Bank of New York Mellon Corp Buys 55,155 Shares of Perrigo Company plc (NYSE:PRGO)

Bank of New York Mellon Corp lifted its stake in Perrigo Company plc (NYSE:PRGO) by 5.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,028,172 shares of the company’s stock after purchasing an additional 55,155 shares during the quarter. Bank of New York Mellon Corp owned about 0.75% of Perrigo worth $26,434,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Franklin Resources Inc. purchased a new stake in shares of Perrigo during the 3rd quarter worth $3,717,000. Foundry Partners LLC acquired a new position in shares of Perrigo in the third quarter valued at approximately $7,111,000. Barclays PLC increased its stake in Perrigo by 44.8% in the 3rd quarter. Barclays PLC now owns 120,502 shares of the company’s stock valued at $3,160,000 after buying an additional 37,268 shares during the period. JPMorgan Chase & Co. raised its holdings in Perrigo by 65.1% during the third quarter. JPMorgan Chase & Co. now owns 541,000 shares of the company’s stock worth $14,190,000 after purchasing an additional 213,221 shares in the last quarter. Finally, Citigroup Inc. lifted its holdings in shares of Perrigo by 94.1% in the 3rd quarter. Citigroup Inc. now owns 151,520 shares of the company’s stock valued at $3,974,000 after buying an additional 73,457 shares during the period. 95.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRGO has been the topic of several research analyst reports. StockNews.com lowered shares of Perrigo from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. 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 report on Monday, January 6th. Finally, Argus downgraded shares of Perrigo from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Perrigo has a consensus rating of “Hold” and an average price target of $33.00.

Perrigo Price Performance

Perrigo stock opened at $27.81 on Monday. The firm has a market capitalization of $3.79 billion, a PE ratio of -23.77 and a beta of 0.48. Perrigo Company plc has a 52 week low of $23.14 and a 52 week high of $33.46. The firm’s 50-day simple moving average is $25.25 and its 200 day simple moving average is $26.23. 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 (NYSE:PRGO) last released its quarterly earnings results on Thursday, February 27th. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.92 by $0.01. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.20 billion. On average, equities research analysts predict that Perrigo Company plc will post 2.56 EPS for the current fiscal year.

Perrigo Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Friday, March 7th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Perrigo’s previous quarterly dividend of $0.28. Perrigo’s dividend payout ratio (DPR) is currently -92.80%.

Perrigo 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.