Wesbanco Bank Inc. Makes New $1.07 Million Investment in Patterson Companies, Inc. (NASDAQ:PDCO)

Wesbanco Bank Inc. acquired a new position in Patterson Companies, Inc. (NASDAQ:PDCO - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 38,536 shares of the company's stock, valued at approximately $1,066,000.

Other large investors also recently modified their holdings of the company. Norges Bank purchased a new position in Patterson Companies during the fourth quarter worth about $26,162,000. Nordea Investment Management AB grew its holdings in shares of Patterson Companies by 25.3% in the fourth quarter. Nordea Investment Management AB now owns 2,594,944 shares of the company's stock valued at $73,852,000 after acquiring an additional 523,226 shares in the last quarter. Westwood Holdings Group Inc. increased its position in shares of Patterson Companies by 17.0% during the fourth quarter. Westwood Holdings Group Inc. now owns 2,287,553 shares of the company's stock valued at $65,081,000 after acquiring an additional 332,593 shares during the last quarter. LSV Asset Management lifted its holdings in Patterson Companies by 46.2% during the third quarter. LSV Asset Management now owns 915,345 shares of the company's stock worth $27,131,000 after acquiring an additional 289,100 shares during the period. Finally, Alps Advisors Inc. purchased a new position in Patterson Companies in the third quarter worth $5,525,000. Institutional investors own 85.43% of the company's stock.

Analyst Upgrades and Downgrades

PDCO has been the subject of several research analyst reports. Evercore ISI decreased their target price on Patterson Companies from $28.00 to $27.00 and set an "in-line" rating for the company in a research report on Friday, April 26th. JPMorgan Chase & Co. lowered their price objective on shares of Patterson Companies from $31.00 to $30.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 6th. Piper Sandler downgraded shares of Patterson Companies from an "overweight" rating to a "neutral" rating and reduced their target price for the company from $34.00 to $28.00 in a research report on Thursday, February 29th. SVB Leerink initiated coverage on shares of Patterson Companies in a report on Monday, February 26th. They issued an "outperform" rating and a $36.00 price target on the stock. Finally, Leerink Partnrs reissued an "outperform" rating on shares of Patterson Companies in a report on Monday, February 26th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Patterson Companies presently has a consensus rating of "Hold" and a consensus target price of $32.56.

Patterson Companies Stock Performance

Shares of NASDAQ:PDCO traded up $0.23 during trading on Friday, hitting $25.66. 1,008,448 shares of the company were exchanged, compared to its average volume of 634,696. Patterson Companies, Inc. has a 52-week low of $25.00 and a 52-week high of $34.53. The stock has a 50 day moving average of $26.60 and a 200 day moving average of $28.38. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.43 and a quick ratio of 0.72. The company has a market cap of $2.30 billion, a PE ratio of 12.64, a P/E/G ratio of 1.25 and a beta of 1.07.

Patterson Companies (NASDAQ:PDCO - Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.60 by ($0.01). The company had revenue of $1.62 billion for the quarter, compared to analysts' expectations of $1.63 billion. Patterson Companies had a return on equity of 20.98% and a net margin of 2.95%. The business's revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the company posted $0.62 EPS. As a group, equities research analysts predict that Patterson Companies, Inc. will post 2.32 EPS for the current year.

Patterson Companies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 3rd. Investors of record on Friday, April 19th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend was Thursday, April 18th. Patterson Companies's dividend payout ratio (DPR) is presently 51.23%.

Patterson Companies Company Profile

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.

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