Gabelli Funds LLC Reduces Stock Holdings in Perrigo Company plc (NYSE:PRGO)

Gabelli Funds LLC reduced its holdings in Perrigo Company plc (NYSE:PRGO) by 0.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 421,700 shares of the company’s stock after selling 3,300 shares during the period. Gabelli Funds LLC’s holdings in Perrigo were worth $13,575,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Boston Partners purchased a new stake in Perrigo during the fourth quarter worth $74,255,000. Norges Bank purchased a new stake in Perrigo during the fourth quarter worth $41,982,000. National Bank of Canada FI purchased a new stake in Perrigo during the first quarter worth $19,040,000. Public Employees Retirement Association of Colorado boosted its holdings in Perrigo by 3,796.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 582,216 shares of the company’s stock worth $18,736,000 after buying an additional 567,274 shares in the last quarter. Finally, Corient Private Wealth LLC boosted its holdings in Perrigo by 463.3% during the fourth quarter. Corient Private Wealth LLC now owns 663,104 shares of the company’s stock worth $21,339,000 after buying an additional 545,395 shares in the last quarter. 95.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analyst Ratings Changes

PRGO has been the topic of several recent analyst reports. StockNews.com downgraded shares of Perrigo from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Piper Sandler decreased 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. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $42.00 price objective on shares of Perrigo in a report on Friday, April 12th.

Perrigo Price Performance

Shares of NYSE:PRGO traded up $0.04 during midday trading on Friday, hitting $28.11. The company’s stock had a trading volume of 786,338 shares, compared to its average volume of 1,382,836. The business’s 50 day simple moving average is $27.08 and its 200 day simple moving average is $29.82. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.08 and a current ratio of 1.81. The company has a market cap of $3.83 billion, a P/E ratio of -401.57 and a beta of 0.51. Perrigo Company plc has a 12-month low of $24.82 and a 12-month high of $40.28.

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

Perrigo Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st were paid a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date of this dividend was Friday, May 31st. Perrigo’s dividend payout ratio (DPR) is presently -1,571.43%.

Perrigo 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.