M&T Bank Corp Invests $240,000 in Perrigo Company plc (NYSE:PRGO)

M&T Bank Corp acquired a new position in Perrigo Company plc (NYSE:PRGO) in the fourth quarter, Holdings Channel.com reports. The firm acquired 9,346 shares of the company’s stock, valued at approximately $240,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRGO. Wellington Management Group LLP lifted its stake in shares of Perrigo by 229.2% in the 3rd quarter. Wellington Management Group LLP now owns 2,697,698 shares of the company’s stock valued at $70,761,000 after acquiring an additional 1,878,145 shares during the last quarter. FMR LLC lifted its stake in shares of Perrigo by 66,795.3% in the 3rd quarter. FMR LLC now owns 1,840,289 shares of the company’s stock valued at $48,271,000 after acquiring an additional 1,837,538 shares during the last quarter. Bahl & Gaynor Inc. lifted its stake in shares of Perrigo by 44.9% in the 4th quarter. Bahl & Gaynor Inc. now owns 1,525,197 shares of the company’s stock valued at $39,213,000 after acquiring an additional 472,958 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Perrigo in the 3rd quarter valued at about $8,892,000. Finally, Access Investment Management LLC bought a new stake in shares of Perrigo in the 4th quarter valued at about $7,989,000. 95.91% of the stock is currently owned by hedge funds and other institutional investors.

Perrigo Trading Up 1.6 %

PRGO opened at $27.26 on Friday. Perrigo Company plc has a one year low of $23.14 and a one year high of $33.46. The business has a 50 day simple moving average of $25.42 and a two-hundred day simple moving average of $26.19. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.56 and a quick ratio of 1.77. The firm has a market capitalization of $3.72 billion, a price-to-earnings ratio of -23.30 and a beta of 0.48.

Perrigo (NYSE:PRGO) last posted its 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. Perrigo had a positive return on equity of 7.38% and a negative net margin of 3.64%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.20 billion. Analysts predict that Perrigo Company plc will post 2.56 EPS for the current year.

Perrigo Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be issued 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 dividend on an annualized basis and a dividend yield of 4.26%. Perrigo’s dividend payout ratio is -92.80%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PRGO shares. Argus lowered Perrigo from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. StockNews.com lowered Perrigo from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Finally, Piper Sandler lowered Perrigo from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $34.00 to $27.00 in a research report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $33.00.

Insider Buying and Selling

In related news, EVP Ronald Craig Janish sold 7,800 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $27.44, for a total value of $214,032.00. Following the sale, the executive vice president now owns 33,666 shares in the company, valued at $923,795.04. This represents a 18.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.70% of the stock is currently owned by company insiders.

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.