Perrigo (NYSE:PRGO) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Perrigo (NYSE:PRGO) in a research report released on Friday morning, Benzinga reports. They currently have a $42.00 price objective on the stock.

Other equities research analysts have also recently issued research reports about the company. Piper Sandler boosted their target price on Perrigo from $35.00 to $39.00 and gave the stock an overweight rating in a research note on Monday, April 8th. StockNews.com upgraded Perrigo from a hold rating to a buy rating in a research note on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on Perrigo from $48.00 to $41.00 and set an overweight rating for the company in a research note on Wednesday, February 28th.

Perrigo Price Performance

PRGO stock opened at $30.13 on Friday. The business has a 50 day moving average price of $30.76 and a 200 day moving average price of $30.81. The stock has a market cap of $4.08 billion, a price-to-earnings ratio of -301.30 and a beta of 0.64. Perrigo has a fifty-two week low of $25.77 and a fifty-two week high of $40.28. The company has a quick ratio of 1.07, a current ratio of 1.79 and a debt-to-equity ratio of 0.76.

Perrigo (NYSE:PRGO) last posted its earnings results on Tuesday, February 27th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Perrigo had a positive return on equity of 7.34% and a negative net margin of 0.27%. The firm’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.75 earnings per share. Equities research analysts anticipate that Perrigo will post 2.55 earnings per share for the current fiscal year.

Perrigo Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 26th. Stockholders of record on Friday, March 8th were paid a dividend of $0.276 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.66%. The ex-dividend date was Thursday, March 7th. This is a boost from Perrigo’s previous quarterly dividend of $0.27. Perrigo’s dividend payout ratio is -1,100.00%.

Insider Transactions at Perrigo

In related news, EVP Robert Willis purchased 6,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was acquired at an average price of $25.87 per share, for a total transaction of $155,220.00. Following the completion of the purchase, the executive vice president now directly owns 25,105 shares of the company’s stock, valued at $649,466.35. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Robert Willis purchased 6,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was acquired at an average price of $25.87 per share, for a total transaction of $155,220.00. Following the completion of the purchase, the executive vice president now directly owns 25,105 shares of the company’s stock, valued at $649,466.35. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Patrick Lockwood-Taylor acquired 9,500 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average cost of $26.54 per share, for a total transaction of $252,130.00. Following the acquisition, the chief executive officer now directly owns 20,500 shares of the company’s stock, valued at $544,070. The disclosure for this purchase can be found here. Insiders purchased 17,990 shares of company stock worth $475,227 over the last 90 days. 0.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Park Avenue Securities LLC grew its holdings in Perrigo by 4.3% during the first quarter. Park Avenue Securities LLC now owns 11,330 shares of the company’s stock worth $365,000 after acquiring an additional 465 shares during the period. Ridgewood Investments LLC grew its holdings in Perrigo by 1.3% during the first quarter. Ridgewood Investments LLC now owns 35,140 shares of the company’s stock worth $1,131,000 after acquiring an additional 451 shares during the period. Perpetual Ltd grew its holdings in 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 period. Alaska Permanent Fund Corp grew its holdings in Perrigo by 93.8% during the first quarter. Alaska Permanent Fund Corp now owns 28,449 shares of the company’s stock worth $916,000 after acquiring an additional 13,769 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in Perrigo by 1,578.3% in the first quarter. Los Angeles Capital Management LLC now owns 168,164 shares of the company’s stock valued at $5,413,000 after purchasing an additional 158,144 shares during the last quarter. Institutional investors and hedge funds own 95.91% of the company’s stock.

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.