Edgestream Partners L.P. Reduces Stock Holdings in Patterson Companies, Inc. (NASDAQ:PDCO)

Edgestream Partners L.P. lowered its position in Patterson Companies, Inc. (NASDAQ:PDCO - Free Report) by 63.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 72,432 shares of the company's stock after selling 124,931 shares during the period. Edgestream Partners L.P. owned approximately 0.08% of Patterson Companies worth $1,582,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PDCO. LRI Investments LLC grew its position in shares of Patterson Companies by 201.2% in the 2nd quarter. LRI Investments LLC now owns 1,262 shares of the company's stock worth $30,000 after buying an additional 843 shares during the last quarter. Mather Group LLC. boosted its stake in Patterson Companies by 1,376.1% in the 2nd quarter. Mather Group LLC. now owns 1,609 shares of the company's stock worth $39,000 after purchasing an additional 1,500 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Patterson Companies in the 2nd quarter worth approximately $41,000. Family Firm Inc. acquired a new stake in Patterson Companies in the 2nd quarter worth approximately $45,000. Finally, Meeder Asset Management Inc. acquired a new stake in Patterson Companies in the 2nd quarter worth approximately $45,000. Hedge funds and other institutional investors own 85.43% of the company's stock.

Patterson Companies Trading Up 1.2 %

NASDAQ PDCO traded up $0.27 during trading hours on Wednesday, reaching $21.88. The company had a trading volume of 1,160,721 shares, compared to its average volume of 949,365. The stock has a market capitalization of $1.93 billion, a P/E ratio of 11.81, a price-to-earnings-growth ratio of 1.59 and a beta of 1.00. Patterson Companies, Inc. has a 1-year low of $19.45 and a 1-year high of $30.68. 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 50-day moving average of $20.97 and a 200 day moving average of $22.83.

Patterson Companies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Wednesday, October 16th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, October 18th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.75%. Patterson Companies's payout ratio is 56.83%.

Analyst Upgrades and Downgrades

PDCO has been the subject of a number of recent analyst reports. Bank of America lowered their target price 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. JPMorgan Chase & Co. lowered their target price on shares of Patterson Companies from $29.00 to $26.00 and set a "neutral" rating for the company in a research note on Thursday, August 29th. Evercore ISI decreased their price objective on shares of Patterson Companies from $23.00 to $22.00 and set an "in-line" rating for the company in a research note on Tuesday, October 8th. Robert W. Baird decreased their price objective on shares of Patterson Companies from $30.00 to $28.00 and set a "neutral" rating for the company in a research note on Thursday, August 29th. Finally, Mizuho initiated coverage on shares of Patterson Companies in a research note on Wednesday. They set a "neutral" rating and a $23.00 price objective for the company. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $27.11.

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.