Perrigo (NYSE:PRGO) Given Buy Rating at Canaccord Genuity Group

Perrigo (NYSE:PRGO)‘s stock had its “buy” rating restated by investment analysts at Canaccord Genuity Group in a research note issued to investors on Monday, Benzinga reports. They currently have a $42.00 target price on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 64.93% from the company’s previous close.

A number of other analysts have also recently weighed in on PRGO. Jefferies Financial Group reissued a “hold” rating and set a $30.00 target price (down from $50.00) on shares of Perrigo in a report on Monday, September 23rd. Piper Sandler dropped 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. Finally, StockNews.com downgraded Perrigo from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Perrigo Price Performance

Shares of PRGO stock opened at $25.47 on Monday. The firm has a market cap of $3.47 billion, a P/E ratio of -363.79 and a beta of 0.49. The firm has a fifty day moving average of $27.70 and a two-hundred day moving average of $28.59. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.99 and a quick ratio of 1.24. Perrigo has a 1-year low of $24.82 and a 1-year high of $34.60.

Perrigo (NYSE:PRGO) last announced its quarterly earnings data on Friday, August 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.07. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. Perrigo’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.63 earnings per share. As a group, research analysts anticipate that Perrigo will post 2.57 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Svend Andersen sold 28,300 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $27.75, for a total value of $785,325.00. Following the sale, the executive vice president now directly owns 73,553 shares in the company, valued at approximately $2,041,095.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Ronald Craig Janish sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $29.40, for a total transaction of $382,200.00. Following the transaction, the executive vice president now owns 20,553 shares in the company, valued at $604,258.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Svend Andersen sold 28,300 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $27.75, for a total value of $785,325.00. Following the sale, the executive vice president now directly owns 73,553 shares in the company, valued at approximately $2,041,095.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,254 shares of company stock valued at $1,411,969. Insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On Perrigo

Several hedge funds have recently modified their holdings of the company. Central Pacific Bank Trust Division bought a new position in Perrigo during the first quarter valued at about $48,000. Parallel Advisors LLC lifted its holdings in Perrigo by 69.1% in the 4th quarter. Parallel Advisors LLC now owns 2,009 shares of the company’s stock valued at $65,000 after acquiring an additional 821 shares during the last quarter. Beach Investment Counsel Inc. PA bought a new position in shares of Perrigo during the 2nd quarter valued at about $72,000. TFC Financial Management Inc. grew its stake in shares of Perrigo by 39.7% in the 1st quarter. TFC Financial Management Inc. now owns 2,462 shares of the company’s stock worth $79,000 after purchasing an additional 700 shares during the last quarter. Finally, Voisard Asset Management Group Inc. raised its holdings in shares of Perrigo by 520.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 4,650 shares of the company’s stock worth $119,000 after purchasing an additional 3,900 shares in the last quarter. 95.91% of the stock is currently 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.