Perrigo (NYSE:PRGO) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Perrigo (NYSE:PRGO) from a buy rating to a hold rating in a research note released on Wednesday.

PRGO has been the topic of several other reports. Canaccord Genuity Group restated a “buy” rating and issued a $42.00 price objective on shares of Perrigo in a report on Monday, September 30th. Jefferies Financial Group reissued 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. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Perrigo Stock Down 1.6 %

NYSE:PRGO opened at $25.59 on Wednesday. The stock’s fifty day moving average price is $26.80 and its two-hundred day moving average price is $26.88. The company has a market cap of $3.49 billion, a price-to-earnings ratio of -21.87 and a beta of 0.52. Perrigo has a 52-week low of $23.89 and a 52-week high of $34.60. 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 (NYSE:PRGO) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.81 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.81. The business had revenue of $1.09 billion for 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 firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.64 earnings per share. On average, analysts anticipate that Perrigo will post 2.56 EPS for the current year.

Perrigo Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Friday, November 29th were paid a $0.276 dividend. This represents a $1.10 annualized dividend and a yield of 4.31%. The ex-dividend date was Friday, November 29th. Perrigo’s payout ratio is presently -94.02%.

Insider Transactions at Perrigo

In related news, Director Jeffrey B. Kindler sold 17,598 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $28.27, for a total transaction of $497,495.46. Following the completion of the sale, the director now directly owns 5,409 shares of the company’s stock, valued at approximately $152,912.43. This represents a 76.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Perrigo

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Raymond James & Associates increased its position in Perrigo by 5.9% during the second quarter. Raymond James & Associates now owns 86,380 shares of the company’s stock worth $2,218,000 after buying an additional 4,849 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Perrigo by 0.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,085,657 shares of the company’s stock worth $27,880,000 after buying an additional 9,219 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Perrigo by 3.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 655,974 shares of the company’s stock valued at $16,845,000 after buying an additional 23,835 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Perrigo by 3.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,083 shares of the company’s stock valued at $747,000 after acquiring an additional 923 shares during the period. Finally, Rothschild Investment LLC acquired a new stake in Perrigo during the second quarter worth approximately $848,000. 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.