Brokerages Set Perrigo Company plc (NYSE:PRGO) Price Target at $35.00

Shares of Perrigo Company plc (NYSE:PRGO) have received an average rating of “Hold” from the five research firms that are covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $35.00.

A number of equities analysts have recently weighed in on the company. StockNews.com cut Perrigo from a “buy” rating to a “hold” rating in a report on Saturday, January 11th. Piper Sandler lowered shares of Perrigo from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $34.00 to $27.00 in a research note on Monday, January 6th. Argus downgraded shares of Perrigo from a “buy” rating to a “hold” rating in a research note on Tuesday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $42.00 price objective on shares of Perrigo in a research report on Monday, September 30th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $30.00 target price (down previously from $50.00) on shares of Perrigo in a research report on Monday, September 23rd.

Perrigo Stock Up 1.5 %

Shares of NYSE PRGO opened at $23.85 on Tuesday. The company has a current ratio of 2.56, a quick ratio of 1.77 and a debt-to-equity ratio of 0.94. The company has a 50-day moving average of $26.60 and a 200 day moving average of $26.77. Perrigo has a 12-month low of $23.14 and a 12-month high of $33.96. The stock has a market cap of $3.25 billion, a PE ratio of -20.38 and a beta of 0.53.

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

Perrigo Announces Dividend

The firm 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 of this dividend was Friday, November 29th. This represents a $1.10 dividend on an annualized basis and a yield of 4.63%. Perrigo’s dividend payout ratio (DPR) is presently -94.02%.

Insiders Place Their Bets

In other Perrigo news, Director Jeffrey B. Kindler sold 17,598 shares of the 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 Securities & Exchange Commission, which is available at this link. Insiders own 0.40% of the company’s stock.

Institutional Trading of Perrigo

A number of large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its holdings in Perrigo by 3.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,162,656 shares of the company’s stock worth $183,935,000 after acquiring an additional 249,640 shares in the last quarter. Deprince Race & Zollo Inc. lifted its position in shares of Perrigo by 11.2% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 3,882,438 shares of the company’s stock worth $99,701,000 after purchasing an additional 391,646 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Perrigo by 229.2% during the third quarter. Wellington Management Group LLP now owns 2,697,698 shares of the company’s stock worth $70,761,000 after purchasing an additional 1,878,145 shares in the last quarter. Copeland Capital Management LLC increased its holdings in Perrigo by 23.1% in the third quarter. Copeland Capital Management LLC now owns 2,482,544 shares of the company’s stock valued at $65,117,000 after buying an additional 465,161 shares during the last quarter. Finally, Sound Shore Management Inc. CT raised its stake in Perrigo by 5.2% in 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 buying an additional 117,230 shares in the last quarter. 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.