Perrigo Company plc (NYSE:PRGO) Announces Quarterly Dividend of $0.29

Perrigo Company plc (NYSE:PRGO) announced a quarterly dividend on Wednesday, February 19th,RTT News reports. Shareholders of record on Friday, March 7th will be paid a dividend of 0.29 per share on Tuesday, March 25th. This represents a $1.16 annualized dividend and a yield of 4.68%. This is an increase from Perrigo’s previous quarterly dividend of $0.28.

Perrigo has raised its dividend payment by an average of 4.8% annually over the last three years and has raised its dividend every year for the last 22 years. Perrigo has a payout ratio of 32.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Perrigo to earn $3.06 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 35.9%.

Perrigo Price Performance

Shares of PRGO stock traded up $0.67 during trading hours on Wednesday, reaching $24.81. 1,480,463 shares of the company were exchanged, compared to its average volume of 1,278,541. Perrigo has a fifty-two week low of $23.14 and a fifty-two week high of $33.46. The stock’s fifty day moving average is $25.11 and its two-hundred day moving average is $26.30. The company has a market cap of $3.38 billion, a price-to-earnings ratio of -21.20 and a beta of 0.54. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.56 and a quick ratio of 1.77.

Insiders Place Their Bets

In other news, Director Jeffrey B. Kindler sold 17,598 shares of the stock in a transaction on Monday, December 9th. The shares were 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 owns 5,409 shares of the company’s stock, valued at $152,912.43. This represents a 76.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PRGO. StockNews.com upgraded shares of Perrigo from a “hold” rating to a “buy” rating in a research report on Monday, February 10th. Argus lowered shares of Perrigo from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Finally, Piper Sandler lowered shares of Perrigo from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $34.00 to $27.00 in a report on Monday, January 6th. Three 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 stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

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.