Patterson Companies, Inc. (NASDAQ:PDCO) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. cut its stake in Patterson Companies, Inc. (NASDAQ:PDCO) by 4.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 197,363 shares of the company’s stock after selling 9,757 shares during the quarter. Edgestream Partners L.P. owned approximately 0.22% of Patterson Companies worth $4,760,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. LRI Investments LLC raised its stake in shares of Patterson Companies by 201.2% during the 2nd quarter. LRI Investments LLC now owns 1,262 shares of the company’s stock worth $30,000 after buying an additional 843 shares during the period. Spire Wealth Management acquired a new position in shares of Patterson Companies during the 1st quarter worth approximately $35,000. Mather Group LLC. raised its stake 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 worth $39,000 after buying an additional 1,500 shares during the period. Family Firm Inc. acquired a new position in shares of Patterson Companies during the 2nd quarter worth approximately $45,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Patterson Companies during the 2nd quarter worth approximately $45,000. 85.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Donald Zurbay sold 7,216 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $24.99, for a total transaction of $180,327.84. Following the completion of the sale, the chief executive officer now directly owns 230,072 shares in the company, valued at $5,749,499.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Donald Zurbay sold 7,216 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $24.99, for a total transaction of $180,327.84. Following the completion of the sale, the chief executive officer now directly owns 230,072 shares in the company, valued at $5,749,499.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kevin Michael Barry sold 1,216 shares of Patterson Companies stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $23.72, for a total transaction of $28,843.52. Following the sale, the chief financial officer now owns 41,605 shares of the company’s stock, valued at $986,870.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,149 shares of company stock worth $415,851. Insiders own 1.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PDCO. Bank of America reduced their target price on Patterson Companies from $31.00 to $29.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. JPMorgan Chase & Co. reduced their price objective on Patterson Companies from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Evercore ISI decreased their price objective on Patterson Companies from $25.00 to $23.00 and set an “in-line” rating on the stock in a report on Thursday, August 29th. UBS Group dropped their target price on shares of Patterson Companies from $27.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Finally, Morgan Stanley decreased their price target on shares of Patterson Companies from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 20th. Nine equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $28.40.

Patterson Companies Price Performance

Patterson Companies stock opened at $21.74 on Wednesday. Patterson Companies, Inc. has a 12-month low of $19.96 and a 12-month high of $32.58. The stock has a market cap of $1.92 billion, a P/E ratio of 10.87, a PEG ratio of 1.53 and a beta of 1.02. The company has a 50-day moving average price of $23.93 and a 200 day moving average price of $24.88. The company has a current ratio of 1.30, a quick ratio of 0.67 and a debt-to-equity ratio of 0.34.

Patterson Companies (NASDAQ:PDCO) last released 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 for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the previous year, the business posted $0.40 earnings per share. Patterson Companies’s revenue for the quarter was down 2.3% on a year-over-year basis. Sell-side analysts anticipate that Patterson Companies, Inc. will post 2.33 earnings per share for the current year.

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.