Perrigo (NYSE:PRGO) Downgraded to “Hold” Rating by Argus

Argus cut shares of Perrigo (NYSE:PRGO) from a buy rating to a hold rating in a research report sent to investors on Tuesday, MarketBeat reports.

Several other equities research analysts have also issued reports on PRGO. StockNews.com lowered shares of Perrigo from a “buy” rating to a “hold” rating in a report on Saturday, January 11th. Jefferies Financial Group reissued a “hold” rating and issued a $30.00 target price (down from $50.00) on shares of Perrigo in a report on Monday, September 23rd. Canaccord Genuity Group reissued a “buy” rating and issued a $42.00 target price on shares of Perrigo in a report on Monday, September 30th. Finally, Piper Sandler lowered shares of Perrigo from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $34.00 to $27.00 in a report on Monday, January 6th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Perrigo currently has a consensus rating of “Hold” and a consensus price target of $35.00.

Perrigo Trading Up 1.5 %

Shares of PRGO stock opened at $23.85 on Tuesday. Perrigo has a 1 year low of $23.14 and a 1 year high of $33.96. The firm has a fifty day moving average price of $26.60 and a 200-day moving average price of $26.77. The company has a market cap of $3.25 billion, a price-to-earnings ratio of -20.38 and a beta of 0.53. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.56 and a quick ratio of 1.77.

Perrigo (NYSE:PRGO) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.81 EPS for the quarter, hitting analysts’ consensus estimates of $0.81. Perrigo had a positive return on equity of 7.38% and a negative net margin of 3.64%. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the prior year, the business posted $0.64 earnings per share. The business’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, equities analysts predict that Perrigo will post 2.56 earnings per share for the current year.

Perrigo Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Friday, November 29th were paid a $0.276 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.10 annualized dividend and a yield of 4.63%. Perrigo’s payout ratio is -94.02%.

Insiders Place Their Bets

In other Perrigo news, Director Jeffrey B. Kindler sold 17,598 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $28.27, for a total value of $497,495.46. Following the completion of the transaction, the director now directly owns 5,409 shares in the company, valued at $152,912.43. This represents a 76.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.40% of the stock is currently 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. Versant Capital Management Inc bought a new position in Perrigo in the 4th quarter worth approximately $45,000. GAMMA Investing LLC boosted its position in shares of Perrigo by 93.7% during the 4th quarter. GAMMA Investing LLC now owns 1,920 shares of the company’s stock valued at $49,000 after acquiring an additional 929 shares during the last quarter. Central Pacific Bank Trust Division boosted its position in shares of Perrigo by 33.3% during the 4th quarter. Central Pacific Bank Trust Division now owns 2,000 shares of the company’s stock valued at $51,000 after acquiring an additional 500 shares during the last quarter. Venturi Wealth Management LLC bought a new position in shares of Perrigo during the 3rd quarter valued at approximately $56,000. Finally, KBC Group NV boosted its position in shares of Perrigo by 25.1% during the 3rd quarter. KBC Group NV now owns 4,517 shares of the company’s stock valued at $118,000 after acquiring an additional 905 shares during the last quarter. 95.91% of the stock is currently owned by institutional investors.

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.