Millennium Management LLC Sells 724,387 Shares of Perrigo Company plc (NYSE:PRGO)

Millennium Management LLC cut its holdings in Perrigo Company plc (NYSE:PRGO) by 61.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 451,918 shares of the company’s stock after selling 724,387 shares during the period. Millennium Management LLC owned 0.33% of Perrigo worth $11,605,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Maverick Capital Ltd. purchased a new position in shares of Perrigo in the second quarter worth $1,207,000. Dark Forest Capital Management LP increased its holdings in Perrigo by 101.1% in the 2nd quarter. Dark Forest Capital Management LP now owns 14,799 shares of the company’s stock valued at $380,000 after acquiring an additional 7,439 shares during the last quarter. Deprince Race & Zollo Inc. lifted its stake in Perrigo by 11.2% in 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 in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Perrigo by 675.5% during the 2nd quarter. AQR Capital Management LLC now owns 970,637 shares of the company’s stock valued at $24,926,000 after purchasing an additional 845,470 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Perrigo during the second quarter valued at about $365,000. 95.91% of the stock is currently owned by institutional investors.

Perrigo Stock Performance

NYSE PRGO opened at $24.37 on Tuesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.24 and a current ratio of 1.99. The business’s 50 day moving average price is $27.45 and its 200-day moving average price is $28.42. The company has a market cap of $3.32 billion, a P/E ratio of -348.14 and a beta of 0.48. Perrigo Company plc has a fifty-two week low of $24.28 and a fifty-two week high of $34.60.

Perrigo (NYSE:PRGO) last released 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 last year, the business earned $0.63 EPS. The business’s revenue was down 10.7% on a year-over-year basis. Sell-side analysts predict that Perrigo Company plc will post 2.56 earnings per share for the current year.

Perrigo Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Friday, August 30th were issued a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date was Friday, August 30th. Perrigo’s payout ratio is currently -1,571.43%.

Analysts Set New Price Targets

PRGO has been the topic of a number of research analyst reports. StockNews.com downgraded Perrigo from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Jefferies Financial Group reissued a “hold” rating and issued a $30.00 target price (down from $50.00) on shares of Perrigo in a report on Monday, September 23rd. Canaccord Genuity Group restated a “buy” rating and issued a $42.00 price target on shares of Perrigo in a research report on Monday, September 30th. Finally, Piper Sandler decreased their price target on shares of Perrigo from $36.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, July 11th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Perrigo has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Insiders Place Their Bets

In other 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 value of $244,444.20. Following the transaction, the director now directly owns 6,009 shares in the company, valued at approximately $164,045.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Ronald Craig Janish sold 13,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $29.40, for a total transaction of $382,200.00. Following the transaction, the executive vice president now owns 20,553 shares of the company’s stock, valued at approximately $604,258.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Katherine C. Doyle sold 8,954 shares of Perrigo stock in a transaction dated 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 $164,045.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 50,254 shares of company stock worth $1,411,969 over the last quarter. Company insiders own 0.70% 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.