Heartland Advisors, an investment management company, released its “Heartland Value Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, Value Investor Class returned -4.12% and Value Institutional Class returned – 4.09% compared to a -4.61% return for the Russell 2000 Value Index. The equity markets were highly volatile in the quarter as a result of the Russia-Ukraine war, supply chain bottlenecks, and the Federal Reserve’s actions. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Heartland Advisors discussed stocks like Patterson Companies, Inc. (NASDAQ:PDCO) in the third quarter investor letter. Headquartered in Saint Paul, Minnesota, Patterson Companies, Inc. (NASDAQ:PDCO) is a distributor of dental and animal health products. On October 12, 2022, Patterson Companies, Inc. (NASDAQ:PDCO) stock closed at $25.41 per share. One-month return of Patterson Companies, Inc. (NASDAQ:PDCO) was -3.82% and its shares lost 21.55% of their value over the last 52 weeks. Patterson Companies, Inc. (NASDAQ:PDCO) has a market capitalization of $2.462 billion.
Here is what Heartland Advisors specifically said about Patterson Companies, Inc. (NASDAQ:PDCO) in its Q3 2022 investor letter:
“Patterson Companies, Inc. (NASDAQ:PDCO), a leading distributor of dental and animal health related products, reported first quarter results that included a sequential decline in dental equipment-related sales and price deflation in consumables. The former is in part a hangover from a strong fourth quarter while price deflation is being driven by inventory build-ups during COVID. With a healthy 4% dividend yield and attractive valuation, only 11X estimated earnings, we continue to hold Patterson. Notably too, a competitor in the dental space, Henry Schein, Inc., trades at a 1.5x+ premium to PDCO on estimated EBITDA while Covetrus, Inc., an animal health player, was acquired for 14.0x EBITDA in May.”
Patterson Companies, Inc. (NASDAQ:PDCO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Patterson Companies, Inc. (NASDAQ:PDCO) at the end of the second quarter which was 18 in the previous quarter.
We discussed Patterson Companies, Inc. (NASDAQ:PDCO) in another article and shared the list of healthcare stocks for an income portfolio. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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