Perrigo (NYSE:PRGO) Downgraded to Neutral Rating by Piper Sandler

Perrigo (NYSE:PRGO) was downgraded by equities research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued to investors on Monday, MarketBeat reports. They presently have a $27.00 price objective on the stock, down from their prior price objective of $34.00. Piper Sandler’s target price would suggest a potential upside of 8.04% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. 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 note on Monday, September 23rd. 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. Finally, StockNews.com lowered Perrigo from a “buy” rating to a “hold” rating in a report on Friday, January 3rd. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $35.00.

Perrigo Stock Down 1.3 %

PRGO stock opened at $24.99 on Monday. The company has a market cap of $3.41 billion, a price-to-earnings ratio of -21.36 and a beta of 0.53. Perrigo has a twelve month low of $23.89 and a twelve month high of $34.60. The business has a 50 day moving average price of $26.79 and a two-hundred day moving average price of $26.83. The company has a quick ratio of 1.77, a current ratio of 2.56 and a debt-to-equity ratio of 0.94.

Perrigo (NYSE:PRGO) last released its earnings results on Wednesday, November 6th. The company reported $0.81 earnings per share for the quarter, meeting the consensus estimate of $0.81. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the business earned $0.64 earnings per share. The firm’s revenue was down 3.2% on a year-over-year basis. Analysts anticipate that Perrigo will post 2.56 EPS for the current fiscal year.

Insider Activity

In other news, Director Jeffrey B. Kindler sold 17,598 shares of Perrigo stock in a transaction on Monday, December 9th. The stock was sold at an average price of $28.27, for a total transaction of $497,495.46. Following the completion of the sale, the director now owns 5,409 shares of the company’s stock, valued at approximately $152,912.43. This trade represents a 76.49 % 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. 0.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Perrigo

A number of hedge funds have recently bought and sold shares of PRGO. Voisard Asset Management Group Inc. grew its position in shares of Perrigo by 9.7% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 5,100 shares of the company’s stock worth $134,000 after purchasing an additional 450 shares in the last quarter. Central Pacific Bank Trust Division boosted its stake in shares of Perrigo by 33.3% in the fourth quarter. Central Pacific Bank Trust Division now owns 2,000 shares of the company’s stock valued at $51,000 after buying an additional 500 shares during the period. Creative Planning grew its position in Perrigo by 3.7% during the third quarter. Creative Planning now owns 18,477 shares of the company’s stock worth $485,000 after buying an additional 661 shares in the last quarter. Arizona State Retirement System increased its stake in Perrigo by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 37,939 shares of the company’s stock worth $974,000 after acquiring an additional 699 shares during the period. Finally, KBC Group NV raised its holdings in Perrigo by 25.1% in the 3rd quarter. KBC Group NV now owns 4,517 shares of the company’s stock valued at $118,000 after acquiring an additional 905 shares in the last quarter. 95.91% of the stock is owned by institutional investors.

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.