Geode Capital Management LLC Increases Stock Holdings in Perrigo Company plc (NYSE:PRGO)

Geode Capital Management LLC raised its holdings in Perrigo Company plc (NYSE:PRGO) by 4.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,359,072 shares of the company’s stock after buying an additional 106,356 shares during the quarter. Geode Capital Management LLC’s holdings in Perrigo were worth $61,894,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PRGO. Venturi Wealth Management LLC purchased a new position in shares of Perrigo in the 3rd quarter valued at approximately $56,000. KBC Group NV raised its holdings in shares of Perrigo by 25.1% in the third quarter. KBC Group NV now owns 4,517 shares of the company’s stock worth $118,000 after buying an additional 905 shares during the last quarter. Voisard Asset Management Group Inc. lifted its stake in shares of Perrigo by 9.7% during the third quarter. Voisard Asset Management Group Inc. now owns 5,100 shares of the company’s stock worth $134,000 after buying an additional 450 shares during the period. Atria Investments Inc purchased a new stake in shares of Perrigo during the third quarter valued at $208,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of Perrigo in the 2nd quarter valued at $213,000. Institutional investors and hedge funds own 95.91% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. StockNews.com raised Perrigo from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Jefferies Financial Group reaffirmed a “hold” rating and set a $30.00 target price (down previously from $50.00) on shares of Perrigo in a report on Monday, September 23rd. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $42.00 price target on shares of Perrigo in a report on Monday, September 30th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Perrigo has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Perrigo Price Performance

Shares of PRGO opened at $25.75 on Friday. The company has a market capitalization of $3.51 billion, a P/E ratio of -22.01 and a beta of 0.52. The business’s 50-day moving average is $26.69 and its two-hundred day moving average is $26.92. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.77 and a current ratio of 2.56. Perrigo Company plc has a fifty-two week low of $23.89 and a fifty-two week high of $34.60.

Perrigo (NYSE:PRGO) last announced its quarterly 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 positive return on equity of 7.38% and a negative net margin of 3.64%. The company 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. Perrigo’s quarterly revenue was down 3.2% on a year-over-year basis. Research analysts predict that Perrigo Company plc will post 2.56 earnings per share for the current year.

Perrigo Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Friday, November 29th were given a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend was Friday, November 29th. Perrigo’s dividend payout ratio is presently -94.02%.

Insider Buying and Selling at Perrigo

In related news, Director Jeffrey B. Kindler sold 17,598 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $28.27, for a total transaction of $497,495.46. Following the transaction, the director now directly owns 5,409 shares in the company, valued at approximately $152,912.43. The trade was a 76.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.70% of the company’s stock.

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.