Perrigo (NYSE:PRGO) Downgraded to “Hold” at StockNews.com

StockNews.com lowered shares of Perrigo (NYSE:PRGO) from a buy rating to a hold rating in a report released on Friday.

Several other equities research analysts have also weighed in on PRGO. Jefferies Financial Group reiterated a “hold” rating and set a $30.00 price objective (down previously from $50.00) on shares of Perrigo in a research note on Monday, September 23rd. Canaccord Genuity Group reiterated a “buy” rating and set a $42.00 price objective on shares of Perrigo in a research note on Monday, September 30th. Finally, Piper Sandler decreased their price target on Perrigo from $36.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, July 11th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Perrigo has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Perrigo Price Performance

PRGO opened at $25.09 on Friday. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of -358.43 and a beta of 0.48. Perrigo has a 1 year low of $23.89 and a 1 year high of $34.60. The stock’s 50 day simple moving average is $26.66 and its 200 day simple moving average is $27.81. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.99 and a quick ratio of 1.24.

Perrigo (NYSE:PRGO) last released its quarterly earnings results on Friday, August 2nd. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.07. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the company posted $0.63 earnings per share. The firm’s revenue was down 10.7% on a year-over-year basis. As a group, analysts predict that Perrigo will post 2.56 earnings per share for the current year.

Perrigo Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Friday, August 30th were issued a dividend of $0.276 per share. This represents a $1.10 annualized dividend and a yield of 4.40%. The ex-dividend date was Friday, August 30th. Perrigo’s dividend payout ratio is presently -1,571.43%.

Insiders Place Their Bets

In related news, Director Katherine C. Doyle sold 8,954 shares of the 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Perrigo news, EVP Ronald Craig Janish sold 13,000 shares of the firm’s 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 owns 20,553 shares in the company, valued at $604,258.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Katherine C. Doyle sold 8,954 shares of the firm’s 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 transaction, the director now owns 6,009 shares of the company’s stock, valued at $164,045.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 50,254 shares of company stock worth $1,411,969 over the last quarter. 0.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Perrigo

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