Sound Income Strategies LLC Trims Holdings in Patterson Companies, Inc. (NASDAQ:PDCO)

Sound Income Strategies LLC decreased its holdings in Patterson Companies, Inc. (NASDAQ:PDCO) by 7.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 618,435 shares of the company’s stock after selling 49,438 shares during the period. Sound Income Strategies LLC owned about 0.70% of Patterson Companies worth $13,507,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PDCO. Equity Investment Corp bought a new stake in Patterson Companies during the second quarter valued at about $37,935,000. Private Management Group Inc. boosted its position in Patterson Companies by 268.5% during the second quarter. Private Management Group Inc. now owns 1,431,666 shares of the company’s stock valued at $34,532,000 after purchasing an additional 1,043,201 shares in the last quarter. Vanguard Group Inc. boosted its position in Patterson Companies by 7.9% during the first quarter. Vanguard Group Inc. now owns 10,018,184 shares of the company’s stock valued at $277,003,000 after purchasing an additional 730,819 shares in the last quarter. LSV Asset Management boosted its position in Patterson Companies by 58.8% during the second quarter. LSV Asset Management now owns 1,391,344 shares of the company’s stock valued at $33,559,000 after purchasing an additional 515,299 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Patterson Companies by 83.6% during the second quarter. American Century Companies Inc. now owns 902,759 shares of the company’s stock valued at $21,775,000 after purchasing an additional 411,012 shares in the last quarter. Hedge funds and other institutional investors own 85.43% of the company’s stock.

Insider Activity

In other news, CEO Donald Zurbay sold 7,216 shares of Patterson Companies stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $24.99, for a total value of $180,327.84. Following the sale, the chief executive officer now directly owns 230,072 shares of the company’s stock, valued at $5,749,499.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.90% of the company’s stock.

Patterson Companies Stock Performance

PDCO stock traded up $0.49 during trading on Friday, hitting $20.64. 541,011 shares of the company traded hands, compared to its average volume of 959,260. The stock’s 50-day simple moving average is $22.43 and its 200 day simple moving average is $24.14. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 0.67. The company has a market cap of $1.82 billion, a PE ratio of 11.28, a P/E/G ratio of 1.46 and a beta of 1.02. Patterson Companies, Inc. has a 1 year low of $19.89 and a 1 year high of $32.58.

Patterson Companies (NASDAQ:PDCO) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.08). The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.59 billion. Patterson Companies had a net margin of 2.58% and a return on equity of 19.87%. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.40 earnings per share. On average, equities analysts expect that Patterson Companies, Inc. will post 2.33 earnings per share for the current fiscal year.

Patterson Companies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.04%. The ex-dividend date of this dividend is Friday, October 18th. Patterson Companies’s dividend payout ratio (DPR) is presently 56.83%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Morgan Stanley lowered their price target on Patterson Companies from $30.00 to $28.00 and set an “equal weight” rating for the company in a report on Thursday, June 20th. Evercore ISI lowered their price target on Patterson Companies from $23.00 to $22.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Bank of America lowered their price target on Patterson Companies from $31.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Robert W. Baird lowered their price target on Patterson Companies from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Finally, UBS Group lowered their price target on Patterson Companies from $27.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $28.30.

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.