Morgan Stanley Boosts Perrigo (PRGO) Price Target to $92.00

Perrigo (NYSE:PRGO) had its target price increased by Morgan Stanley from $79.00 to $92.00 in a research note published on Friday, November 10th. The brokerage currently has an equal weight rating on the stock.

PRGO has been the topic of several other reports. Royal Bank Of Canada raised shares of Perrigo from an underperform rating to a sector perform rating and raised their target price for the stock from $64.00 to $86.00 in a research report on Friday, November 10th. UBS reissued a buy rating and issued a $98.00 target price (up from $84.00) on shares of Perrigo in a research report on Thursday, October 5th. Jefferies Group set a $71.00 target price on shares of Perrigo and gave the stock a hold rating in a research report on Sunday, October 29th. CIBC started coverage on shares of Perrigo in a research report on Thursday, September 7th. They issued an outperform rating and a $88.00 target price on the stock. Finally, Deutsche Bank raised their target price on shares of Perrigo from $88.00 to $95.00 and gave the stock a buy rating in a research report on Thursday, September 14th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. Perrigo presently has an average rating of Hold and a consensus target price of $91.50.

Shares of Perrigo (NYSE PRGO) opened at $87.72 on Friday. Perrigo has a 12 month low of $63.68 and a 12 month high of $91.73. The company has a market cap of $12,120.00, a PE ratio of 17.67, a P/E/G ratio of 1.84 and a beta of 0.59. The company has a quick ratio of 1.24, a current ratio of 1.72 and a debt-to-equity ratio of 0.54.

Perrigo (NYSE:PRGO) last released its quarterly earnings results on Thursday, November 9th. The company reported $1.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.28. Perrigo had a negative net margin of 26.28% and a positive return on equity of 11.60%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the company earned $1.65 EPS. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. equities analysts anticipate that Perrigo will post 4.88 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.73%. Perrigo’s dividend payout ratio is currently -6.99%.

In other news, EVP Sharon Kochan sold 318 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 10,231 shares of the company’s stock, valued at $832,394.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey Needham sold 3,595 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $89.49, for a total transaction of $321,716.55. Following the sale, the executive vice president now directly owns 10,118 shares of the company’s stock, valued at approximately $905,459.82. The disclosure for this sale can be found here. Insiders have sold 4,126 shares of company stock worth $366,175 in the last quarter. Insiders own 6.90% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PRGO. Allen Investment Management LLC boosted its holdings in Perrigo by 7.1% in the second quarter. Allen Investment Management LLC now owns 7,143 shares of the company’s stock worth $539,000 after purchasing an additional 473 shares during the period. State Street Corp boosted its holdings in Perrigo by 1.7% in the second quarter. State Street Corp now owns 6,757,086 shares of the company’s stock worth $510,294,000 after purchasing an additional 112,287 shares during the period. Sei Investments Co. boosted its holdings in Perrigo by 7.5% in the third quarter. Sei Investments Co. now owns 131,284 shares of the company’s stock worth $11,114,000 after purchasing an additional 9,192 shares during the period. Andra AP fonden boosted its holdings in Perrigo by 9.9% in the third quarter. Andra AP fonden now owns 16,700 shares of the company’s stock worth $1,414,000 after purchasing an additional 1,500 shares during the period. Finally, Monetta Financial Services Inc. acquired a new position in Perrigo in the second quarter worth $755,000. 85.53% of the stock is owned by institutional investors and hedge funds.

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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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