Perrigo (NYSE:PRGO) Reaches New 12-Month Low – Here’s What Happened

Perrigo Company plc (NYSE:PRGO)’s stock price reached a new 52-week low on Thursday . The stock traded as low as $24.75 and last traded at $24.76, with a volume of 7331 shares changing hands. The stock had previously closed at $25.08.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PRGO. Piper Sandler lowered their target price on shares of Perrigo from $36.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, July 11th. Canaccord Genuity Group restated a “buy” rating and set a $42.00 price objective on shares of Perrigo in a research note on Monday, September 30th. StockNews.com cut shares of Perrigo from a “buy” rating to a “hold” rating in a report on Tuesday, September 24th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $30.00 price target (down previously from $50.00) on shares of Perrigo in a report on Monday, September 23rd. Two 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, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Perrigo Trading Up 0.7 %

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 stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of -356.14 and a beta of 0.49. The business has a fifty day simple moving average of $27.58 and a 200 day simple moving average of $28.54.

Perrigo (NYSE:PRGO) last announced its earnings results on Friday, August 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the previous year, the business posted $0.63 earnings per share. Perrigo’s quarterly revenue was down 10.7% on a year-over-year basis. As a group, research analysts expect that Perrigo Company plc will post 2.56 EPS for the current year.

Perrigo Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Friday, August 30th were issued a $0.276 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.10 annualized dividend and a yield of 4.43%. Perrigo’s dividend payout ratio is presently -1,571.43%.

Insider Transactions at Perrigo

In related news, Director Katherine C. Doyle sold 8,954 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $27.30, for a total value of $244,444.20. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Katherine C. Doyle sold 8,954 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $27.30, for a total transaction of $244,444.20. Following the sale, the director now owns 6,009 shares in the company, valued at approximately $164,045.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ronald Craig Janish sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,254 shares of company stock valued at $1,411,969. 0.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Perrigo

Several hedge funds have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC raised its stake in shares of Perrigo by 1,578.3% during the first quarter. Los Angeles Capital Management LLC now owns 168,164 shares of the company’s stock valued at $5,413,000 after acquiring an additional 158,144 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Perrigo by 4,017.5% during the 1st quarter. SG Americas Securities LLC now owns 129,165 shares of the company’s stock worth $4,158,000 after buying an additional 126,028 shares during the period. Russell Investments Group Ltd. grew its position in shares of Perrigo by 6.7% in the 1st quarter. Russell Investments Group Ltd. now owns 807,147 shares of the company’s stock valued at $25,982,000 after buying an additional 50,871 shares during the last quarter. Invenomic Capital Management LP acquired a new stake in shares of Perrigo in the first quarter valued at about $2,425,000. Finally, Perpetual Ltd raised its position in shares of Perrigo by 20.5% during the first quarter. Perpetual Ltd now owns 2,780,984 shares of the company’s stock worth $87,490,000 after acquiring an additional 472,245 shares during the last quarter. 95.91% of the stock is currently owned by institutional investors and hedge funds.

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.