Perrigo (NYSE:PRGO) Downgraded by StockNews.com to Hold

Perrigo (NYSE:PRGO) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Saturday.

Other equities analysts also recently issued reports about the company. Piper Sandler downgraded Perrigo from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $34.00 to $27.00 in a research report on Monday, January 6th. Jefferies Financial Group reiterated a “hold” rating and issued a $30.00 price objective (down previously from $50.00) on shares of Perrigo in a research note on Monday, September 23rd. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $42.00 price objective on shares of Perrigo in a research note 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 stock presently has a consensus rating of “Hold” and a consensus target price of $35.00.

Perrigo Trading Down 2.6 %

Shares of PRGO stock opened at $24.41 on Friday. The stock’s fifty day moving average is $26.77 and its two-hundred day moving average is $26.81. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.77 and a current ratio of 2.56. The firm has a market capitalization of $3.33 billion, a P/E ratio of -20.86 and a beta of 0.53. Perrigo has a fifty-two week low of $23.89 and a fifty-two week high of $33.96.

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

Insider Buying and Selling

In other news, Director Jeffrey B. Kindler sold 17,598 shares of the company’s stock in a transaction on 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 directly owns 5,409 shares in the company, valued at $152,912.43. This represents a 76.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Perrigo

Several large investors have recently added to or reduced their stakes in PRGO. Wealth Enhancement Advisory Services LLC grew its stake in shares of Perrigo by 2.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,617 shares of the company’s stock valued at $567,000 after buying an additional 436 shares in the last quarter. Voisard Asset Management Group Inc. lifted its holdings in shares of Perrigo by 9.7% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 5,100 shares of the company’s stock worth $134,000 after purchasing an additional 450 shares during the last quarter. Central Pacific Bank Trust Division increased its position in Perrigo by 33.3% in the 4th quarter. Central Pacific Bank Trust Division now owns 2,000 shares of the company’s stock valued at $51,000 after acquiring an additional 500 shares during the period. Creative Planning increased its position in shares of Perrigo by 3.7% during the 3rd 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 period. Finally, Arizona State Retirement System increased its position in shares of Perrigo by 1.9% during the 2nd 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 during the period. 95.91% of the stock is currently 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.