Pinnacle Associates Ltd. Trims Position in Perrigo Company plc (NYSE:PRGO)

Pinnacle Associates Ltd. reduced its holdings in Perrigo Company plc (NYSE:PRGO) by 6.7% during the 3rd quarter, Holdings Channel reports. The fund owned 11,435 shares of the company’s stock after selling 825 shares during the period. Pinnacle Associates Ltd.’s holdings in Perrigo were worth $300,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PRGO. Central Pacific Bank Trust Division purchased a new position in Perrigo during the first quarter valued at approximately $48,000. Beach Investment Counsel Inc. PA acquired a new position in shares of Perrigo in the 2nd quarter valued at $72,000. Voisard Asset Management Group Inc. lifted its stake in shares of Perrigo by 520.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 4,650 shares of the company’s stock valued at $119,000 after purchasing an additional 3,900 shares during the period. CWM LLC boosted its holdings in Perrigo by 877.0% during the second quarter. CWM LLC now owns 8,197 shares of the company’s stock worth $210,000 after buying an additional 7,358 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in Perrigo during the second quarter valued at $213,000. Institutional investors and hedge funds own 95.91% of the company’s stock.

Insider Activity at Perrigo

In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $27.30, for a total value of $244,444.20. Following the transaction, the director now directly owns 6,009 shares of the company’s stock, valued at $164,045.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of the firm’s stock in a transaction on 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 sale, the director now directly owns 6,009 shares of the company’s stock, valued at $164,045.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Svend Andersen sold 28,300 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $27.75, for a total transaction of $785,325.00. Following the transaction, the executive vice president now directly owns 73,553 shares in the company, valued at approximately $2,041,095.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,254 shares of company stock valued at $1,411,969. Corporate insiders own 0.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. StockNews.com lowered shares of Perrigo from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Piper Sandler lowered their price target on Perrigo from $36.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. Jefferies Financial Group reiterated a “hold” rating and set a $30.00 target price (down previously from $50.00) on shares of Perrigo in a research report on Monday, September 23rd. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $42.00 price target on shares of Perrigo in a report on Monday, September 30th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Perrigo Stock Performance

NYSE PRGO opened at $26.09 on Monday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.99 and a quick ratio of 1.24. The stock’s 50 day simple moving average is $26.42 and its 200-day simple moving average is $27.61. The company has a market cap of $3.56 billion, a PE ratio of -28.36 and a beta of 0.48. Perrigo Company plc has a 1-year low of $23.89 and a 1-year high of $34.60.

Perrigo (NYSE:PRGO) last announced its quarterly earnings data on Friday, August 2nd. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.07. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the firm posted $0.63 EPS. The firm’s revenue for the quarter was down 10.7% on a year-over-year basis. As a group, equities research analysts anticipate that Perrigo Company plc will post 2.56 EPS for the current fiscal year.

Perrigo Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Friday, November 29th will be given a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a yield of 4.23%. Perrigo’s payout ratio is presently -119.57%.

About Perrigo

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.