Piper Sandler Lowers Perrigo (NYSE:PRGO) Price Target to $35.00

Perrigo (NYSE:PRGO) had its target price cut by Piper Sandler from $36.00 to $35.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also recently commented on the stock. Canaccord Genuity Group reaffirmed a buy rating and issued a $42.00 target price on shares of Perrigo in a report on Friday, April 12th. StockNews.com raised shares of Perrigo from a hold rating to a buy rating in a report on Wednesday, May 29th.

Perrigo Stock Performance

Shares of PRGO stock opened at $27.48 on Thursday. The company has a current ratio of 1.81, a quick ratio of 1.08 and a debt-to-equity ratio of 0.77. Perrigo has a 12 month low of $24.82 and a 12 month high of $40.28. The company has a market cap of $3.75 billion, a P/E ratio of -392.57 and a beta of 0.51. The firm has a fifty day moving average price of $27.69 and a 200 day moving average price of $30.20.

Perrigo (NYSE:PRGO) last released its quarterly earnings data on Saturday, May 4th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. Perrigo had a negative net margin of 0.17% and a positive return on equity of 6.96%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Perrigo’s revenue for the quarter was down 8.4% on a year-over-year basis. Sell-side analysts predict that Perrigo will post 2.57 earnings per share for the current fiscal year.

Perrigo Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st were given a $0.276 dividend. The ex-dividend date was Friday, May 31st. This represents a $1.10 annualized dividend and a dividend yield of 4.02%. Perrigo’s dividend payout ratio is presently -1,571.43%.

Insider Activity

In other news, EVP Svend Andersen bought 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were purchased at an average price of $27.90 per share, for a total transaction of $27,900.00. Following the completion of the transaction, the executive vice president now owns 101,853 shares in the company, valued at $2,841,698.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.70% of the company’s stock.

Institutional Trading of Perrigo

A number of hedge funds have recently bought and sold shares of the company. O Keefe Stevens Advisory Inc. acquired a new stake in Perrigo during the second quarter worth approximately $3,427,000. CWM LLC grew its stake in shares of Perrigo by 877.0% during the 2nd quarter. CWM LLC now owns 8,197 shares of the company’s stock valued at $210,000 after buying an additional 7,358 shares during the period. Harbor Capital Advisors Inc. grew its stake in shares of Perrigo by 292.5% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 20,749 shares of the company’s stock valued at $533,000 after buying an additional 15,463 shares during the period. Beach Investment Counsel Inc. PA purchased a new stake in shares of Perrigo during the 2nd quarter valued at $72,000. Finally, Tidal Investments LLC grew its stake in shares of Perrigo by 423.8% during the 1st quarter. Tidal Investments LLC now owns 77,254 shares of the company’s stock valued at $2,478,000 after buying an additional 62,504 shares during the period. Institutional investors and hedge funds own 95.91% of the company’s stock.

About Perrigo

Perrigo Company plc provides over-the-counter health and wellness solutions to enhance individual well-being in the United States, Europe, and internationally. It operates through Consumer Self-Care Americas and Consumer Self-Care International segments. The company develops, manufactures, markets, and distributes self-care consumer products, such as upper respiratory products, including cough suppressants, expectorants, and sinus and allergy relief; nutrition products consisting of infant formulas and nutritional beverages; digestive health products, including antacids, anti-diarrheal, and anti-heartburn; pain and sleep-aids products comprising pain relievers and fever reducers; and oral care products, which include toothbrushes, toothbrush replacement heads, floss, flossers, whitening products, and toothbrush covers.