Perrigo (NYSE:PRGO) Issues FY24 Earnings Guidance

Perrigo (NYSE:PRGO) updated its FY24 earnings guidance on Friday. The company provided EPS guidance of $2.50-2.65 for the period, compared to the consensus EPS estimate of $2.58. The company issued revenue guidance of down 3-5% yr/yr to ~$4.42-4.52 billion, compared to the consensus revenue estimate of $4.60 billion. Perrigo also updated its FY 2024 guidance to 2.500-2.650 EPS.

Analysts Set New Price Targets

Several brokerages have recently commented on PRGO. Piper Sandler lowered their price target on shares of Perrigo from $36.00 to $35.00 and set an overweight rating for the company in a research report on Thursday, July 11th. StockNews.com cut shares of Perrigo from a buy rating to a hold rating in a research report on Tuesday, July 23rd. Finally, Canaccord Genuity Group reissued a buy rating and set a $42.00 price objective on shares of Perrigo in a research note on Friday, April 12th.

Perrigo Stock Performance

NYSE:PRGO traded down $0.60 on Friday, hitting $27.58. The company’s stock had a trading volume of 3,935,419 shares, compared to its average volume of 1,549,793. The firm has a market capitalization of $3.76 billion, a P/E ratio of -394.00 and a beta of 0.51. The company has a current ratio of 1.81, a quick ratio of 1.08 and a debt-to-equity ratio of 0.77. Perrigo has a one year low of $24.82 and a one year high of $40.28. The stock has a fifty day moving average of $26.99 and a two-hundred day moving average of $29.67.

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 analysts’ consensus estimates of $0.48 by $0.05. Perrigo had a negative net margin of 0.17% and a positive return on equity of 6.96%. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the business earned $0.63 earnings per share. The firm’s quarterly revenue was down 10.7% on a year-over-year basis. Research analysts predict that Perrigo will post 2.56 earnings per share for the current year.

Perrigo Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Friday, August 30th will be issued a $0.276 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.10 dividend on an annualized basis and a yield of 4.00%. Perrigo’s payout ratio is presently -1,571.43%.

Insiders Place Their Bets

In related news, EVP Svend Andersen purchased 1,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was bought at an average price of $27.90 per share, with a total value of $27,900.00. Following the completion of the purchase, the executive vice president now owns 101,853 shares in the company, valued at approximately $2,841,698.70. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.70% 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.