Perrigo (NYSE:PRGO) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of Perrigo (NYSE:PRGO) from a buy rating to a hold rating in a report issued on Wednesday morning.

Other equities research analysts have also recently issued research reports about the company. Argus cut Perrigo from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Piper Sandler downgraded shares of Perrigo from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $34.00 to $27.00 in a research report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $35.00.

Perrigo Trading Up 0.5 %

Shares of PRGO stock opened at $25.37 on Wednesday. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of -21.68 and a beta of 0.54. The stock has a 50-day moving average of $24.97 and a 200-day moving average of $26.26. The company has a current ratio of 2.56, a quick ratio of 1.77 and a debt-to-equity ratio of 0.94. Perrigo has a 1-year low of $23.14 and a 1-year high of $33.46.

Perrigo Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.16 annualized dividend and a yield of 4.57%. This is a positive change from Perrigo’s previous quarterly dividend of $0.28. Perrigo’s dividend payout ratio is presently -94.02%.

Insider Activity

In other Perrigo news, Director Jeffrey B. Kindler sold 17,598 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $28.27, for a total value of $497,495.46. Following the transaction, the director now directly owns 5,409 shares of the company’s stock, valued at approximately $152,912.43. This trade represents a 76.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC grew its holdings in shares of Perrigo by 1,942.0% during the fourth quarter. Headlands Technologies LLC now owns 1,409 shares of the company’s stock valued at $36,000 after buying an additional 1,340 shares during the last quarter. Versant Capital Management Inc acquired a new position in shares of Perrigo during the fourth quarter valued at about $45,000. GAMMA Investing LLC grew its holdings in shares of Perrigo by 93.7% during the fourth quarter. GAMMA Investing LLC now owns 1,920 shares of the company’s stock valued at $49,000 after buying an additional 929 shares during the last quarter. Central Pacific Bank Trust Division grew its holdings in shares of Perrigo by 33.3% during the fourth quarter. Central Pacific Bank Trust Division now owns 2,000 shares of the company’s stock valued at $51,000 after buying an additional 500 shares during the last quarter. Finally, Venturi Wealth Management LLC acquired a new position in shares of Perrigo during the third quarter valued at about $56,000. 95.91% of the stock is currently owned by institutional investors and hedge funds.

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.