Perrigo (NYSE:PRGO) Cut to Neutral at Piper Sandler

Piper Sandler cut shares of Perrigo (NYSE:PRGO) from an overweight rating to a neutral rating in a research report sent to investors on Monday, Marketbeat reports. Piper Sandler currently has $27.00 target price on the stock, down from their prior target price of $34.00.

A number of other research analysts have also recently issued reports on PRGO. Canaccord Genuity Group reissued a “buy” rating and set a $42.00 price objective on shares of Perrigo in a report on Monday, September 30th. StockNews.com lowered shares of Perrigo from a “buy” rating to a “hold” rating in a research report on Friday, January 3rd. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $30.00 price objective (down from $50.00) on shares of Perrigo in a research note on Monday, September 23rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Perrigo presently has a consensus rating of “Hold” and an average target price of $35.00.

Perrigo Trading Up 0.4 %

Shares of PRGO stock opened at $25.05 on Monday. The firm has a fifty day moving average of $26.78 and a 200-day moving average of $26.82. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of -21.41 and a beta of 0.53. 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 announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.81 EPS for the quarter, hitting analysts’ consensus estimates of $0.81. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter last year, the company earned $0.64 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, equities research analysts forecast that Perrigo will post 2.56 earnings per share for the current fiscal year.

Perrigo Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date was Friday, November 29th. Perrigo’s dividend payout ratio is presently -94.02%.

Insider Activity at Perrigo

In other Perrigo news, Director Jeffrey B. Kindler sold 17,598 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $28.27, for a total transaction of $497,495.46. Following the transaction, the director now directly owns 5,409 shares in the company, 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 SEC, which is accessible through this hyperlink. 0.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Perrigo

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its holdings in Perrigo by 229.2% during the 3rd quarter. Wellington Management Group LLP now owns 2,697,698 shares of the company’s stock worth $70,761,000 after acquiring an additional 1,878,145 shares during the period. FMR LLC increased its holdings in Perrigo by 66,795.3% in the third quarter. FMR LLC now owns 1,840,289 shares of the company’s stock valued at $48,271,000 after purchasing an additional 1,837,538 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in Perrigo by 83.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,940,067 shares of the company’s stock valued at $49,821,000 after buying an additional 881,191 shares during the period. AQR Capital Management LLC boosted its holdings in Perrigo by 675.5% during the second quarter. AQR Capital Management LLC now owns 970,637 shares of the company’s stock worth $24,926,000 after buying an additional 845,470 shares during the last quarter. Finally, Copeland Capital Management LLC grew its position in shares of Perrigo by 23.1% during the 3rd quarter. Copeland Capital Management LLC now owns 2,482,544 shares of the company’s stock worth $65,117,000 after buying an additional 465,161 shares during the period. 95.91% of the stock is owned by institutional investors.

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.