Maverick Capital Ltd. Takes $1.21 Million Position in Perrigo Company plc (NYSE:PRGO)

Maverick Capital Ltd. bought a new stake in shares of Perrigo Company plc (NYSE:PRGO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 46,983 shares of the company’s stock, valued at approximately $1,207,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Los Angeles Capital Management LLC raised its stake in shares of Perrigo by 1,578.3% in the first quarter. Los Angeles Capital Management LLC now owns 168,164 shares of the company’s stock valued at $5,413,000 after acquiring an additional 158,144 shares during the period. SG Americas Securities LLC lifted its stake in Perrigo by 4,017.5% in the first quarter. SG Americas Securities LLC now owns 129,165 shares of the company’s stock worth $4,158,000 after purchasing an additional 126,028 shares during the last quarter. Public Employees Retirement Association of Colorado grew its stake in shares of Perrigo by 3,796.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 582,216 shares of the company’s stock valued at $18,736,000 after buying an additional 567,274 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Perrigo by 6.7% in the first quarter. Russell Investments Group Ltd. now owns 807,147 shares of the company’s stock worth $25,982,000 after buying an additional 50,871 shares during the period. Finally, Invenomic Capital Management LP bought a new stake in shares of Perrigo during the 1st quarter worth approximately $2,425,000. Hedge funds and other institutional investors own 95.91% of the company’s stock.

Perrigo Trading Up 0.1 %

Shares of NYSE PRGO opened at $25.65 on Friday. Perrigo Company plc has a twelve month low of $24.82 and a twelve month high of $34.60. The firm has a market cap of $3.50 billion, a PE ratio of -366.36 and a beta of 0.49. The business has a fifty day simple moving average of $27.78 and a two-hundred day simple moving average of $28.68. 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 (NYSE:PRGO) last released its quarterly earnings data 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 company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.13 billion. Perrigo had a negative net margin of 2.81% and a positive return on equity of 6.79%. The firm’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 earnings per share. Analysts expect that Perrigo Company plc 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 issued a dividend of $0.276 per share. This represents a $1.10 annualized dividend and a yield of 4.30%. The ex-dividend date was Friday, August 30th. Perrigo’s payout ratio is -1,571.43%.

Analysts Set New Price Targets

Several brokerages have commented on PRGO. StockNews.com downgraded Perrigo from a “buy” rating to a “hold” rating in a research report on Tuesday. Piper Sandler cut their price target on shares of Perrigo from $36.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, July 11th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $30.00 price objective (down previously from $50.00) on shares of Perrigo in a report on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Perrigo has a consensus 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 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 sale, the director now owns 6,009 shares of the company’s stock, valued at approximately $164,045.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of the stock in a transaction dated 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 sale, the director now directly owns 6,009 shares of the company’s stock, valued at $164,045.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ronald Craig Janish sold 13,000 shares of Perrigo stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $29.40, for a total transaction of $382,200.00. Following the completion of the transaction, the executive vice president now directly owns 20,553 shares in the company, valued at approximately $604,258.20. 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 90 days. Corporate insiders own 0.70% of the company’s stock.

Perrigo 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.