Perrigo (NYSE:PRGO) Earns “Buy” Rating from Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Perrigo (NYSE:PRGOFree Report) in a research report report published on Friday morning, Benzinga reports. They currently have a $42.00 target price on the stock.

PRGO has been the topic of a number of other reports. JPMorgan Chase & Co. lowered their price target on Perrigo from $48.00 to $41.00 and set an overweight rating on the stock in a report on Wednesday, February 28th. StockNews.com raised Perrigo from a hold rating to a buy rating in a report on Wednesday, April 3rd. Finally, Piper Sandler upped their price target on Perrigo from $35.00 to $39.00 and gave the company an overweight rating in a report on Monday, April 8th.

Get Our Latest Stock Report on PRGO

Perrigo Price Performance

Shares of PRGO stock opened at $30.32 on Friday. The stock has a market cap of $4.11 billion, a price-to-earnings ratio of -303.20 and a beta of 0.64. The business’s fifty day moving average is $30.80 and its 200 day moving average is $30.82. Perrigo has a twelve month low of $25.77 and a twelve month high of $40.28. The company has a quick ratio of 1.07, a current ratio of 1.79 and a debt-to-equity ratio of 0.76.

Perrigo (NYSE:PRGOGet Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Perrigo had a positive return on equity of 7.34% and a negative net margin of 0.27%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.75 earnings per share. Research analysts expect that Perrigo will post 2.55 EPS for the current fiscal year.

Perrigo Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 26th. Shareholders of record on Friday, March 8th were issued a dividend of $0.276 per share. This represents a $1.10 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend was Thursday, March 7th. This is a boost from Perrigo’s previous quarterly dividend of $0.27. Perrigo’s dividend payout ratio (DPR) is currently -1,100.00%.

Insider Activity

In related news, CEO Patrick Lockwood-Taylor acquired 9,500 shares of the stock in a transaction dated Thursday, February 29th. The stock was acquired at an average cost of $26.54 per share, with a total value of $252,130.00. Following the purchase, the chief executive officer now directly owns 20,500 shares of the company’s stock, valued at $544,070. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Perrigo news, EVP Alison Ives bought 2,490 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were purchased at an average cost of $27.26 per share, for a total transaction of $67,877.40. Following the purchase, the executive vice president now directly owns 16,122 shares in the company, valued at $439,485.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Patrick Lockwood-Taylor purchased 9,500 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of $26.54 per share, for a total transaction of $252,130.00. Following the purchase, the chief executive officer now owns 20,500 shares in the company, valued at approximately $544,070. The disclosure for this purchase can be found here. Insiders purchased 17,990 shares of company stock valued at $475,227 in the last ninety days. Insiders own 0.70% of the company’s stock.

Institutional Trading of Perrigo

Several large investors have recently added to or reduced their stakes in the company. Wolf Hill Capital Management LP lifted its holdings in shares of Perrigo by 168.9% in the 1st quarter. Wolf Hill Capital Management LP now owns 3,959,634 shares of the company’s stock valued at $142,032,000 after buying an additional 2,486,987 shares during the period. Boston Partners acquired a new position in shares of Perrigo in the 4th quarter valued at about $74,255,000. Cooper Creek Partners Management LLC lifted its holdings in shares of Perrigo by 1,080.0% in the 3rd quarter. Cooper Creek Partners Management LLC now owns 1,872,508 shares of the company’s stock valued at $59,827,000 after buying an additional 1,713,827 shares during the period. Norges Bank acquired a new position in shares of Perrigo in the 4th quarter valued at about $45,075,000. Finally, Millennium Management LLC lifted its holdings in shares of Perrigo by 256.1% in the 4th quarter. Millennium Management LLC now owns 1,420,648 shares of the company’s stock valued at $48,430,000 after buying an additional 1,021,709 shares during the period. Hedge funds and other institutional investors own 95.91% of the company’s stock.

About Perrigo

(Get Free Report)

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.

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