Perrigo (NYSE:PRGO) Cut to Hold at StockNews.com

StockNews.com lowered shares of Perrigo (NYSE:PRGO) from a buy rating to a hold rating in a research note published on Tuesday.

Other equities research analysts have also recently issued research reports about the company. Piper Sandler cut their target price on Perrigo from $36.00 to $35.00 and set an overweight rating on the stock in a research note on Thursday, July 11th. Jefferies Financial Group reissued a hold rating and issued a $30.00 price objective (down previously from $50.00) on shares of Perrigo in a research report on Monday, September 23rd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $37.00.

Perrigo Stock Performance

Shares of PRGO stock opened at $25.65 on Tuesday. 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 has a 52 week low of $24.82 and a 52 week high of $34.60. The company’s 50 day moving average price is $27.78 and its two-hundred day moving average price is $28.68. The company has a market capitalization of $3.50 billion, a P/E ratio of -366.36 and a beta of 0.49.

Perrigo (NYSE:PRGO) last posted 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. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Perrigo had a negative net margin of 2.81% and a positive return on equity of 6.79%. The firm’s revenue was down 10.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.63 EPS. On average, analysts expect that Perrigo will post 2.57 earnings per share for the current fiscal year.

Perrigo Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Friday, August 30th were paid a $0.276 dividend. 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 4.30%. Perrigo’s dividend payout ratio is -1,571.43%.

Insiders Place Their Bets

In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $27.30, for a total value of $244,444.20. Following the completion of the sale, the director now owns 6,009 shares in the company, valued at $164,045.70. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Ronald Craig Janish sold 13,000 shares of Perrigo 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Katherine C. Doyle sold 8,954 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $27.30, for a total value of $244,444.20. Following the transaction, the director now directly owns 6,009 shares in the company, valued at $164,045.70. 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 90 days. 0.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Perrigo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC boosted its holdings in shares of Perrigo by 1,578.3% during the first quarter. Los Angeles Capital Management LLC now owns 168,164 shares of the company’s stock worth $5,413,000 after acquiring an additional 158,144 shares during the period. SG Americas Securities LLC boosted its stake in Perrigo by 4,017.5% in the 1st quarter. SG Americas Securities LLC now owns 129,165 shares of the company’s stock valued at $4,158,000 after purchasing an additional 126,028 shares during the period. Public Employees Retirement Association of Colorado grew its holdings in Perrigo by 3,796.5% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 582,216 shares of the company’s stock valued at $18,736,000 after buying an additional 567,274 shares in the last quarter. Russell Investments Group Ltd. increased its position in Perrigo by 6.7% during the 1st quarter. Russell Investments Group Ltd. now owns 807,147 shares of the company’s stock worth $25,982,000 after buying an additional 50,871 shares during the period. Finally, Invenomic Capital Management LP acquired a new stake in shares of Perrigo during the first quarter worth $2,425,000. 95.91% of the stock is owned by institutional investors.

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.