Perrigo (NYSE:PRGO) PT Lowered to $36.00 at Piper Sandler

Perrigo (NYSE:PRGO) had its price objective trimmed by Piper Sandler from $39.00 to $36.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also issued reports on PRGO. JPMorgan Chase & Co. dropped their price objective on Perrigo from $48.00 to $41.00 and set an overweight rating for the company in a research note on Wednesday, February 28th. Canaccord Genuity Group reissued a buy rating and set a $42.00 price target on shares of Perrigo in a report on Friday, April 12th. Finally, StockNews.com raised shares of Perrigo from a hold rating to a buy rating in a research note on Wednesday, May 29th.

Perrigo Trading Down 2.0 %

Shares of Perrigo stock opened at $26.85 on Thursday. The company’s fifty day moving average price is $29.79 and its two-hundred day moving average price is $30.80. The firm has a market capitalization of $3.66 billion, a PE ratio of -383.57 and a beta of 0.56. Perrigo has a 52-week low of $25.77 and a 52-week high of $40.28. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.81 and a quick ratio of 1.08.

Perrigo (NYSE:PRGO) last posted its quarterly earnings results on Saturday, May 4th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.06. Perrigo had a negative net margin of 0.17% and a positive return on equity of 6.96%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the prior year, the business posted $0.45 earnings per share. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. On average, analysts expect that Perrigo will post 2.58 EPS for the current year.

Perrigo Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be given a $0.276 dividend. This represents a $1.10 annualized dividend and a yield of 4.11%. The ex-dividend date is Friday, May 31st. Perrigo’s payout ratio is presently -1,571.43%.

Insider Buying and Selling at Perrigo

In other Perrigo news, EVP Svend Andersen purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired at an average cost of $27.90 per share, with a total value of $27,900.00. Following the completion of the purchase, the executive vice president now directly owns 101,853 shares in the company, valued at approximately $2,841,698.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On Perrigo

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Tidal Investments LLC boosted its holdings in Perrigo by 423.8% in the 1st quarter. Tidal Investments LLC now owns 77,254 shares of the company’s stock worth $2,478,000 after buying an additional 62,504 shares during the period. Levin Capital Strategies L.P. bought a new stake in Perrigo during the 1st quarter valued at approximately $7,055,000. Invenomic Capital Management LP purchased a new stake in Perrigo during the 1st quarter valued at approximately $2,425,000. Ionic Capital Management LLC boosted its position in shares of Perrigo by 18.4% during the first quarter. Ionic Capital Management LLC now owns 225,000 shares of the company’s stock worth $7,243,000 after acquiring an additional 35,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Perrigo by 5.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 103,031 shares of the company’s stock valued at $3,317,000 after acquiring an additional 5,261 shares in the last quarter. 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.