Perrigo Company (PRGO) Stake Lessened by Van ECK Associates Corp
Van ECK Associates Corp lowered its position in shares of Perrigo Company (NYSE:PRGO) by 18.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 185,157 shares of the company’s stock after selling 41,070 shares during the quarter. Van ECK Associates Corp owned 0.13% of Perrigo worth $13,983,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in PRGO. BlackRock Inc. raised its holdings in shares of Perrigo by 3,825.1% during the first quarter. BlackRock Inc. now owns 12,154,494 shares of the company’s stock valued at $806,936,000 after acquiring an additional 11,844,832 shares during the period. Franklin Resources Inc. raised its holdings in shares of Perrigo by 117.7% during the second quarter. Franklin Resources Inc. now owns 8,109,742 shares of the company’s stock valued at $612,448,000 after acquiring an additional 4,383,903 shares during the period. Vanguard Group Inc. raised its holdings in shares of Perrigo by 4.5% during the first quarter. Vanguard Group Inc. now owns 14,574,768 shares of the company’s stock valued at $967,619,000 after acquiring an additional 633,343 shares during the period. North Tide Capital LLC acquired a new stake in shares of Perrigo during the first quarter valued at approximately $39,834,000. Finally, State Street Corp raised its holdings in shares of Perrigo by 8.5% during the first quarter. State Street Corp now owns 6,644,799 shares of the company’s stock valued at $441,153,000 after acquiring an additional 520,967 shares during the period. Institutional investors and hedge funds own 80.36% of the company’s stock.
PRGO has been the topic of a number of recent analyst reports. Canaccord Genuity restated a “buy” rating and set a $88.00 price target (up previously from $80.00) on shares of Perrigo in a report on Thursday, August 10th. Cantor Fitzgerald set a $85.00 price target on shares of Perrigo and gave the company a “buy” rating in a report on Monday, July 24th. Deutsche Bank AG restated a “buy” rating and set a $88.00 price target (up previously from $86.00) on shares of Perrigo in a report on Monday, July 17th. ValuEngine lowered shares of Perrigo from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BidaskClub upgraded shares of Perrigo from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $89.36.
In related news, EVP Jeffrey Needham sold 3,595 shares of the firm’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $89.49, for a total value of $321,716.55. Following the completion of the transaction, the executive vice president now directly owns 10,118 shares of the company’s stock, valued at $905,459.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Sharon Kochan sold 318 shares of the firm’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $81.36, for a total transaction of $25,872.48. Following the completion of the transaction, the executive vice president now directly owns 10,231 shares of the company’s stock, valued at $832,394.16. The disclosure for this sale can be found here. Insiders sold 6,894 shares of company stock valued at $581,320 over the last three months. 6.90% of the stock is owned by company insiders.
Shares of Perrigo Company (NYSE PRGO) opened at 85.04 on Friday. Perrigo Company has a 52-week low of $63.68 and a 52-week high of $99.14. The firm has a 50-day moving average of $78.26 and a 200 day moving average of $73.38. The company’s market capitalization is $12.13 billion.
Perrigo (NYSE:PRGO) last posted its quarterly earnings data on Thursday, August 10th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.28. Perrigo had a negative net margin of 51.04% and a positive return on equity of 11.55%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the company earned $1.93 earnings per share. The firm’s revenue was down 7.7% compared to the same quarter last year. On average, analysts anticipate that Perrigo Company will post $4.58 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were paid a $0.16 dividend. The ex-dividend date was Wednesday, August 23rd. This represents a $0.64 annualized dividend and a dividend yield of 0.75%. Perrigo’s dividend payout ratio is presently -3.51%.
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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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