Perrigo Company PLC (NYSE:PRGO) Sees Large Drop in Short Interest

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Perrigo Company PLC (NYSE:PRGO) saw a large decline in short interest in October. As of October 31st, there was short interest totalling 5,800,000 shares, a decline of 19.7% from the September 30th total of 7,220,000 shares. Based on an average daily volume of 1,120,000 shares, the short-interest ratio is presently 5.2 days. Currently, 4.3% of the shares of the stock are sold short.

In other news, EVP Ronald Craig Janish sold 2,424 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $49.90, for a total value of $120,957.60. Following the sale, the executive vice president now owns 6,006 shares in the company, valued at approximately $299,699.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ronald Winowiecki sold 826 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $48.03, for a total transaction of $39,672.78. Following the completion of the sale, the chief financial officer now owns 6,952 shares in the company, valued at approximately $333,904.56. The disclosure for this sale can be found here. Insiders sold a total of 5,300 shares of company stock worth $261,244 in the last 90 days. 7.70% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in PRGO. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Perrigo by 26.6% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 130,128 shares of the company’s stock valued at $6,267,000 after buying an additional 27,379 shares during the last quarter. Moon Capital Management LLC raised its holdings in Perrigo by 67.3% during the 2nd quarter. Moon Capital Management LLC now owns 43,909 shares of the company’s stock worth $2,091,000 after purchasing an additional 17,660 shares during the last quarter. Xact Kapitalforvaltning AB raised its holdings in Perrigo by 18.1% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 26,707 shares of the company’s stock worth $1,272,000 after purchasing an additional 4,092 shares during the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management raised its holdings in Perrigo by 2.6% during the 2nd quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management now owns 2,214,899 shares of the company’s stock worth $105,473,000 after purchasing an additional 56,700 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its holdings in Perrigo by 17.9% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 44,022 shares of the company’s stock worth $2,096,000 after purchasing an additional 6,678 shares during the last quarter. 87.89% of the stock is owned by institutional investors and hedge funds.

Several brokerages have recently commented on PRGO. ValuEngine upgraded shares of Perrigo from a “sell” rating to a “hold” rating in a research note on Wednesday, September 11th. TheStreet upgraded shares of Perrigo from a “d+” rating to a “c-” rating in a research note on Friday, September 27th. Argus upgraded shares of Perrigo from a “hold” rating to a “buy” rating in a research note on Friday, October 11th. SunTrust Banks boosted their target price on shares of Perrigo from $51.00 to $55.00 and gave the company a “hold” rating in a research note on Wednesday, September 25th. They noted that the move was a valuation call. Finally, Wells Fargo & Co boosted their target price on shares of Perrigo from $45.00 to $52.00 and gave the company a “market perform” rating in a research note on Monday, September 30th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $54.17.

Shares of Perrigo stock traded down $0.35 during trading on Thursday, reaching $48.04. The company’s stock had a trading volume of 803,567 shares, compared to its average volume of 1,257,662. The stock has a 50-day moving average price of $53.21 and a two-hundred day moving average price of $49.98. The company has a current ratio of 2.07, a quick ratio of 1.32 and a debt-to-equity ratio of 0.58. Perrigo has a one year low of $36.28 and a one year high of $64.63. The stock has a market capitalization of $6.68 billion, a P/E ratio of 10.56, a price-to-earnings-growth ratio of 4.96 and a beta of 1.46.

Perrigo (NYSE:PRGO) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.11. Perrigo had a return on equity of 9.39% and a net margin of 5.24%. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period in the previous year, the business posted $1.09 earnings per share. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Perrigo will post 3.96 EPS for the current fiscal year.

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 issued a $0.21 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.75%. Perrigo’s dividend payout ratio is 18.46%.

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. The company operates through Consumer Healthcare Americas, Consumer Healthcare International, and Prescription Pharmaceuticals segments.

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