Perrigo (NYSE:PRGO) Downgraded to Neutral Rating by Piper Sandler

Piper Sandler lowered shares of Perrigo (NYSE:PRGO) from an overweight rating to a neutral rating in a research note published on Monday, Marketbeat reports. They currently have $27.00 price target on the stock, down from their prior price target of $34.00.

Several other equities analysts also recently commented on PRGO. Canaccord Genuity Group reiterated a “buy” rating and issued a $42.00 price objective on shares of Perrigo in a report on Monday, September 30th. Jefferies Financial Group reiterated a “hold” rating and issued a $30.00 price target (down previously from $50.00) on shares of Perrigo in a research note on Monday, September 23rd. Finally, StockNews.com cut shares of Perrigo from a “buy” rating to a “hold” rating in a report on Friday. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Perrigo currently has an average rating of “Hold” and an average price target of $35.00.

Perrigo Trading Down 2.2 %

Shares of NYSE:PRGO opened at $25.37 on Monday. The company has a 50-day simple moving average of $26.82 and a 200 day simple moving average of $26.84. The company has a market capitalization of $3.46 billion, a P/E ratio of -21.68 and a beta of 0.53. 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 has a 52-week low of $23.89 and a 52-week high of $34.60.

Perrigo (NYSE:PRGO) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.81 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.81. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Perrigo had a positive return on equity of 7.38% and a negative net margin of 3.64%. The business’s revenue was down 3.2% on a year-over-year basis. During the same period last year, the firm posted $0.64 earnings per share. Sell-side analysts forecast that Perrigo will post 2.56 earnings per share for the current year.

Perrigo Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 17th. Investors of record on Friday, November 29th were paid a $0.276 dividend. The ex-dividend date was Friday, November 29th. This represents a $1.10 annualized dividend and a dividend yield of 4.35%. Perrigo’s dividend payout ratio (DPR) is presently -94.02%.

Insider Buying and Selling

In other Perrigo news, Director Jeffrey B. Kindler sold 17,598 shares of Perrigo stock in a transaction on Monday, December 9th. The stock was sold at an average price of $28.27, for a total value of $497,495.46. Following the completion of the transaction, the director now directly owns 5,409 shares of the company’s stock, valued at $152,912.43. The trade was a 76.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.70% of the stock is owned by insiders.

Institutional Trading of Perrigo

Large investors have recently modified their holdings of the stock. Versant Capital Management Inc bought a new stake in shares of Perrigo during the 4th quarter worth approximately $45,000. GAMMA Investing LLC raised its position in Perrigo by 93.7% during the fourth quarter. GAMMA Investing LLC now owns 1,920 shares of the company’s stock valued at $49,000 after purchasing an additional 929 shares in the last quarter. Central Pacific Bank Trust Division lifted its stake in Perrigo by 33.3% during the fourth quarter. Central Pacific Bank Trust Division now owns 2,000 shares of the company’s stock worth $51,000 after purchasing an additional 500 shares during the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of Perrigo in the 3rd quarter valued at $56,000. Finally, KBC Group NV increased its stake in shares of Perrigo by 25.1% in the 3rd quarter. KBC Group NV now owns 4,517 shares of the company’s stock valued at $118,000 after purchasing an additional 905 shares during the last quarter. 95.91% of the stock is owned by institutional investors and hedge funds.

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.