Sasco Capital Inc. CT Lowers Stake in Patterson Companies, Inc. (NASDAQ:PDCO)

Sasco Capital Inc. CT trimmed its stake in shares of Patterson Companies, Inc. (NASDAQ:PDCO - Free Report) by 14.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 759,994 shares of the company's stock after selling 125,890 shares during the period. Patterson Companies accounts for 2.5% of Sasco Capital Inc. CT's portfolio, making the stock its 25th largest holding. Sasco Capital Inc. CT owned approximately 0.86% of Patterson Companies worth $16,598,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. LRI Investments LLC lifted its position in shares of Patterson Companies by 201.2% in the second quarter. LRI Investments LLC now owns 1,262 shares of the company's stock worth $30,000 after buying an additional 843 shares in the last quarter. Mather Group LLC. boosted its position in shares of Patterson Companies by 1,376.1% during the 2nd quarter. Mather Group LLC. now owns 1,609 shares of the company's stock valued at $39,000 after acquiring an additional 1,500 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Patterson Companies in the second quarter valued at $41,000. Family Firm Inc. bought a new stake in Patterson Companies in the second quarter worth $45,000. Finally, Meeder Asset Management Inc. purchased a new stake in Patterson Companies during the second quarter valued at $45,000. Hedge funds and other institutional investors own 85.43% of the company's stock.

Patterson Companies Trading Down 2.3 %

PDCO stock traded down $0.49 during mid-day trading on Tuesday, reaching $20.41. The company had a trading volume of 1,007,877 shares, compared to its average volume of 944,876. The company has a market capitalization of $1.80 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 1.44 and a beta of 1.02. The firm has a 50 day moving average of $21.06 and a 200 day moving average of $23.19. Patterson Companies, Inc. has a 12 month low of $19.45 and a 12 month high of $32.58. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 0.67.

Patterson Companies (NASDAQ:PDCO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 28th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.08). Patterson Companies had a return on equity of 19.87% and a net margin of 2.58%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same period last year, the company earned $0.40 EPS. The firm's revenue for the quarter was down 2.3% compared to the same quarter last year. On average, equities analysts predict that Patterson Companies, Inc. will post 2.32 earnings per share for the current fiscal year.

Patterson Companies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Wednesday, October 16th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 5.10%. The ex-dividend date of this dividend was Friday, October 18th. Patterson Companies's dividend payout ratio (DPR) is presently 56.83%.

Analyst Ratings Changes

A number of brokerages have commented on PDCO. Evercore ISI dropped 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. Bank of America reduced their price objective 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. Robert W. Baird lowered their price objective on Patterson Companies from $30.00 to $28.00 and set a "neutral" rating for the company in a research note on Thursday, August 29th. UBS Group decreased their price target on Patterson Companies from $27.00 to $24.00 and set a "neutral" rating on the stock in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. dropped their price objective 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. Nine equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $28.30.

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.