Federated Hermes Inc. Trims Stock Holdings in Perrigo Company plc (NYSE:PRGO)

Federated Hermes Inc. lowered its stake in shares of Perrigo Company plc (NYSE:PRGO) by 2.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,439 shares of the company’s stock after selling 464 shares during the period. Federated Hermes Inc.’s holdings in Perrigo were worth $396,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. M&R Capital Management Inc. lifted its holdings in Perrigo by 3.0% during the 1st quarter. M&R Capital Management Inc. now owns 14,717 shares of the company’s stock worth $474,000 after purchasing an additional 434 shares in the last quarter. Retirement Systems of Alabama boosted its position in shares of Perrigo by 0.3% in the first quarter. Retirement Systems of Alabama now owns 170,162 shares of the company’s stock valued at $5,478,000 after acquiring an additional 447 shares during the period. Ridgewood Investments LLC grew its stake in Perrigo by 1.3% during the first quarter. Ridgewood Investments LLC now owns 35,140 shares of the company’s stock valued at $1,131,000 after acquiring an additional 451 shares in the last quarter. Park Avenue Securities LLC increased its holdings in Perrigo by 4.3% during the 1st quarter. Park Avenue Securities LLC now owns 11,330 shares of the company’s stock worth $365,000 after acquiring an additional 465 shares during the period. Finally, Arizona State Retirement System lifted its stake in Perrigo by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 37,939 shares of the company’s stock worth $974,000 after purchasing an additional 699 shares in the last quarter. 95.91% of the stock is owned by institutional investors.

Perrigo Stock Down 0.2 %

PRGO opened at $27.07 on Tuesday. The business’s fifty day simple moving average is $27.93 and its 200 day simple 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 quick ratio of 1.24, a current ratio of 1.99 and a debt-to-equity ratio of 0.80. The stock has a market cap of $3.69 billion, a PE ratio of -386.71 and a beta of 0.49.

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

Perrigo Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have recently commented on PRGO. StockNews.com upgraded shares of Perrigo from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Jefferies Financial Group restated a “hold” rating and issued a $30.00 target price (down from $50.00) on shares of Perrigo in a research note on Monday. Finally, Piper Sandler lowered 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. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Perrigo presently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Insiders Place Their Bets

In other news, EVP Svend Andersen sold 28,300 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $27.75, for a total transaction of $785,325.00. Following the transaction, the executive vice president now directly owns 73,553 shares of the company’s stock, valued at $2,041,095.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Svend Andersen sold 28,300 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $27.75, for a total transaction of $785,325.00. Following the transaction, the executive vice president now directly owns 73,553 shares in the company, valued at approximately $2,041,095.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Katherine C. Doyle sold 8,954 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $27.30, for a total value of $244,444.20. Following the completion of the sale, the director now owns 6,009 shares of the company’s stock, valued at approximately $164,045.70. 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 three months. Insiders own 0.70% of the company’s stock.

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.