Perrigo (NYSE:PRGO) Issues Earnings Results

Perrigo (NYSE:PRGO) issued its quarterly earnings results on Wednesday. The company reported $0.81 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.81, Briefing.com reports. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Perrigo had a negative net margin of 2.81% and a positive return on equity of 6.79%. Perrigo’s revenue was down 3.2% on a year-over-year basis. During the same period last year, the company posted $0.64 EPS. Perrigo updated its FY 2024 guidance to 2.500-2.650 EPS and its FY24 guidance to $2.50 to $2.65 EPS.

Perrigo Stock Performance

PRGO traded down $0.09 on Thursday, reaching $27.22. 790,599 shares of the stock were exchanged, compared to its average volume of 1,620,659. The company’s 50-day moving average price is $26.23 and its 200 day moving average price is $27.53. 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 firm has a market capitalization of $3.71 billion, a PE ratio of -29.72 and a beta of 0.48. Perrigo has a fifty-two week low of $23.89 and a fifty-two week high of $34.60.

Perrigo Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Friday, November 29th will be given a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend is Friday, November 29th. Perrigo’s payout ratio is currently -119.57%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PRGO shares. Canaccord Genuity Group reiterated a “buy” rating and set a $42.00 target price on shares of Perrigo in a research note on Monday, September 30th. Piper Sandler decreased their price target on Perrigo from $36.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, July 11th. Jefferies Financial Group reiterated a “hold” rating and issued a $30.00 target price (down from $50.00) on shares of Perrigo in a research report on Monday, September 23rd. Finally, StockNews.com downgraded Perrigo from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Insider Buying and Selling

In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of the firm’s 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 completion of the transaction, the director now directly owns 6,009 shares of the company’s stock, valued at approximately $164,045.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Ronald Craig Janish sold 13,000 shares of the firm’s stock in a transaction 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 sale, the executive vice president now owns 20,553 shares in the company, valued at approximately $604,258.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Katherine C. Doyle sold 8,954 shares of the company’s stock in a transaction on Friday, September 13th. The stock was 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. 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 over the last quarter. 0.40% of the stock is currently owned by company insiders.

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.