Perrigo (NYSE:PRGO) Lowered to “Neutral” Rating by 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.com reports. They currently have $27.00 price target on the stock, down from their previous price target of $34.00.

Other analysts have also recently issued reports about the company. Jefferies Financial Group reaffirmed a “hold” rating and issued a $30.00 price target (down from $50.00) on shares of Perrigo in a research note on Monday, September 23rd. StockNews.com downgraded shares of Perrigo from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $42.00 price target on shares of Perrigo in a research report on Monday, September 30th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $35.00.

Perrigo Price Performance

Shares of PRGO stock opened at $25.37 on Monday. The company has a quick ratio of 1.77, a current ratio of 2.56 and a debt-to-equity ratio of 0.94. Perrigo has a 12 month low of $23.89 and a 12 month high of $34.60. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of -21.68 and a beta of 0.53. The stock has a 50-day moving average price of $26.82 and a 200 day moving average price of $26.84.

Perrigo (NYSE:PRGO) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.81 EPS for the quarter, hitting the consensus estimate of $0.81. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the company earned $0.64 EPS. Perrigo’s revenue was down 3.2% on a year-over-year basis. Research analysts expect that Perrigo will post 2.56 EPS for the current year.

Perrigo Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Friday, November 29th were issued a dividend of $0.276 per share. The ex-dividend date was Friday, November 29th. This represents a $1.10 annualized dividend and a yield of 4.35%. Perrigo’s dividend payout ratio (DPR) is currently -94.02%.

Insider Buying and Selling at Perrigo

In other Perrigo news, Director Jeffrey B. Kindler sold 17,598 shares of Perrigo stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $28.27, for a total value of $497,495.46. Following the sale, the director now owns 5,409 shares of the company’s stock, valued at $152,912.43. This trade represents a 76.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Voisard Asset Management Group Inc. boosted its stake in shares of Perrigo by 9.7% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 5,100 shares of the company’s stock worth $134,000 after buying an additional 450 shares during the last quarter. Central Pacific Bank Trust Division raised its holdings in Perrigo by 33.3% during the fourth quarter. Central Pacific Bank Trust Division now owns 2,000 shares of the company’s stock worth $51,000 after acquiring an additional 500 shares in the last quarter. Creative Planning boosted its position in Perrigo by 3.7% during the third quarter. Creative Planning now owns 18,477 shares of the company’s stock valued at $485,000 after purchasing an additional 661 shares during the last quarter. Arizona State Retirement System grew its stake in Perrigo by 1.9% in the second quarter. Arizona State Retirement System now owns 37,939 shares of the company’s stock valued at $974,000 after purchasing an additional 699 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Perrigo by 25.1% during the 3rd quarter. KBC Group NV now owns 4,517 shares of the company’s stock worth $118,000 after purchasing an additional 905 shares during the last quarter. Institutional investors and hedge funds own 95.91% of the company’s stock.

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.