Clearline Capital LP Has $42.08 Million Holdings in Perrigo Company plc (NYSE:PRGO)

Clearline Capital LP lessened its position in Perrigo Company plc (NYSE:PRGO) by 12.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,604,406 shares of the company’s stock after selling 226,013 shares during the period. Perrigo accounts for about 1.8% of Clearline Capital LP’s portfolio, making the stock its 2nd biggest holding. Clearline Capital LP owned about 1.18% of Perrigo worth $42,084,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. ArrowMark Colorado Holdings LLC raised its stake in shares of Perrigo by 4.4% during the third quarter. ArrowMark Colorado Holdings LLC now owns 588,855 shares of the company’s stock valued at $15,446,000 after acquiring an additional 25,000 shares during the last quarter. Maverick Capital Ltd. raised its position in Perrigo by 16.3% during the 3rd quarter. Maverick Capital Ltd. now owns 54,618 shares of the company’s stock worth $1,433,000 after purchasing an additional 7,635 shares during the last quarter. Edgestream Partners L.P. acquired a new position in Perrigo during the 3rd quarter worth about $2,083,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Perrigo by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 419,137 shares of the company’s stock valued at $10,994,000 after buying an additional 5,141 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Perrigo in the third quarter valued at about $8,892,000. 95.91% of the stock is owned by institutional investors and hedge funds.

Perrigo Stock Performance

Shares of PRGO stock opened at $28.54 on Monday. The company has a quick ratio of 1.77, a current ratio of 2.56 and a debt-to-equity ratio of 0.94. Perrigo Company plc has a 52 week low of $23.89 and a 52 week high of $34.60. The firm has a 50 day moving average of $26.06 and a 200-day moving average of $27.03. The company has a market cap of $3.89 billion, a price-to-earnings ratio of -24.39 and a beta of 0.48.

Perrigo (NYSE:PRGO) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.81 earnings per share for the quarter, meeting the consensus estimate of $0.81. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.12 billion. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. On average, equities analysts forecast that Perrigo Company plc will post 2.56 earnings per share for the current year.

Perrigo Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.276 per share. The ex-dividend date is Friday, November 29th. This represents a $1.10 annualized dividend and a dividend yield of 3.87%. Perrigo’s dividend payout ratio is -94.02%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PRGO shares. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Perrigo in a research note on Monday, September 30th. StockNews.com raised shares of Perrigo from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $30.00 target price (down previously from $50.00) on shares of Perrigo in a research note on Monday, September 23rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Perrigo has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Insider Transactions at Perrigo

In other news, Director Katherine C. Doyle sold 8,954 shares of the business’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 directly owns 6,009 shares of the company’s stock, valued at $164,045.70. The trade was a 59.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.70% of the stock is owned by insiders.

Perrigo 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.