BidaskClub Upgrades Perrigo Company (PRGO) to Hold
Perrigo Company (NYSE:PRGO) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Saturday.
A number of other equities research analysts have also commented on PRGO. Goldman Sachs Group, Inc. (The) raised Perrigo from a “sell” rating to a “neutral” rating and raised their price target for the stock from $66.00 to $79.00 in a research report on Friday, August 11th. Jefferies Group LLC reaffirmed a “hold” rating and set a $71.00 price target (up previously from $69.00) on shares of Perrigo in a research report on Friday, August 11th. Royal Bank Of Canada reaffirmed a “sell” rating and set a $64.00 price target on shares of Perrigo in a research report on Wednesday. Stifel Nicolaus reaffirmed a “hold” rating on shares of Perrigo in a research report on Friday, August 11th. Finally, Cantor Fitzgerald raised their price target on Perrigo from $93.00 to $107.00 and gave the stock an “overweight” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the stock. Perrigo presently has a consensus rating of “Hold” and an average price target of $89.36.
Perrigo (PRGO) opened at 86.90 on Friday. Perrigo has a one year low of $63.68 and a one year high of $99.14. The firm’s market cap is $12.39 billion. The stock has a 50 day moving average price of $77.62 and a 200-day moving average price of $73.23.
Perrigo (NYSE:PRGO) last released its quarterly earnings results on Thursday, August 10th. The company reported $1.22 EPS for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.28. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.18 billion. Perrigo had a positive return on equity of 11.55% and a negative net margin of 51.04%. Perrigo’s revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.93 earnings per share. Analysts predict that Perrigo will post $4.58 EPS for the current fiscal year.
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In other news, EVP Jeffrey Needham sold 3,595 shares of Perrigo stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $89.49, for a total transaction of $321,716.55. Following the completion of the transaction, the executive vice president now directly owns 10,118 shares in the company, valued at approximately $905,459.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sharon Kochan sold 318 shares of Perrigo stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $81.36, for a total value of $25,872.48. Following the transaction, the executive vice president now owns 10,231 shares of the company’s stock, valued at $832,394.16. The disclosure for this sale can be found here. Insiders have sold a total of 6,894 shares of company stock worth $581,320 in the last ninety days. Insiders own 6.90% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Perrigo by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 14,874,096 shares of the company’s stock worth $1,123,292,000 after acquiring an additional 299,328 shares during the period. BlackRock Inc. boosted its stake in shares of Perrigo by 3,825.1% during the 1st quarter. BlackRock Inc. now owns 12,154,494 shares of the company’s stock worth $806,936,000 after acquiring an additional 11,844,832 shares during the period. Franklin Resources Inc. boosted its stake in shares of Perrigo by 117.7% during the 2nd quarter. Franklin Resources Inc. now owns 8,109,742 shares of the company’s stock worth $612,448,000 after acquiring an additional 4,383,903 shares during the period. State Street Corp boosted its stake in shares of Perrigo by 1.7% during the 2nd quarter. State Street Corp now owns 6,757,086 shares of the company’s stock worth $510,294,000 after acquiring an additional 112,287 shares during the period. Finally, Manning & Napier Advisors LLC boosted its stake in shares of Perrigo by 6.8% during the 2nd quarter. Manning & Napier Advisors LLC now owns 2,586,068 shares of the company’s stock worth $195,298,000 after acquiring an additional 165,232 shares during the period. Institutional investors own 80.36% of the company’s stock.
Perrigo Company plc is a global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, animal health, dietary supplements, active pharmaceutical ingredients (API), and medical diagnostic products, and Multiple Sclerosis drug Tysabri.
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