Access Investment Management LLC Makes New Investment in Perrigo Company plc (NYSE:PRGO)

Access Investment Management LLC bought a new position in Perrigo Company plc (NYSE:PRGO) in the 4th quarter, Holdings Channel reports. The firm bought 310,730 shares of the company’s stock, valued at approximately $7,989,000. Perrigo makes up 2.3% of Access Investment Management LLC’s investment portfolio, making the stock its 15th biggest holding.

Several other hedge funds have also made changes to their positions in PRGO. Franklin Resources Inc. bought a new stake in shares of Perrigo in the third quarter valued at about $3,717,000. Foundry Partners LLC purchased a new position in Perrigo during the 3rd quarter valued at about $7,111,000. Barclays PLC raised its holdings in shares of Perrigo by 44.8% in the 3rd quarter. Barclays PLC now owns 120,502 shares of the company’s stock valued at $3,160,000 after purchasing an additional 37,268 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Perrigo by 65.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 541,000 shares of the company’s stock worth $14,190,000 after purchasing an additional 213,221 shares during the period. Finally, Citigroup Inc. boosted its stake in shares of Perrigo by 94.1% during the third quarter. Citigroup Inc. now owns 151,520 shares of the company’s stock valued at $3,974,000 after purchasing an additional 73,457 shares in the last quarter. 95.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PRGO has been the subject of a number of recent research reports. Piper Sandler downgraded shares of Perrigo from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $34.00 to $27.00 in a research note on Monday, January 6th. Argus lowered Perrigo from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Finally, StockNews.com downgraded Perrigo from a “buy” rating to a “hold” rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Perrigo presently has an average rating of “Hold” and a consensus target price of $35.00.

Perrigo Price Performance

NYSE PRGO opened at $25.37 on Friday. The firm’s fifty day simple moving average is $24.97 and its two-hundred day simple moving average is $26.25. The firm has a market capitalization of $3.46 billion, a P/E ratio of -21.68 and a beta of 0.54. The company has a current ratio of 2.56, a quick ratio of 1.77 and a debt-to-equity ratio of 0.94. Perrigo Company plc has a 12-month low of $23.14 and a 12-month high of $33.46.

Perrigo Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Friday, March 7th will be given a dividend of $0.29 per share. This is a positive change from Perrigo’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 4.57%. The ex-dividend date of this dividend is Friday, March 7th. Perrigo’s dividend payout ratio is currently -94.02%.

Insider Buying and Selling at Perrigo

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 shares were sold at an average price of $28.27, for a total transaction of $497,495.46. Following the transaction, the director now owns 5,409 shares in the company, valued at approximately $152,912.43. This represents a 76.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.70% of the stock is currently owned by company insiders.

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.