Perrigo (NYSE:PRGO) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Perrigo (NYSE:PRGO) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.

PRGO has been the topic of several other research reports. Jefferies Financial Group reaffirmed a hold rating and set a $30.00 price target (down previously from $50.00) on shares of Perrigo in a research report on Monday. Piper Sandler reduced their target price on Perrigo from $36.00 to $35.00 and set an overweight rating on the stock in a report on Thursday, July 11th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $37.00.

Perrigo Price Performance

Shares of NYSE PRGO opened at $25.63 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.99 and a debt-to-equity ratio of 0.80. Perrigo has a fifty-two week low of $24.82 and a fifty-two week high of $34.60. The business has a 50 day moving average price of $27.83 and a two-hundred day moving average price of $28.72. The firm has a market cap of $3.50 billion, a PE ratio of -366.07 and a beta of 0.49.

Perrigo (NYSE:PRGO) last released its quarterly earnings results on Friday, August 2nd. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.07. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.13 billion. Perrigo had a negative net margin of 2.81% and a positive return on equity of 6.79%. The business’s quarterly revenue was down 10.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 earnings per share. Sell-side analysts expect that Perrigo will post 2.57 earnings per share for the current fiscal year.

Perrigo Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Friday, August 30th were given a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend was Friday, August 30th. Perrigo’s dividend payout ratio is presently -1,571.43%.

Insiders Place Their Bets

In other news, Director Katherine C. Doyle sold 8,954 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 6,009 shares of the company’s stock, valued at $164,045.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Katherine C. Doyle sold 8,954 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 6,009 shares in the company, valued at approximately $164,045.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ronald Craig Janish sold 13,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $29.40, for a total value of $382,200.00. Following the completion of the sale, the executive vice president now directly owns 20,553 shares in the company, valued at $604,258.20. The disclosure for this sale can be found here. Insiders have sold 50,254 shares of company stock valued at $1,411,969 over the last quarter. Insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Central Pacific Bank Trust Division acquired a new position in shares of Perrigo during the first quarter worth approximately $48,000. Parallel Advisors LLC boosted its position in Perrigo by 69.1% during the 4th quarter. Parallel Advisors LLC now owns 2,009 shares of the company’s stock worth $65,000 after acquiring an additional 821 shares during the period. TFC Financial Management Inc. grew its stake in shares of Perrigo by 39.7% in the first quarter. TFC Financial Management Inc. now owns 2,462 shares of the company’s stock worth $79,000 after purchasing an additional 700 shares in the last quarter. Beach Investment Counsel Inc. PA bought a new stake in shares of Perrigo during the second quarter valued at about $72,000. Finally, Voisard Asset Management Group Inc. lifted its holdings in Perrigo by 520.0% in the second 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 during the period. Institutional investors own 95.91% of the company’s stock.

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.