Gabelli Funds LLC Sells 4,000 Shares of Perrigo Company plc (NYSE:PRGO)

Gabelli Funds LLC lowered its holdings in shares of Perrigo Company plc (NYSE:PRGO) by 0.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 417,700 shares of the company’s stock after selling 4,000 shares during the quarter. Gabelli Funds LLC owned 0.31% of Perrigo worth $10,727,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. ProShare Advisors LLC raised its position in shares of Perrigo by 12.9% during the 2nd quarter. ProShare Advisors LLC now owns 1,017,909 shares of the company’s stock valued at $26,140,000 after buying an additional 116,214 shares in the last quarter. Sound Shore Management Inc. CT raised its position in Perrigo by 5.2% during the second quarter. Sound Shore Management Inc. CT now owns 2,391,049 shares of the company’s stock valued at $61,402,000 after purchasing an additional 117,230 shares during the period. Sei Investments Co. lifted its stake in shares of Perrigo by 33.0% in the 2nd quarter. Sei Investments Co. now owns 338,045 shares of the company’s stock valued at $8,681,000 after purchasing an additional 83,957 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Perrigo in the 2nd quarter worth approximately $459,000. Finally, Amalgamated Bank increased its position in shares of Perrigo by 3.3% during the 2nd quarter. Amalgamated Bank now owns 85,350 shares of the company’s stock valued at $2,192,000 after purchasing an additional 2,752 shares during the last quarter. 95.91% of the stock is owned by hedge funds and other institutional investors.

Perrigo Stock Performance

Shares of Perrigo stock opened at $27.07 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.99 and a debt-to-equity ratio of 0.80. The stock’s fifty day moving average is $27.93 and its two-hundred day moving average is $28.79. Perrigo Company plc has a 52 week low of $24.82 and a 52 week high of $34.60. The company has a market capitalization of $3.69 billion, a PE ratio of -386.71 and a beta of 0.49.

Perrigo (NYSE:PRGO) last posted its quarterly earnings results on Friday, August 2nd. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.07. Perrigo had a negative net margin of 2.81% and a positive return on equity of 6.79%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the prior year, the business posted $0.63 earnings per share. The business’s revenue for the quarter was down 10.7% on a year-over-year basis. As a group, analysts expect that Perrigo Company plc will post 2.57 earnings per share for the current year.

Perrigo Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Friday, August 30th were issued a $0.276 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.08%. Perrigo’s payout ratio is -1,571.43%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PRGO. StockNews.com upgraded Perrigo from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Piper Sandler lowered their target price on shares of Perrigo from $36.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, July 11th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $30.00 price target (down from $50.00) on shares of Perrigo in a report on Monday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Insider Buying and Selling

In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of Perrigo stock in a transaction on Friday, September 13th. The stock was sold at an average price of $27.30, for a total transaction of $244,444.20. Following the completion of the sale, the director now directly owns 6,009 shares of the company’s stock, valued at approximately $164,045.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $27.30, for a total transaction of $244,444.20. Following the transaction, the director now directly owns 6,009 shares in the company, valued at approximately $164,045.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Svend Andersen sold 28,300 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $27.75, for a total transaction of $785,325.00. Following the completion of the sale, the executive vice president now owns 73,553 shares of the company’s stock, valued at approximately $2,041,095.75. The disclosure for this sale can be found here. Insiders have sold a total of 50,254 shares of company stock valued at $1,411,969 over the last quarter. 0.70% of the stock is owned by corporate insiders.

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.