Element Capital Management LLC acquired a new stake in Patterson Companies, Inc. (NASDAQ:PDCO) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 51,030 shares of the company’s stock, valued at approximately $1,134,000. Element Capital Management LLC owned about 0.05% of Patterson Companies as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Advisory Services Network LLC raised its position in shares of Patterson Companies by 346.8% during the fourth quarter. Advisory Services Network LLC now owns 3,454 shares of the company’s stock worth $125,000 after acquiring an additional 2,681 shares during the last quarter. Two Sigma Securities LLC bought a new stake in shares of Patterson Companies during the fourth quarter worth $209,000. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Patterson Companies during the fourth quarter worth $212,000. Profund Advisors LLC bought a new stake in shares of Patterson Companies during the first quarter worth $213,000. Finally, Commerzbank Aktiengesellschaft FI bought a new stake in shares of Patterson Companies during the first quarter worth $224,000. Hedge funds and other institutional investors own 90.30% of the company’s stock.
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Shares of Patterson Companies opened at $22.38 on Friday, Marketbeat.com reports. 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, Inc. has a 12 month low of $20.57 and a 12 month high of $48.29. The firm has a market cap of $2.11 billion, a P/E ratio of 9.56, a P/E/G ratio of 1.84 and a beta of 1.12.
Patterson Companies announced that its Board of Directors has approved a share repurchase program on Tuesday, March 13th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 27th. Investors of record on Friday, July 13th will be paid a dividend of $0.26 per share. The ex-dividend date is Thursday, July 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.65%. Patterson Companies’s dividend payout ratio (DPR) is presently 44.44%.
PDCO has been the subject of a number of recent research reports. Northcoast Research set a $38.00 target price on Patterson Companies and gave the stock a “buy” rating in a research report on Thursday, March 1st. Craig Hallum upgraded Patterson Companies from a “hold” rating to a “buy” rating in a research report on Friday, April 6th. Piper Jaffray Companies restated a “hold” rating and set a $24.00 target price on shares of Patterson Companies in a research report on Wednesday, April 4th. Jefferies Financial Group restated a “hold” rating and set a $26.00 target price on shares of Patterson Companies in a research report on Tuesday, March 6th. Finally, Zacks Investment Research downgraded Patterson Companies from a “buy” rating to a “hold” rating in a research report on Monday, March 5th. Seven research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $35.03.
Patterson Companies Company Profile
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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