Perrigo (NYSE:PRGO) Downgraded to “Hold” at StockNews.com

StockNews.com downgraded shares of Perrigo (NYSE:PRGO) from a buy rating to a hold rating in a research report report published on Tuesday.

Several other research analysts have also recently weighed in on PRGO. Jefferies Financial Group reiterated a hold rating and set a $30.00 price target (down previously from $50.00) on shares of Perrigo in a research note on Monday. Piper Sandler lowered their target price on Perrigo from $36.00 to $35.00 and set an overweight rating on the stock in a research report on Thursday, July 11th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Perrigo has a consensus rating of Moderate Buy and an average price target of $37.00.

Perrigo Stock Performance

PRGO stock opened at $26.54 on Tuesday. The company has a market cap of $3.62 billion, a P/E ratio of -379.07 and a beta of 0.49. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.99 and a quick ratio of 1.24. Perrigo has a 1 year low of $24.82 and a 1 year high of $34.60. The stock’s fifty day moving average price is $27.92 and its 200-day moving average price is $28.76.

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

Perrigo Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Friday, August 30th were paid a $0.276 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.16%. Perrigo’s dividend payout ratio (DPR) is presently -1,571.43%.

Insider Activity at Perrigo

In other Perrigo news, EVP Ronald Craig Janish sold 13,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $29.40, for a total transaction of $382,200.00. Following the sale, the executive vice president now directly owns 20,553 shares of the company’s stock, valued at $604,258.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Svend Andersen sold 28,300 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $27.75, for a total transaction of $785,325.00. Following the completion of the transaction, the executive vice president now owns 73,553 shares in the company, valued at $2,041,095.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the executive vice president now directly owns 20,553 shares of the company’s stock, valued at $604,258.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,254 shares of company stock worth $1,411,969. 0.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Central Pacific Bank Trust Division purchased a new stake in shares of Perrigo in the first quarter worth about $48,000. Parallel Advisors LLC raised its holdings in shares of 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 in the last quarter. TFC Financial Management Inc. boosted its position in shares of Perrigo by 39.7% during the 1st quarter. TFC Financial Management Inc. now owns 2,462 shares of the company’s stock valued at $79,000 after acquiring an additional 700 shares during the last quarter. Beach Investment Counsel Inc. PA purchased a new position in shares of Perrigo in the second quarter valued at $72,000. Finally, Voisard Asset Management Group Inc. increased its position 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 last quarter. Institutional investors own 95.91% 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.