Bank of New York Mellon Corp Grows Stock Position in Perrigo Company plc (NYSE:PRGO)

Bank of New York Mellon Corp raised its holdings in Perrigo Company plc (NYSE:PRGO) by 5.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,028,172 shares of the company’s stock after acquiring an additional 55,155 shares during the period. Bank of New York Mellon Corp’s holdings in Perrigo were worth $26,434,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Van ECK Associates Corp increased its position in Perrigo by 10.5% during the third quarter. Van ECK Associates Corp now owns 117,661 shares of the company’s stock worth $2,987,000 after purchasing an additional 11,165 shares during the last quarter. Atria Investments Inc purchased a new stake in shares of Perrigo during the 3rd quarter valued at $208,000. Venturi Wealth Management LLC acquired a new stake in shares of Perrigo during the 3rd quarter worth $56,000. Victory Capital Management Inc. raised its position in shares of Perrigo by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 1,422,288 shares of the company’s stock worth $37,307,000 after buying an additional 16,735 shares during the period. Finally, KBC Group NV boosted its holdings in Perrigo by 25.1% in the third quarter. KBC Group NV now owns 4,517 shares of the company’s stock valued at $118,000 after acquiring an additional 905 shares during the last quarter. Institutional investors and hedge funds own 95.91% of the company’s stock.

Perrigo Price Performance

Shares of NYSE PRGO opened at $27.81 on Monday. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.56 and a quick ratio of 1.77. Perrigo Company plc has a 1-year low of $23.14 and a 1-year high of $33.46. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of -23.77 and a beta of 0.48. The business has a 50-day moving average of $25.25 and a 200-day moving average of $26.23.

Perrigo (NYSE:PRGO) last released its quarterly earnings results on Thursday, February 27th. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.01. The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Perrigo had a positive return on equity of 7.38% and a negative net margin of 3.64%. On average, equities analysts anticipate that Perrigo Company plc will post 2.56 EPS for the current fiscal year.

Perrigo Increases Dividend

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

Analysts Set New Price Targets

PRGO has been the subject of several research analyst reports. Piper Sandler lowered Perrigo from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $34.00 to $27.00 in a research note on Monday, January 6th. StockNews.com downgraded shares of Perrigo from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Finally, Argus cut shares of Perrigo from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $33.00.

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.