Water Island Capital LLC Acquires New Holdings in Patterson Companies, Inc. (NASDAQ:PDCO)

Water Island Capital LLC bought a new position in shares of Patterson Companies, Inc. (NASDAQ:PDCO) in the 4th quarter, HoldingsChannel reports. The fund bought 235,572 shares of the company’s stock, valued at approximately $7,270,000.

A number of other institutional investors have also made changes to their positions in the stock. Rockefeller Capital Management L.P. lifted its holdings in shares of Patterson Companies by 9.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,987 shares of the company’s stock worth $339,000 after acquiring an additional 953 shares during the last quarter. Sterling Capital Management LLC boosted its position in shares of Patterson Companies by 779.7% during the fourth quarter. Sterling Capital Management LLC now owns 2,041 shares of the company’s stock worth $63,000 after buying an additional 1,809 shares during the period. Quinn Opportunity Partners LLC acquired a new stake in shares of Patterson Companies in the fourth quarter valued at $1,234,000. Raymond James Financial Inc. purchased a new stake in shares of Patterson Companies in the 4th quarter valued at $18,316,000. Finally, Legal & General Group Plc lifted its stake in Patterson Companies by 0.7% during the 4th quarter. Legal & General Group Plc now owns 231,015 shares of the company’s stock worth $7,129,000 after acquiring an additional 1,510 shares in the last quarter. 85.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PDCO. Morgan Stanley boosted their price target on shares of Patterson Companies from $27.00 to $31.35 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. StockNews.com initiated coverage on shares of Patterson Companies in a report on Saturday. They set a “hold” rating on the stock. Eleven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Patterson Companies presently has a consensus rating of “Hold” and an average target price of $26.57.

Patterson Companies Price Performance

Shares of PDCO opened at $30.91 on Friday. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 2.71 and a beta of 0.73. The firm’s fifty day simple moving average is $31.11 and its 200-day simple moving average is $27.31. Patterson Companies, Inc. has a twelve month low of $19.45 and a twelve 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.

Patterson Companies 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.