Illinois Municipal Retirement Fund Takes Position in Patterson Companies, Inc. (NASDAQ:PDCO)

Illinois Municipal Retirement Fund purchased a new stake in shares of Patterson Companies, Inc. (NASDAQ:PDCO) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 48,410 shares of the company’s stock, valued at approximately $1,339,000. Illinois Municipal Retirement Fund owned approximately 0.05% of Patterson Companies at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of PDCO. Norges Bank bought a new position in shares of Patterson Companies in the fourth quarter valued at about $26,162,000. Nordea Investment Management AB boosted its position in Patterson Companies by 25.3% during the 4th quarter. Nordea Investment Management AB now owns 2,594,944 shares of the company’s stock worth $73,852,000 after buying an additional 523,226 shares during the period. Westwood Holdings Group Inc. boosted its position in Patterson Companies by 17.0% during the 4th quarter. Westwood Holdings Group Inc. now owns 2,287,553 shares of the company’s stock worth $65,081,000 after buying an additional 332,593 shares during the period. Principal Financial Group Inc. boosted its position in Patterson Companies by 50.5% during the 1st quarter. Principal Financial Group Inc. now owns 478,100 shares of the company’s stock worth $13,219,000 after buying an additional 160,428 shares during the period. Finally, Brown Advisory Inc. raised its holdings in Patterson Companies by 11.2% during the 4th quarter. Brown Advisory Inc. now owns 1,547,278 shares of the company’s stock worth $44,020,000 after purchasing an additional 156,402 shares during the last quarter. Institutional investors own 85.43% of the company’s stock.

Analysts Set New Price Targets

PDCO has been the topic of a number of analyst reports. StockNews.com downgraded shares of Patterson Companies from a “buy” rating to a “hold” rating in a report on Saturday, June 1st. Bank of America decreased their price target on Patterson Companies from $34.00 to $32.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. Morgan Stanley lowered 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 report on Thursday, June 20th. JPMorgan Chase & Co. lowered their target price on shares of Patterson Companies from $30.00 to $29.00 and set a “neutral” rating on the stock in a research note on Thursday, June 20th. Finally, Evercore ISI lowered their target price on shares of Patterson Companies from $27.00 to $25.00 and set an “in-line” rating on the stock in a research note on Tuesday, July 9th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $30.00.

Insider Activity at Patterson Companies

In related news, CEO Donald Zurbay sold 5,875 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $23.71, for a total value of $139,296.25. Following the transaction, the chief executive officer now directly owns 237,288 shares of the company’s stock, valued at approximately $5,626,098.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Donald Zurbay sold 5,875 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $23.71, for a total value of $139,296.25. Following the transaction, the chief executive officer now directly owns 237,288 shares of the company’s stock, valued at approximately $5,626,098.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Les B. Korsh sold 2,842 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $23.71, for a total value of $67,383.82. Following the completion of the transaction, the insider now directly owns 103,765 shares in the company, valued at $2,460,268.15. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,933 shares of company stock worth $235,524. 1.50% of the stock is owned by company insiders.

Patterson Companies Price Performance

NASDAQ PDCO opened at $24.33 on Monday. Patterson Companies, Inc. has a one year low of $22.29 and a one year high of $34.53. The stock has a 50-day moving average of $24.34 and a 200 day moving average of $26.57. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 2.28 and a beta of 1.06. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.75 and a current ratio of 1.33.

Patterson Companies (NASDAQ:PDCO) last released its quarterly earnings data on Tuesday, June 18th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.01). The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. Patterson Companies had a return on equity of 20.80% and a net margin of 2.83%. Patterson Companies’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.84 earnings per share. On average, sell-side analysts forecast that Patterson Companies, Inc. will post 2.37 EPS for the current year.

Patterson Companies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, July 19th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.27%. Patterson Companies’s dividend payout ratio (DPR) is presently 52.00%.

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.