Geode Capital Management LLC Decreases Position in Patterson Companies, Inc. (NASDAQ:PDCO)

Geode Capital Management LLC cut its stake in shares of Patterson Companies, Inc. (NASDAQ:PDCO - Free Report) by 1.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 1,888,018 shares of the company's stock after selling 23,057 shares during the period. Geode Capital Management LLC owned about 2.14% of Patterson Companies worth $41,242,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PDCO. Barclays PLC raised its holdings in Patterson Companies by 37.2% in the 3rd quarter. Barclays PLC now owns 165,715 shares of the company's stock valued at $3,619,000 after acquiring an additional 44,906 shares during the last quarter. Stifel Financial Corp raised its holdings in shares of Patterson Companies by 6.2% during the 3rd quarter. Stifel Financial Corp now owns 30,825 shares of the company's stock worth $673,000 after acquiring an additional 1,789 shares during the period. Petrus Trust Company LTA grew its holdings in shares of Patterson Companies by 186.9% in the third quarter. Petrus Trust Company LTA now owns 30,241 shares of the company's stock valued at $660,000 after purchasing an additional 19,701 shares during the period. Mork Capital Management LLC increased its position in Patterson Companies by 142.9% during the third quarter. Mork Capital Management LLC now owns 84,980 shares of the company's stock worth $1,856,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC purchased a new position in Patterson Companies during the third quarter worth about $11,183,000. 85.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PDCO has been the topic of several analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Patterson Companies from $29.00 to $26.00 and set a "neutral" rating on the stock in a research report on Thursday, August 29th. Mizuho began coverage on Patterson Companies in a research report on Wednesday, December 4th. They issued a "neutral" rating and a $23.00 target price on the stock. Leerink Partners restated a "market perform" rating and issued a $31.35 price objective (up from $29.00) on shares of Patterson Companies in a report on Wednesday, December 11th. Bank of America decreased their price target on Patterson Companies from $31.00 to $29.00 and set a "buy" rating on the stock in a research note on Thursday, August 29th. Finally, Piper Sandler dropped their price objective on shares of Patterson Companies from $26.00 to $24.00 and set a "neutral" rating for the company in a report on Friday, December 6th. Eleven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Patterson Companies currently has a consensus rating of "Hold" and a consensus target price of $26.57.

Patterson Companies Stock Performance

PDCO stock traded up $0.04 during trading on Wednesday, hitting $30.90. The company had a trading volume of 598,269 shares, compared to its average volume of 1,023,092. 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 firm has a 50-day moving average price of $23.19 and a 200-day moving average price of $23.25. Patterson Companies, Inc. has a 1-year low of $19.45 and a 1-year high of $31.79. The firm has a market cap of $2.73 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 2.70 and a beta of 1.00.

Patterson Companies (NASDAQ:PDCO - Get Free Report) last released 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). The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.65 billion. Patterson Companies had a return on equity of 19.77% and a net margin of 2.37%. The business's revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 EPS. On average, analysts expect that Patterson Companies, Inc. will post 2.26 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Donald Zurbay sold 1,962 shares of Patterson Companies stock in a transaction on Monday, December 9th. The stock was sold at an average price of $23.08, for a total transaction of $45,282.96. Following the completion of the transaction, the chief executive officer now owns 222,736 shares of the company's stock, valued at $5,140,746.88. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.90% of the stock is owned by insiders.

Patterson Companies Company 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.