Perrigo (NYSE:PRGO) Raised to Buy at StockNews.com
by Mitch Edgeman · The Markets DailyStockNews.com upgraded shares of Perrigo (NYSE:PRGO – Free Report) from a hold rating to a buy rating in a research report released on Thursday.
A number of other analysts also recently issued reports on PRGO. Piper Sandler lowered their price objective 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. Jefferies Financial Group reiterated a “hold” rating and issued a $30.00 price objective (down 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 objective 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 given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.
Check Out Our Latest Stock Report on Perrigo
Perrigo Price Performance
Perrigo stock traded down $0.64 during midday trading on Thursday, hitting $26.29. 853,458 shares of the stock were exchanged, compared to its average volume of 1,621,754. The company has a fifty day simple moving average of $26.19 and a two-hundred day simple moving average of $27.52. Perrigo has a 52 week low of $23.89 and a 52 week high of $34.60. The company has a quick ratio of 1.24, a current ratio of 2.56 and a debt-to-equity ratio of 0.94.
Perrigo (NYSE:PRGO – Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $0.81 EPS for the quarter, hitting the consensus estimate of $0.81. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.12 billion. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the company posted $0.64 EPS. On average, sell-side analysts predict that Perrigo will post 2.56 earnings per share for the current year.
Perrigo Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Friday, November 29th will be issued a dividend of $0.276 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.10 dividend on an annualized basis and a yield of 4.20%. Perrigo’s payout ratio is -94.02%.
Insider Buying and Selling
In related news, Director Katherine C. Doyle sold 8,954 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $27.30, for a total transaction of $244,444.20. Following the transaction, the director now directly owns 6,009 shares in the company, valued at approximately $164,045.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Perrigo news, EVP Ronald Craig Janish sold 13,000 shares of Perrigo 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 completion of the transaction, the executive vice president now directly owns 20,553 shares of the company’s stock, valued at $604,258.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Katherine C. Doyle sold 8,954 shares of Perrigo 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 transaction, the director now directly owns 6,009 shares of the company’s stock, valued at approximately $164,045.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,254 shares of company stock worth $1,411,969. Insiders own 0.70% of the company’s stock.
Hedge Funds Weigh In On Perrigo
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its position in shares of Perrigo by 4,017.5% in the first quarter. SG Americas Securities LLC now owns 129,165 shares of the company’s stock valued at $4,158,000 after acquiring an additional 126,028 shares during the period. Russell Investments Group Ltd. boosted its position 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 valued at $25,982,000 after acquiring an additional 50,871 shares during the period. Invenomic Capital Management LP bought a new stake in Perrigo during the first quarter worth about $2,425,000. AQR Capital Management LLC lifted its position in Perrigo by 675.5% during the second quarter. AQR Capital Management LLC now owns 970,637 shares of the company’s stock worth $24,926,000 after purchasing an additional 845,470 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in Perrigo by 31.8% during the first quarter. Janney Montgomery Scott LLC now owns 54,649 shares of the company’s stock worth $1,759,000 after purchasing an additional 13,176 shares during the period. 95.91% of the stock is owned by institutional investors.
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.