Perrigo (NYSE:PRGO) Stock Rating Reaffirmed by Canaccord Genuity Group

Perrigo (NYSE:PRGO)‘s stock had its “buy” rating reaffirmed by analysts at Canaccord Genuity Group in a note issued to investors on Monday, Benzinga reports. They currently have a $42.00 target price on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 64.93% from the company’s current price.

A number of other brokerages have also issued reports on PRGO. StockNews.com lowered Perrigo from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Jefferies Financial Group reaffirmed a “hold” rating and set a $30.00 target price (down from $50.00) on shares of Perrigo in a research report on Monday, September 23rd. Finally, Piper Sandler decreased their target price on Perrigo from $36.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, July 11th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. 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

Shares of PRGO opened at $25.47 on Monday. The company has a market cap of $3.47 billion, a PE ratio of -363.79 and a beta of 0.49. The company has a current ratio of 1.99, a quick ratio of 1.24 and a debt-to-equity ratio of 0.80. Perrigo has a 12-month low of $24.82 and a 12-month high of $34.60. The stock has a 50-day moving average price of $27.70 and a 200-day moving average price of $28.59.

Perrigo (NYSE:PRGO) last released its earnings results on Friday, August 2nd. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.46 by $0.07. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.13 billion. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. The company’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.63 earnings per share. As a group, equities analysts forecast that Perrigo will post 2.57 earnings per share for the current fiscal year.

Insider Activity

In other Perrigo news, EVP Svend Andersen sold 28,300 shares of the stock in a transaction on 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 owns 73,553 shares in the company, valued at $2,041,095.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Katherine C. Doyle sold 8,954 shares of the business’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 completion of the sale, the director now owns 6,009 shares in the company, valued at approximately $164,045.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Svend Andersen sold 28,300 shares of Perrigo stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $27.75, for a total transaction of $785,325.00. Following the transaction, the executive vice president now directly owns 73,553 shares in the company, valued at $2,041,095.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,254 shares of company stock valued at $1,411,969. 0.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Perrigo

Several hedge funds and other institutional investors have recently made changes to their positions in PRGO. Central Pacific Bank Trust Division acquired a new position in shares of Perrigo during the first quarter worth about $48,000. Parallel Advisors LLC lifted its position in shares of Perrigo by 69.1% during the fourth quarter. Parallel Advisors LLC now owns 2,009 shares of the company’s stock worth $65,000 after purchasing an additional 821 shares in the last quarter. Beach Investment Counsel Inc. PA purchased a new stake in Perrigo during the 2nd quarter worth $72,000. TFC Financial Management Inc. lifted its holdings in Perrigo by 39.7% in the 1st quarter. TFC Financial Management Inc. now owns 2,462 shares of the company’s stock worth $79,000 after buying an additional 700 shares in the last quarter. Finally, Voisard Asset Management Group Inc. boosted its position in Perrigo by 520.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 4,650 shares of the company’s stock valued at $119,000 after buying an additional 3,900 shares during the last quarter. 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.