The Fenimore Asset Management Inc. Raises Stake in Patterson Cos. (PDCO)

The Fenimore Asset Management Inc. Raises Stake in Patterson Cos. (PDCO)

Fenimore Asset Management Inc. boosted its position in Patterson Cos. (NASDAQ:PDCO) by 3.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 757,175 shares of the company’s stock after buying an additional 25,985 shares during the period. Patterson Cos. accounts for approximately 1.7% of Fenimore Asset Management Inc.’s investment portfolio, making the stock its 24th largest position. Fenimore Asset Management Inc.’s holdings in Patterson Cos. were worth $34,785,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PDCO. Benjamin F. Edwards & Company Inc. raised its position in Patterson Cos. by 0.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,358 shares of the company’s stock worth $113,000 after buying an additional 12 shares in the last quarter. State of Alaska Department of Revenue raised its position in Patterson Cos. by 0.3% in the second quarter. State of Alaska Department of Revenue now owns 19,811 shares of the company’s stock worth $948,000 after buying an additional 54 shares in the last quarter. State Treasurer State of Michigan raised its position in Patterson Cos. by 0.3% in the second quarter. State Treasurer State of Michigan now owns 28,890 shares of the company’s stock worth $1,384,000 after buying an additional 100 shares in the last quarter. CIBC Asset Management Inc raised its position in Patterson Cos. by 1.3% in the second quarter. CIBC Asset Management Inc now owns 14,198 shares of the company’s stock worth $680,000 after buying an additional 183 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in Patterson Cos. by 1.9% in the second quarter. ProShare Advisors LLC now owns 10,134 shares of the company’s stock worth $485,000 after buying an additional 191 shares in the last quarter. 77.29% of the stock is owned by hedge funds and other institutional investors.

Patterson Cos. (NASDAQ:PDCO) traded down 0.13% during midday trading on Wednesday, hitting $45.44. 410,406 shares of the company traded hands. Patterson Cos. has a 12-month low of $38.51 and a 12-month high of $50.40. The stock’s 50-day moving average is $46.01 and its 200-day moving average is $46.61. The firm has a market capitalization of $4.34 billion, a PE ratio of 22.41 and a beta of 0.94.

Patterson Cos. (NASDAQ:PDCO) last posted its quarterly earnings results on Thursday, August 25th. The company reported $0.51 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.51. The business earned $1.32 billion during the quarter, compared to the consensus estimate of $1.35 billion. Patterson Cos. had a net margin of 3.52% and a return on equity of 17.42%. Patterson Cos.’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.47 earnings per share. Analysts anticipate that Patterson Cos. will post $2.67 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Wednesday, October 12th. Patterson Cos.’s payout ratio is presently 47.29%.

A number of research firms recently commented on PDCO. Robert W. Baird reaffirmed a “neutral” rating and issued a $49.00 price objective (down previously from $51.00) on shares of Patterson Cos. in a research note on Friday, August 26th. TheStreet lowered shares of Patterson Cos. from a “buy” rating to a “hold” rating in a research note on Thursday, September 1st. Jefferies Group reaffirmed a “hold” rating on shares of Patterson Cos. in a research note on Thursday, August 4th. Off Wall Street started coverage on shares of Patterson Cos. in a research note on Monday, August 8th. They set a “sell” rating for the company. Finally, Zacks Investment Research raised shares of Patterson Cos. from a “sell” rating to a “hold” rating in a research note on Monday, September 5th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $48.40.

In other Patterson Cos. news, insider Ann B. Gugino sold 750 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $46.22, for a total value of $34,665.00. Following the completion of the sale, the insider now owns 40,153 shares of the company’s stock, valued at $1,855,871.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by company insiders.

Patterson Cos. Company Profile

Patterson Companies, Inc is a distributor serving the dental, veterinary and rehabilitation supply markets. The Company operates through three segments: dental supply, veterinary supply and rehabilitation supply. The dental supply segment provides a range of consumable dental products, clinical and laboratory equipment, and value-added services to dentists, dental laboratories, institutions and other dental healthcare providers across North America.

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