Perrigo (NYSE:PRGO) Hits New 12-Month Low – What’s Next?

Perrigo Company plc (NYSE:PRGO)’s stock price hit a new 52-week low on Thursday . The company traded as low as $23.96 and last traded at $23.98, with a volume of 59522 shares traded. The stock had previously closed at $24.35.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PRGO. Jefferies Financial Group reissued a “hold” rating and issued a $30.00 target price (down previously from $50.00) on shares of Perrigo in a research report on Monday, September 23rd. Piper Sandler reduced their price target on shares of Perrigo from $36.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, July 11th. StockNews.com lowered shares of Perrigo from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $42.00 price target on shares of Perrigo in a research report on Monday, September 30th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Perrigo Stock Up 0.5 %

The stock has a market cap of $3.32 billion, a PE ratio of -26.48 and a beta of 0.48. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.24 and a current ratio of 1.99. The company’s 50-day moving average price is $27.15 and its 200 day moving average price is $28.27.

Perrigo (NYSE:PRGO) last released its earnings results on Friday, August 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.07. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates 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 quarterly revenue was down 10.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.63 EPS. As a group, analysts forecast that Perrigo Company plc will post 2.56 EPS for the current fiscal year.

Perrigo Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Friday, August 30th were issued a $0.276 dividend. This represents a $1.10 annualized dividend and a yield of 4.53%. The ex-dividend date was Friday, August 30th. Perrigo’s dividend payout ratio is -119.57%.

Insider Buying and Selling

In related news, Director Katherine C. Doyle sold 8,954 shares of the stock in a transaction that occurred 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 directly owns 6,009 shares of the company’s stock, valued at approximately $164,045.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Perrigo news, EVP Svend Andersen sold 28,300 shares of the company’s stock in a transaction that occurred 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 directly owns 73,553 shares in the company, valued at $2,041,095.75. This represents a 0.00 % decrease in their position. The transaction 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 the company’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 completion of the transaction, the director now owns 6,009 shares of the company’s stock, valued at $164,045.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,254 shares of company stock valued at $1,411,969. 0.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Central Pacific Bank Trust Division bought a new position in Perrigo in the 1st quarter worth approximately $48,000. TFC Financial Management Inc. boosted its position in shares of Perrigo by 39.7% during the 1st quarter. TFC Financial Management Inc. now owns 2,462 shares of the company’s stock valued at $79,000 after acquiring an additional 700 shares during the last quarter. Beach Investment Counsel Inc. PA bought a new position in shares of Perrigo during the 2nd quarter valued at approximately $72,000. Voisard Asset Management Group Inc. boosted its position in shares of Perrigo by 520.0% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 4,650 shares of the company’s stock valued at $119,000 after acquiring an additional 3,900 shares during the last quarter. Finally, CWM LLC boosted its position in shares of Perrigo by 877.0% during the 2nd quarter. CWM LLC now owns 8,197 shares of the company’s stock valued at $210,000 after acquiring an additional 7,358 shares during the last quarter. 95.91% of the stock is currently 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.