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

by · The Markets Daily

StockNews.com lowered shares of Perrigo (NYSE:PRGO – Free Report) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

Other research analysts have also issued reports about the stock. Jefferies Financial Group restated a hold rating and issued a $30.00 target price (down from $50.00) on shares of Perrigo in a report on Monday. Piper Sandler reduced their price objective on shares of Perrigo from $36.00 to $35.00 and set an overweight rating on the stock in a research note on Thursday, July 11th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $37.00.

Read Our Latest Stock Analysis on Perrigo

Perrigo Stock Up 0.3 %

PRGO stock opened at $25.63 on Tuesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.99 and a quick ratio of 1.24. The company’s 50 day simple moving average is $27.83 and its 200-day simple moving average is $28.72. Perrigo has a 12 month low of $24.82 and a 12 month high of $34.60. The firm has a market capitalization of $3.50 billion, a PE ratio of -366.07 and a beta of 0.49.

Perrigo (NYSE:PRGO – Get Free Report) last announced its earnings results on Friday, August 2nd. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the firm earned $0.63 EPS. Perrigo’s quarterly revenue was down 10.7% on a year-over-year basis. Equities analysts expect that Perrigo will post 2.57 earnings per share for the current fiscal year.

Perrigo Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Friday, August 30th were issued a dividend of $0.276 per share. The ex-dividend date was Friday, August 30th. This represents a $1.10 annualized dividend and a dividend yield of 4.31%. Perrigo’s payout ratio is currently -1,571.43%.

Insider Activity at Perrigo

In other Perrigo 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 transaction of $244,444.20. Following the transaction, the director now owns 6,009 shares of the company’s stock, valued at $164,045.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Perrigo 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 of the company’s stock, valued at $164,045.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ronald Craig Janish sold 13,000 shares of Perrigo stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $29.40, for a total value 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 $604,258.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,254 shares of company stock worth $1,411,969. 0.70% of the stock is 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 the business. M&R Capital Management Inc. raised its position in Perrigo by 3.0% in the first quarter. M&R Capital Management Inc. now owns 14,717 shares of the company’s stock valued at $474,000 after purchasing an additional 434 shares during the period. Retirement Systems of Alabama lifted its position in Perrigo by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 170,162 shares of the company’s stock worth $5,478,000 after acquiring an additional 447 shares in the last quarter. Ridgewood Investments LLC boosted its holdings in Perrigo by 1.3% in the 1st quarter. Ridgewood Investments LLC now owns 35,140 shares of the company’s stock worth $1,131,000 after acquiring an additional 451 shares during the period. Park Avenue Securities LLC grew its position in Perrigo by 4.3% in the first quarter. Park Avenue Securities LLC now owns 11,330 shares of the company’s stock valued at $365,000 after acquiring an additional 465 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Perrigo by 1.9% during the second quarter. Arizona State Retirement System now owns 37,939 shares of the company’s stock valued at $974,000 after purchasing an additional 699 shares during the period. Institutional investors and hedge funds own 95.91% of the company’s stock.

About Perrigo

(Get Free Report)

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.

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