Perrigo (PRGO) Announces Quarterly Earnings Results

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Perrigo (NYSE:PRGO) posted its earnings results on Thursday. The company reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.04, Briefing.com reports. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Perrigo had a net margin of 4.77% and a return on equity of 11.92%. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.39 EPS. Perrigo updated its FY 2018 guidance to $4.45-4.65 EPS and its FY18 guidance to $4.45-4.65 EPS.

Shares of NYSE PRGO traded up $1.19 during midday trading on Friday, hitting $64.07. 2,559,887 shares of the company’s stock traded hands, compared to its average volume of 1,266,106. Perrigo has a 1 year low of $62.74 and a 1 year high of $95.93. The firm has a market capitalization of $10.28 billion, a P/E ratio of 14.59, a PEG ratio of 2.43 and a beta of 0.66. The company has a quick ratio of 1.23, a current ratio of 1.81 and a debt-to-equity ratio of 0.52.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 18th. Stockholders of record on Friday, November 30th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend is Thursday, November 29th. Perrigo’s payout ratio is currently 15.42%.

In other news, VP Todd W. Kingma bought 3,200 shares of Perrigo stock in a transaction that occurred on Friday, November 9th. The stock was bought at an average cost of $63.99 per share, with a total value of $204,768.00. Following the acquisition, the vice president now owns 23,587 shares of the company’s stock, valued at approximately $1,509,332.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Svend Andersen bought 7,200 shares of Perrigo stock in a transaction that occurred on Tuesday, August 14th. The stock was purchased at an average cost of $69.43 per share, with a total value of $499,896.00. The disclosure for this purchase can be found here. Insiders have bought a total of 29,983 shares of company stock valued at $1,950,822 in the last ninety days. Insiders own 6.90% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its holdings in Perrigo by 114.3% during the 3rd quarter. FMR LLC now owns 11,080,094 shares of the company’s stock valued at $784,471,000 after buying an additional 5,909,969 shares in the last quarter. Starboard Value LP grew its holdings in Perrigo by 4.1% during the 2nd quarter. Starboard Value LP now owns 10,041,425 shares of the company’s stock valued at $732,120,000 after buying an additional 400,000 shares in the last quarter. BlackRock Inc. grew its holdings in Perrigo by 1.7% during the 2nd quarter. BlackRock Inc. now owns 8,831,380 shares of the company’s stock valued at $643,897,000 after buying an additional 148,761 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Perrigo by 11.9% during the 3rd quarter. Victory Capital Management Inc. now owns 3,136,381 shares of the company’s stock valued at $222,056,000 after buying an additional 334,660 shares in the last quarter. Finally, Ceredex Value Advisors LLC grew its holdings in Perrigo by 132.0% during the 3rd quarter. Ceredex Value Advisors LLC now owns 2,828,159 shares of the company’s stock valued at $200,234,000 after buying an additional 1,609,009 shares in the last quarter. 83.00% of the stock is owned by institutional investors.

Several equities analysts have issued reports on the stock. Argus cut shares of Perrigo from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Cantor Fitzgerald set a $107.00 target price on shares of Perrigo and gave the company a “buy” rating in a research note on Thursday, August 9th. ValuEngine upgraded shares of Perrigo from a “sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Wells Fargo & Co reduced their price target on shares of Perrigo from $84.00 to $77.00 and set a “market perform” rating for the company in a research report on Tuesday, August 21st. Finally, Canaccord Genuity set a $90.00 price target on shares of Perrigo and gave the company a “buy” rating in a research report on Friday, August 17th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $87.80.

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About Perrigo

Perrigo Company plc, a healthcare company, manufactures and supplies over-the-counter (OTC) healthcare products, infant formulas, branded OTC products, and generic pharmaceutical products worldwide. The company operates through Consumer Healthcare Americas, Consumer Healthcare International, and Prescription Pharmaceuticals segments.

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Earnings History for Perrigo (NYSE:PRGO)

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