chase & Co. dropped 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. Bank of America decreased their target price on Patterson Companies from $34.00 to $32.00 and set a "buy" rating for the company in a research note on Monday, May 20th. SVB Leerink started coverage on Patterson Companies in a research report on Monday, February 26th. They set an "outperform" rating and a $36.00 price target on the stock. Finally, Leerink Partnrs reiterated an "outperform" rating on shares of Patterson Companies in a research report on Monday, February 26th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Patterson Companies presently has an average rating of "Hold" and a consensus target price of $31.67.

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.