Perrigo (NYSE:PRGO) Rating Reiterated by Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Perrigo (NYSE:PRGO) in a research note issued to investors on Monday morning, Benzinga reports. Canaccord Genuity Group currently has a $42.00 target price on the stock.

Several other equities analysts have also issued reports on the company. Piper Sandler lowered their price target on Perrigo from $36.00 to $35.00 and set an overweight rating for the company in a research report on Thursday, July 11th. Jefferies Financial Group reissued a hold rating and set a $30.00 price target (down previously from $50.00) on shares of Perrigo in a research report on Monday, September 23rd. Finally, StockNews.com cut Perrigo from a buy rating to a hold rating in a research report on Tuesday, September 24th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $37.00.

Perrigo Stock Performance

Perrigo stock opened at $25.07 on Monday. Perrigo has a fifty-two week low of $24.82 and a fifty-two week high of $34.60. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of -358.14 and a beta of 0.49. The stock’s 50 day simple moving average is $27.65 and its two-hundred day simple moving average is $28.56. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.24 and a current ratio of 1.99.

Perrigo (NYSE:PRGO) last announced its quarterly earnings data on Friday, August 2nd. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.46 by $0.07. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the firm posted $0.63 earnings per share. The company’s revenue for the quarter was down 10.7% on a year-over-year basis. As a group, analysts expect that Perrigo will post 2.56 earnings per share for the current fiscal year.

Perrigo Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Friday, August 30th were given a dividend of $0.276 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.10 dividend on an annualized basis and a yield of 4.40%. Perrigo’s dividend payout ratio (DPR) is -1,571.43%.

Insiders Place Their Bets

In other news, Director Katherine C. Doyle sold 8,954 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $27.30, for a total transaction of $244,444.20. Following the transaction, the director now directly owns 6,009 shares of the company’s stock, valued at approximately $164,045.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Katherine C. Doyle sold 8,954 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $27.30, for a total transaction of $244,444.20. Following the completion of the sale, the director now owns 6,009 shares of the company’s stock, valued at approximately $164,045.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ronald Craig Janish sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $29.40, for a total transaction of $382,200.00. Following the completion of the transaction, the executive vice president now directly owns 20,553 shares in the company, valued at approximately $604,258.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,254 shares of company stock valued at $1,411,969. Company insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On Perrigo

A number of institutional investors have recently bought and sold shares of PRGO. Parallel Advisors LLC raised its stake in shares of Perrigo by 69.1% in the fourth quarter. Parallel Advisors LLC now owns 2,009 shares of the company’s stock worth $65,000 after buying an additional 821 shares during the period. Peapack Gladstone Financial Corp purchased a new position in Perrigo during the fourth quarter valued at approximately $213,000. Public Employees Retirement Association of Colorado boosted its position in shares of Perrigo by 3,796.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 582,216 shares of the company’s stock worth $18,736,000 after purchasing an additional 567,274 shares during the period. Gabelli Funds LLC increased its stake in shares of Perrigo by 3.2% in the fourth quarter. Gabelli Funds LLC now owns 425,000 shares of the company’s stock worth $13,676,000 after purchasing an additional 13,000 shares in the last quarter. Finally, Keeley Teton Advisors LLC lifted its stake in shares of Perrigo by 7.6% during the 4th quarter. Keeley Teton Advisors LLC now owns 216,264 shares of the company’s stock valued at $6,959,000 after buying an additional 15,224 shares in the last quarter. 95.91% of the stock is owned by institutional investors.

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.