Perrigo (NYSE:PRGO) Updates FY24 Earnings Guidance

Perrigo (NYSE:PRGO) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.50 to $2.65 for the period, compared to the consensus earnings per share estimate of $2.57. Perrigo also updated its FY 2024 guidance to 2.500-2.650 EPS.

Perrigo Stock Down 2.1 %

Shares of Perrigo stock traded down $0.57 during mid-day trading on Friday, hitting $26.36. 1,634,316 shares of the stock were exchanged, compared to its average volume of 1,625,353. Perrigo has a twelve month low of $23.89 and a twelve month high of $34.60. The company has a 50-day simple moving average of $26.19 and a 200 day simple moving average of $27.52. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.56 and a quick ratio of 1.24.

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

Perrigo Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Friday, November 29th will be given 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 4.19%. Perrigo’s dividend payout ratio (DPR) is -94.02%.

Analysts Set New Price Targets

A number of research firms have recently commented on PRGO. Canaccord Genuity Group reissued a “buy” rating and set a $42.00 target price on shares of Perrigo in a research report on Monday, September 30th. Jefferies Financial Group reissued a “hold” rating and set a $30.00 target price (down from $50.00) on shares of Perrigo in a research report on Monday, September 23rd. StockNews.com raised shares of Perrigo from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Piper Sandler reduced their target price on shares of Perrigo from $36.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Perrigo has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Insiders Place Their Bets

In other Perrigo news, EVP Svend Andersen sold 28,300 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $27.75, for a total transaction of $785,325.00. Following the sale, the executive vice president now directly owns 73,553 shares of the company’s stock, valued at approximately $2,041,095.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Ronald Craig Janish sold 13,000 shares of the company’s stock in a transaction dated 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 owns 20,553 shares in the company, valued at approximately $604,258.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Svend Andersen sold 28,300 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $27.75, for a total transaction of $785,325.00. Following the transaction, the executive vice president now owns 73,553 shares of the company’s stock, valued at $2,041,095.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,254 shares of company stock valued at $1,411,969. Company insiders own 0.70% 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.