Spire Wealth Management Boosts Stock Position in Patterson Companies, Inc. (NASDAQ:PDCO)

Spire Wealth Management lifted its holdings in Patterson Companies, Inc. (NASDAQ:PDCO) by 11.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,160 shares of the company’s stock after purchasing an additional 419 shares during the quarter. Spire Wealth Management’s holdings in Patterson Companies were worth $128,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its holdings in shares of Patterson Companies by 13.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,183,940 shares of the company’s stock valued at $47,697,000 after purchasing an additional 258,042 shares in the last quarter. River Road Asset Management LLC grew its holdings in shares of Patterson Companies by 3.6% in the third quarter. River Road Asset Management LLC now owns 1,988,217 shares of the company’s stock valued at $43,423,000 after purchasing an additional 68,947 shares in the last quarter. Equity Investment Corp grew its holdings in shares of Patterson Companies by 10.6% in the third quarter. Equity Investment Corp now owns 1,739,669 shares of the company’s stock valued at $37,994,000 after purchasing an additional 166,899 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Patterson Companies by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,554,566 shares of the company’s stock valued at $33,952,000 after purchasing an additional 81,524 shares in the last quarter. Finally, Private Management Group Inc. grew its holdings in shares of Patterson Companies by 5.8% in the third quarter. Private Management Group Inc. now owns 1,515,255 shares of the company’s stock valued at $33,093,000 after purchasing an additional 83,589 shares in the last quarter. 85.43% of the stock is owned by hedge funds and other institutional investors.

Patterson Companies Stock Down 0.1 %

Shares of PDCO opened at $31.00 on Friday. The firm has a market capitalization of $2.74 billion, a P/E ratio of 18.13, a P/E/G ratio of 2.70 and a beta of 0.90. Patterson Companies, Inc. has a 12-month low of $19.45 and a 12-month high of $31.79. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 0.34. The firm has a fifty day moving average price of $29.55 and a 200-day moving average price of $24.77.

Patterson Companies (NASDAQ:PDCO) last issued its earnings results on Thursday, December 5th. The company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Patterson Companies had a net margin of 2.37% and a return on equity of 19.77%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 earnings per share. Equities research analysts expect that Patterson Companies, Inc. will post 2.25 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on PDCO. Leerink Partnrs lowered shares of Patterson Companies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Leerink Partners reaffirmed a “market perform” rating and set a $31.35 price objective (up from $29.00) on shares of Patterson Companies in a research note on Wednesday, December 11th. StockNews.com began coverage on shares of Patterson Companies in a research note on Friday. They set a “hold” rating for the company. Piper Sandler dropped their price objective on shares of Patterson Companies from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, December 6th. Finally, Robert W. Baird lifted their price objective on shares of Patterson Companies from $25.00 to $31.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Eleven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $26.57.

Insider Activity at Patterson Companies

In related news, CEO Donald Zurbay sold 1,962 shares of Patterson Companies 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 completion of the sale, the chief executive officer now directly owns 222,736 shares in the company, valued at $5,140,746.88. The trade was a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.90% of the stock is currently owned by corporate insiders.

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.