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 research report sent to investors on Friday morning.

Several other equities research analysts also recently issued reports on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $42.00 price objective on shares of Perrigo in a report on Monday, September 30th. Piper Sandler cut their price objective on Perrigo from $36.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, July 11th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $30.00 price objective (down previously from $50.00) on shares of Perrigo in a report on Monday, September 23rd. Two research 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 Price Performance

NYSE:PRGO opened at $25.09 on Friday. Perrigo has a 52 week low of $23.89 and a 52 week high of $34.60. The company has a quick ratio of 1.24, a current ratio of 1.99 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $3.42 billion, a P/E ratio of -358.43 and a beta of 0.48. The stock’s fifty day moving average is $26.66 and its two-hundred day moving average is $27.76.

Perrigo (NYSE:PRGO) last posted 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 company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the previous year, the business earned $0.63 earnings per share. The company’s revenue for the quarter was down 10.7% on a year-over-year basis. Equities analysts expect that Perrigo will post 2.56 EPS for the current year.

Perrigo Announces Dividend

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

Insider Buying and Selling

In related news, EVP Ronald Craig Janish sold 13,000 shares of the business’s stock in a transaction 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 directly owns 20,553 shares of the company’s stock, valued at $604,258.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Ronald Craig Janish sold 13,000 shares of the business’s stock in a transaction 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 directly owns 20,553 shares of the company’s stock, valued at $604,258.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Katherine C. Doyle sold 8,954 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $27.30, for a total value of $244,444.20. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,254 shares of company stock valued at $1,411,969 in the last three months. 0.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of Perrigo by 3.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,162,656 shares of the company’s stock worth $183,935,000 after acquiring an additional 249,640 shares in the last quarter. Deprince Race & Zollo Inc. boosted its position in shares of Perrigo by 11.2% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 3,882,438 shares of the company’s stock worth $99,701,000 after acquiring an additional 391,646 shares in the last quarter. Cooke & Bieler LP boosted its position in shares of Perrigo by 0.9% during the 2nd quarter. Cooke & Bieler LP now owns 3,501,401 shares of the company’s stock worth $89,916,000 after acquiring an additional 30,150 shares in the last quarter. DAVENPORT & Co LLC boosted its position in shares of Perrigo by 10.1% in the 1st quarter. DAVENPORT & Co LLC now owns 3,449,352 shares of the company’s stock valued at $111,035,000 after purchasing an additional 317,552 shares during the period. Finally, Copeland Capital Management LLC boosted its position in shares of Perrigo by 23.1% in the 3rd quarter. Copeland Capital Management LLC now owns 2,482,544 shares of the company’s stock valued at $65,117,000 after purchasing an additional 465,161 shares during the period. 95.91% of the stock is owned by institutional investors and hedge funds.

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.