Perrigo Company (PRGO) Lifted to “Hold” at BidaskClub

BidaskClub upgraded shares of Perrigo Company (NYSE:PRGO) from a sell rating to a hold rating in a research report released on Saturday morning.

PRGO has been the subject of a number of other research reports. Royal Bank of Canada restated a sell rating and issued a $64.00 price objective on shares of Perrigo in a research note on Wednesday, September 13th. Wells Fargo & Company restated a market perform rating and issued a $77.00 price objective on shares of Perrigo in a research note on Tuesday, August 15th. Stifel Nicolaus restated a hold rating on shares of Perrigo in a research note on Friday, August 11th. Canaccord Genuity set a $80.00 price objective on shares of Perrigo and gave the company a buy rating in a research note on Wednesday, May 31st. Finally, Deutsche Bank AG increased their price objective on shares of Perrigo from $88.00 to $95.00 and gave the company a buy rating in a research note on Thursday, September 14th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $89.36.

Shares of Perrigo (PRGO) opened at 85.30 on Friday. Perrigo has a 12 month low of $63.68 and a 12 month high of $99.14. The company’s market cap is $12.16 billion. The company’s 50 day moving average is $78.26 and its 200-day moving average is $73.38.

Perrigo (NYSE:PRGO) last announced its quarterly earnings data on Thursday, August 10th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the company posted $1.93 EPS. The business’s revenue was down 7.7% on a year-over-year basis. Analysts expect that Perrigo will post $4.58 EPS for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 0.75%. The ex-dividend date was Wednesday, August 23rd. Perrigo’s payout ratio is presently -3.51%.

In other Perrigo news, EVP Jeffrey Needham sold 3,595 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 10,118 shares in the company, valued at approximately $905,459.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas Farrington sold 616 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $76.90, for a total transaction of $47,370.40. Following the completion of the sale, the executive vice president now owns 2,724 shares of the company’s stock, valued at approximately $209,475.60. The disclosure for this sale can be found here. Insiders sold a total of 6,894 shares of company stock valued at $581,320 in the last 90 days. Corporate insiders own 6.90% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Korea Investment CORP increased its position in Perrigo by 142.0% in the 2nd quarter. Korea Investment CORP now owns 1,331 shares of the company’s stock valued at $101,000 after acquiring an additional 781 shares in the last quarter. Commonwealth Bank of Australia increased its position in Perrigo by 13.8% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,455 shares of the company’s stock valued at $108,000 after acquiring an additional 176 shares in the last quarter. Johnson Financial Group Inc. increased its position in Perrigo by 15.6% in the 1st quarter. Johnson Financial Group Inc. now owns 1,775 shares of the company’s stock valued at $118,000 after acquiring an additional 240 shares in the last quarter. Bessemer Group Inc. increased its position in Perrigo by 1,046.2% in the 2nd quarter. Bessemer Group Inc. now owns 2,235 shares of the company’s stock valued at $169,000 after acquiring an additional 2,040 shares in the last quarter. Finally, Global X Management Co. LLC increased its position in Perrigo by 56.4% in the 1st quarter. Global X Management Co. LLC now owns 2,370 shares of the company’s stock valued at $157,000 after acquiring an additional 855 shares in the last quarter. Hedge funds and other institutional investors own 80.36% of the company’s stock.

About Perrigo

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.

Analyst Recommendations for Perrigo (NYSE:PRGO)

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