Perrigo (NYSE:PRGO) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Perrigo (NYSE:PRGO) from a buy rating to a hold rating in a report released on Wednesday morning.

Other equities research analysts also recently issued reports about the stock. Piper Sandler downgraded shares of Perrigo from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $34.00 to $27.00 in a research note on Monday, January 6th. Argus downgraded shares of Perrigo from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $35.00.

Perrigo Price Performance

NYSE PRGO opened at $24.81 on Wednesday. The company has a market cap of $3.38 billion, a PE ratio of -21.20 and a beta of 0.54. Perrigo has a 52-week low of $23.14 and a 52-week high of $33.46. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.77 and a current ratio of 2.56. The firm’s 50 day moving average price is $25.06 and its 200-day moving average price is $26.29.

Perrigo Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.68%. This is a boost from Perrigo’s previous quarterly dividend of $0.28. Perrigo’s dividend payout ratio (DPR) is currently -94.02%.

Insiders Place Their Bets

In other Perrigo news, Director Jeffrey B. Kindler sold 17,598 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $28.27, for a total value of $497,495.46. Following the completion of the transaction, the director now owns 5,409 shares of the company’s stock, valued at approximately $152,912.43. This trade represents a 76.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PRGO. Creative Planning raised its holdings in shares of Perrigo by 3.7% during the third quarter. Creative Planning now owns 18,477 shares of the company’s stock worth $485,000 after purchasing an additional 661 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Perrigo by 20.9% during the third quarter. Raymond James & Associates now owns 104,404 shares of the company’s stock worth $2,739,000 after purchasing an additional 18,024 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Perrigo by 58.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,039,702 shares of the company’s stock worth $27,271,000 after purchasing an additional 383,728 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Perrigo by 41.5% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 21,181 shares of the company’s stock worth $556,000 after purchasing an additional 6,213 shares during the last quarter. Finally, Clear Harbor Asset Management LLC purchased a new position in shares of Perrigo during the third quarter worth $1,443,000. Hedge funds and other institutional investors own 95.91% of the company’s stock.

Perrigo Company Profile

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.