Perrigo (NYSE:PRGO) Releases FY 2024 Earnings Guidance

Perrigo (NYSE:PRGO) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 2.500-2.650 for the period, compared to the consensus estimate of 2.560. The company issued revenue guidance of $4.4 billion-, compared to the consensus revenue estimate of $4.5 billion. Perrigo also updated its FY24 guidance to $2.50 to $2.65 EPS.

Perrigo Trading Down 1.7 %

PRGO traded down $0.46 during trading hours on Friday, reaching $26.47. 432,303 shares of the company’s stock traded hands, compared to its average volume of 1,619,813. The firm has a 50-day moving average price of $26.19 and a 200 day moving average price of $27.52. Perrigo has a 52-week low of $23.89 and a 52-week high of $34.60. The company has a quick ratio of 1.24, a current ratio of 1.99 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $3.61 billion, a PE ratio of -29.27 and a beta of 0.48.

Perrigo (NYSE:PRGO) last issued its earnings results on Wednesday, November 6th. The company reported $0.81 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.81. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.12 billion. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. Perrigo’s revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 EPS. As a group, sell-side analysts predict that Perrigo will post 2.56 EPS for the current fiscal year.

Perrigo Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Friday, November 29th will be given a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date of this dividend is Friday, November 29th. Perrigo’s dividend payout ratio (DPR) is presently -119.57%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PRGO. StockNews.com raised Perrigo from a “hold” rating to a “buy” rating in a research report on Thursday. Canaccord Genuity Group reissued a “buy” rating and issued a $42.00 price target on shares of Perrigo in a research report on Monday, September 30th. Jefferies Financial Group reissued a “hold” rating and issued a $30.00 price target (down from $50.00) on shares of Perrigo in a research report on Monday, September 23rd. Finally, Piper Sandler reduced 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. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Insider Activity at Perrigo

In related news, Director Katherine C. Doyle sold 8,954 shares of the company’s stock in a transaction dated 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 $164,045.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Svend Andersen sold 28,300 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $27.75, for a total value of $785,325.00. Following the completion of the transaction, the executive vice president now directly owns 73,553 shares in the company, valued at $2,041,095.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Katherine C. Doyle sold 8,954 shares of Perrigo stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $27.30, for a total value of $244,444.20. Following the sale, the director now directly owns 6,009 shares of the company’s stock, valued at $164,045.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,254 shares of company stock valued at $1,411,969 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Perrigo Company Profile

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.