Perrigo (NYSE:PRGO) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Perrigo (NYSE:PRGO) in a research note issued to investors on Monday morning, Benzinga reports. Canaccord Genuity Group currently has a $42.00 target price on the stock.

A number of other equities analysts also recently issued reports on the company. Jefferies Financial Group restated a hold rating and set a $30.00 price objective (down from $50.00) on shares of Perrigo in a research report on Monday, September 23rd. StockNews.com downgraded Perrigo from a buy rating to a hold rating in a research report on Tuesday, September 24th. Finally, Piper Sandler lowered their target price on Perrigo from $36.00 to $35.00 and set an overweight rating for the company in a report on Thursday, July 11th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $37.00.

Perrigo Price Performance

Shares of PRGO opened at $26.23 on Monday. Perrigo has a 1 year low of $24.82 and a 1 year high of $34.60. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.99 and a quick ratio of 1.24. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of -374.71 and a beta of 0.49. The business has a 50-day moving average of $27.75 and a 200-day moving average of $28.62.

Perrigo (NYSE:PRGO) last issued its quarterly earnings data on Friday, August 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period last year, the company earned $0.63 earnings per share. The firm’s revenue was down 10.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Perrigo will post 2.57 earnings per share for the current year.

Perrigo Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Friday, August 30th were issued a $0.276 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.10 dividend on an annualized basis and a yield of 4.21%. Perrigo’s payout ratio is currently -1,571.43%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Perrigo

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Perrigo by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 14,994,309 shares of the company’s stock valued at $482,517,000 after acquiring an additional 91,322 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Perrigo by 3.6% during the second quarter. Dimensional Fund Advisors LP now owns 7,162,656 shares of the company’s stock valued at $183,935,000 after buying an additional 249,640 shares during the last quarter. Deprince Race & Zollo Inc. boosted its position in shares of Perrigo by 11.2% during the second quarter. Deprince Race & Zollo Inc. now owns 3,882,438 shares of the company’s stock valued at $99,701,000 after buying an additional 391,646 shares during the last quarter. Cooke & Bieler LP boosted its position in shares of Perrigo by 0.9% during the second quarter. Cooke & Bieler LP now owns 3,501,401 shares of the company’s stock valued at $89,916,000 after buying an additional 30,150 shares during the last quarter. Finally, DAVENPORT & Co LLC boosted its position in shares of Perrigo by 10.1% during the first quarter. DAVENPORT & Co LLC now owns 3,449,352 shares of the company’s stock valued at $111,035,000 after buying an additional 317,552 shares during the last quarter. Institutional investors and hedge funds 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.