Monday, May 28, 2018

American International Group Inc. Acquires 139,218 Shares of Patterson Companies (PDCO)

American International Group Inc. grew its holdings in shares of Patterson Companies (NASDAQ:PDCO) by 320.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 182,605 shares of the company’s stock after purchasing an additional 139,218 shares during the period. American International Group Inc. owned approximately 0.19% of Patterson Companies worth $4,059,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Patterson Companies by 6.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,182,834 shares of the company’s stock valued at $187,255,000 after purchasing an additional 304,402 shares during the last quarter. Fairpointe Capital LLC lifted its holdings in shares of Patterson Companies by 5.7% during the fourth quarter. Fairpointe Capital LLC now owns 3,974,188 shares of the company’s stock valued at $143,588,000 after purchasing an additional 213,341 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Patterson Companies by 70.7% during the fourth quarter. Bank of New York Mellon Corp now owns 1,681,338 shares of the company’s stock valued at $60,747,000 after purchasing an additional 696,540 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Patterson Companies by 46.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,544,632 shares of the company’s stock valued at $55,808,000 after purchasing an additional 492,936 shares during the last quarter. Finally, Guggenheim Capital LLC lifted its holdings in shares of Patterson Companies by 24.6% during the fourth quarter. Guggenheim Capital LLC now owns 1,467,613 shares of the company’s stock valued at $53,024,000 after purchasing an additional 289,732 shares during the last quarter. Hedge funds and other institutional investors own 90.42% of the company’s stock.

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Several research firms have recently issued reports on PDCO. BidaskClub upgraded shares of Patterson Companies from a “sell” rating to a “hold” rating in a report on Tuesday, January 30th. JPMorgan Chase & Co. lowered shares of Patterson Companies from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $40.00 to $36.00 in a report on Thursday, February 15th. Evercore ISI lowered shares of Patterson Companies from an “in-line” rating to an “underperform” rating in a report on Thursday, March 1st. Robert W. Baird lowered shares of Patterson Companies from an “outperform” rating to a “neutral” rating in a report on Thursday, March 1st. Finally, Barclays initiated coverage on shares of Patterson Companies in a report on Thursday, March 8th. They issued an “underweight” rating and a $23.00 price objective for the company. Six analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. Patterson Companies currently has a consensus rating of “Hold” and an average price target of $36.17.

Shares of NASDAQ PDCO opened at $21.69 on Monday. Patterson Companies has a twelve month low of $20.91 and a twelve month high of $48.29. The company has a market capitalization of $2.05 billion, a P/E ratio of 9.27, a PEG ratio of 1.73 and a beta of 1.15. The company has a quick ratio of 1.00, a current ratio of 1.80 and a debt-to-equity ratio of 0.64.

Patterson Companies (NASDAQ:PDCO) last announced its quarterly earnings data on Thursday, March 1st. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.09). The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Patterson Companies had a return on equity of 13.85% and a net margin of 4.39%. Patterson Companies’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.58 earnings per share. sell-side analysts expect that Patterson Companies will post 1.69 earnings per share for the current fiscal year.

Patterson Companies announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 13th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

About Patterson Companies

Patterson Companies, Inc distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada. It operates through Dental and Animal Health segments. The company's Dental segment offers consumable products, such as infection control, restorative materials, hand instruments, and sterilization products; basic and advanced technology dental equipment; patient education systems; and office forms and stationery.

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Institutional Ownership by Quarter for Patterson Companies (NASDAQ:PDCO)