StockNews.com Downgrades Perrigo (NYSE:PRGO) to Hold

Perrigo (NYSE:PRGO) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

PRGO has been the topic of a number of other reports. Piper Sandler dropped their price target on Perrigo from $36.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, July 11th. Jefferies Financial Group reiterated a “hold” rating and set a $30.00 target price (down from $50.00) on shares of Perrigo in a research note on Monday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Perrigo has an average rating of “Moderate Buy” and an average target price of $37.00.

Perrigo Stock Down 1.9 %

Perrigo stock traded down $0.52 during trading on Tuesday, hitting $26.54. 1,401,157 shares of the company were exchanged, compared to its average volume of 1,618,516. The company has a market capitalization of $3.62 billion, a P/E ratio of -379.07 and a beta of 0.49. The business’s 50 day moving average is $27.92 and its 200 day moving average is $28.76. Perrigo has a 52 week low of $24.82 and a 52 week high of $34.60. The company has a current ratio of 1.99, a quick ratio of 1.24 and a debt-to-equity ratio of 0.80.

Perrigo (NYSE:PRGO) last posted its earnings results on Friday, August 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the business posted $0.63 EPS. The business’s revenue was down 10.7% compared to the same quarter last year. Analysts predict that Perrigo will post 2.57 earnings per share for the current year.

Insiders Place Their Bets

In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of the company’s 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 sale, the director now directly owns 6,009 shares of the company’s stock, valued at $164,045.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of the 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 sale, the director now owns 6,009 shares in the company, valued at $164,045.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ronald Craig Janish sold 13,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $29.40, for a total value of $382,200.00. Following the completion of the transaction, the executive vice president now directly owns 20,553 shares of the company’s stock, valued at $604,258.20. The disclosure for this sale can be found here. Insiders sold 50,254 shares of company stock valued at $1,411,969 over the last ninety days. 0.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Perrigo

Institutional investors and hedge funds have recently modified their holdings of the company. Central Pacific Bank Trust Division purchased a new position in shares of Perrigo during the 1st quarter valued at about $48,000. Parallel Advisors LLC increased its position in shares of Perrigo by 69.1% in the fourth quarter. Parallel Advisors LLC now owns 2,009 shares of the company’s stock valued at $65,000 after acquiring an additional 821 shares during the period. Beach Investment Counsel Inc. PA purchased a new stake in Perrigo in the 2nd quarter worth approximately $72,000. TFC Financial Management Inc. lifted its stake in Perrigo by 39.7% in the first quarter. TFC Financial Management Inc. now owns 2,462 shares of the company’s stock worth $79,000 after acquiring an additional 700 shares during the period. Finally, Voisard Asset Management Group Inc. boosted its holdings in Perrigo by 520.0% in the second quarter. Voisard Asset Management Group Inc. now owns 4,650 shares of the company’s stock valued at $119,000 after acquiring an additional 3,900 shares in the last quarter. 95.91% of the stock is owned by hedge funds and other institutional investors.

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.