Avon Products, Inc. (AVP), Patterson Companies, Inc. (PDCO): Donald Yacktman’s Small-cap Value Picks

Yacktman Asset Management holds a large position in Patterson Companies, Inc. (NASDAQ:PDCO) consisting of 2.24 million shares valued at $109.05 million. The veterinary business company announced entering into a definitive agreement for the acquisition of Animal Health International and is likely to pay $1.1 billion to acquire the shares of the latter. At the time of acquisition, the management of Patterson Companies, Inc. (NASDAQ:PDCO) hinted that it was likely to focus on its dental and veterinary business units to spur further growth for the company. The acquisition of Animal Health International would help the company double its veterinary business, helping it achieve its business goals faster. Patterson Companies, Inc. (NASDAQ:PDCO) was in the list of the 100 Most Trustworthy Companies in America in 2015. GAMCO Investors and James Dondero‘s Highland Capital Management are among the large shareholders of Patterson Companies, Inc. (NASDAQ:PDCO).

Lancaster Colony Corp. (NASDAQ:LANC) is another small-cap stock pick of the investment manager, whose current position includes 530,000 shares valued at $50.44 million. The shares of the specialty goods manufacturer have declined 7.24% year-to-date and it has a current market cap of $2.44 billion. Lancaster Colony Corp. (NASDAQ:LANC) announced the acquisition of Flatout Holdings, Inc. through its wholly owned subsidiary, T. Marzetti Company. Flatout is among the market leaders in flatbread categories, and the acquisition, priced at $92 million, is likely help Lancaster Colony enrich its specialty food segment. Lancaster Colony Corp. (NASDAQ:LANC) announced its first quarter financial results on April 30, beating the markets’ earnings estimates by $0.01 with earnings of $0.75. In addition, its quarterly revenue was $263.40 million against market estimates of $256.50 million. Renaissance Technologies and Chuck Royce‘s Royce & Associates are among the primary investors of Lancaster Colony Corp. (NASDAQ:LANC).

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