Perrigo (NYSE:PRGO) Issues Earnings Results, Beats Estimates By $0.06 EPS

Perrigo (NYSE:PRGO) announced its quarterly earnings data on Tuesday. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06, RTT News reports. Perrigo had a negative net margin of 0.27% and a positive return on equity of 7.34%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter last year, the firm posted $0.45 EPS. The company’s quarterly revenue was down 8.4% on a year-over-year basis. Perrigo updated its FY24 guidance to $2.50-2.65 EPS.

Perrigo Price Performance

Shares of Perrigo stock opened at $30.15 on Wednesday. Perrigo has a twelve month low of $25.77 and a twelve month high of $40.28. The company has a quick ratio of 1.07, a current ratio of 1.79 and a debt-to-equity ratio of 0.76. The company has a 50-day simple moving average of $30.68 and a two-hundred day simple moving average of $30.93. The stock has a market capitalization of $4.09 billion, a price-to-earnings ratio of -301.50 and a beta of 0.63.

Perrigo Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be paid a $0.276 dividend. This represents a $1.10 annualized dividend and a yield of 3.66%. The ex-dividend date is Friday, May 31st. Perrigo’s dividend payout ratio (DPR) is -1,100.00%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PRGO. JPMorgan Chase & Co. decreased their price objective on shares of Perrigo from $48.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, February 28th. Canaccord Genuity Group reissued a “buy” rating and issued a $42.00 price objective on shares of Perrigo in a research report on Friday, April 12th. StockNews.com raised shares of Perrigo from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Piper Sandler raised their target price on shares of Perrigo from $35.00 to $39.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th.

Insiders Place Their Bets

In other Perrigo news, EVP Alison Ives acquired 2,490 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was acquired at an average price of $27.26 per share, for a total transaction of $67,877.40. Following the purchase, the executive vice president now directly owns 16,122 shares of the company’s stock, valued at $439,485.72. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Alison Ives purchased 2,490 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was bought at an average price of $27.26 per share, with a total value of $67,877.40. Following the acquisition, the executive vice president now owns 16,122 shares in the company, valued at approximately $439,485.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Patrick Lockwood-Taylor purchased 9,500 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were purchased at an average cost of $26.54 per share, with a total value of $252,130.00. Following the acquisition, the chief executive officer now owns 20,500 shares in the company, valued at approximately $544,070. The disclosure for this purchase can be found here. Insiders acquired 17,990 shares of company stock worth $475,227 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

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.