Sound Income Strategies LLC Sells 596,135 Shares of Patterson Companies, Inc. (NASDAQ:PDCO)

Sound Income Strategies LLC decreased its stake in shares of Patterson Companies, Inc. (NASDAQ:PDCO - Free Report) by 96.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,300 shares of the company's stock after selling 596,135 shares during the period. Sound Income Strategies LLC's holdings in Patterson Companies were worth $688,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PDCO. Envestnet Asset Management Inc. boosted its holdings in shares of Patterson Companies by 52.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 120,186 shares of the company's stock valued at $2,899,000 after buying an additional 41,507 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in Patterson Companies during the second quarter worth about $227,000. Hsbc Holdings PLC grew its holdings in Patterson Companies by 6.2% in the second quarter. Hsbc Holdings PLC now owns 14,184 shares of the company's stock worth $341,000 after purchasing an additional 828 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of Patterson Companies during the second quarter valued at approximately $41,000. Finally, Sei Investments Co. lifted its holdings in shares of Patterson Companies by 24.9% during the second quarter. Sei Investments Co. now owns 51,313 shares of the company's stock valued at $1,238,000 after purchasing an additional 10,220 shares during the last quarter. Hedge funds and other institutional investors own 85.43% of the company's stock.

Insider Transactions at Patterson Companies

In related news, CEO Donald Zurbay sold 1,962 shares of the business's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $23.08, for a total value of $45,282.96. Following the sale, the chief executive officer now directly owns 222,736 shares in the company, valued at approximately $5,140,746.88. The trade was a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PDCO shares. Piper Sandler reduced their price objective on Patterson Companies from $26.00 to $24.00 and set a "neutral" rating for the company in a research report on Friday, December 6th. Robert W. Baird raised their price target on Patterson Companies from $25.00 to $31.00 and gave the company a "neutral" rating in a report on Thursday, December 12th. Morgan Stanley upped their price target on shares of Patterson Companies from $27.00 to $31.35 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. StockNews.com assumed coverage on shares of Patterson Companies in a research note on Wednesday. They set a "hold" rating for the company. Finally, Evercore ISI dropped their target price on shares of Patterson Companies from $23.00 to $22.00 and set an "in-line" rating on the stock in a research note on Tuesday, October 8th. Eleven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Patterson Companies presently has an average rating of "Hold" and a consensus price target of $26.57.

Patterson Companies Stock Performance

PDCO traded up $0.03 during mid-day trading on Friday, reaching $30.93. 1,104,619 shares of the company traded hands, compared to its average volume of 1,458,624. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 0.34. Patterson Companies, Inc. has a 52-week low of $19.45 and a 52-week high of $31.79. The stock has a market capitalization of $2.73 billion, a P/E ratio of 18.09, a P/E/G ratio of 2.69 and a beta of 0.89. The company's fifty day moving average price is $27.74 and its 200-day moving average price is $24.38.

Patterson Companies (NASDAQ:PDCO - Get Free Report) last released its quarterly earnings results on Thursday, December 5th. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). Patterson Companies had a return on equity of 19.77% and a net margin of 2.37%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the previous year, the business posted $0.50 earnings per share. The firm's revenue was up 1.0% on a year-over-year basis. On average, sell-side analysts expect that Patterson Companies, Inc. will post 2.25 EPS for the current year.

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.