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

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

Other equities analysts have also recently issued research reports about the stock. 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 research note on Thursday, July 11th. Canaccord Genuity Group reaffirmed a buy rating and issued a $42.00 price objective on shares of Perrigo in a research note on Friday, April 12th.

Perrigo Stock Up 0.1 %

PRGO stock opened at $28.11 on Tuesday. Perrigo has a 52 week low of $24.82 and a 52 week high of $40.28. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of -401.57 and a beta of 0.51. The firm’s 50-day moving average is $27.08 and its two-hundred day moving average is $29.85. The company has a current ratio of 1.81, a quick ratio of 1.08 and a debt-to-equity ratio of 0.77.

Perrigo (NYSE:PRGO) last released its quarterly earnings results on Saturday, May 4th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06. Perrigo had a negative net margin of 0.17% and a positive return on equity of 6.96%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the firm earned $0.45 EPS. Perrigo’s revenue was down 8.4% on a year-over-year basis. On average, analysts forecast that Perrigo will post 2.56 earnings per share for the current fiscal year.

Perrigo Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st were paid a $0.276 dividend. The ex-dividend date was Friday, May 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.93%. Perrigo’s dividend payout ratio is currently -1,571.43%.

Insider Transactions at Perrigo

In other news, EVP Svend Andersen bought 1,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were acquired at an average cost of $27.90 per share, with a total value of $27,900.00. Following the completion of the transaction, the executive vice president now directly owns 101,853 shares in the company, valued at approximately $2,841,698.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PRGO. Raymond James & Associates increased its position in shares of Perrigo by 78.7% in the fourth quarter. Raymond James & Associates now owns 169,789 shares of the company’s stock worth $5,464,000 after acquiring an additional 74,782 shares in the last quarter. Pacer Advisors Inc. grew its position in Perrigo by 78.5% during the fourth quarter. Pacer Advisors Inc. now owns 20,364 shares of the company’s stock valued at $655,000 after purchasing an additional 8,958 shares in the last quarter. Blue Trust Inc. grew its position in Perrigo by 34.5% during the fourth quarter. Blue Trust Inc. now owns 1,556 shares of the company’s stock valued at $50,000 after purchasing an additional 399 shares in the last quarter. Patriot Financial Group Insurance Agency LLC grew its position in Perrigo by 4.1% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 9,627 shares of the company’s stock valued at $310,000 after purchasing an additional 380 shares in the last quarter. Finally, Pinnacle Associates Ltd. grew its position in Perrigo by 29.2% during the fourth quarter. Pinnacle Associates Ltd. now owns 11,435 shares of the company’s stock valued at $368,000 after purchasing an additional 2,585 shares in the last quarter. 95.91% of the stock is owned by hedge funds and other institutional investors.

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.