Edgestream Partners L.P. Acquires 75,766 Shares of Perrigo Company plc (NYSE:PRGO)

Edgestream Partners L.P. boosted its holdings in Perrigo Company plc (NYSE:PRGO) by 95.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 155,164 shares of the company’s stock after purchasing an additional 75,766 shares during the period. Edgestream Partners L.P. owned approximately 0.11% of Perrigo worth $3,989,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in PRGO. Wellington Management Group LLP increased its position in shares of Perrigo by 229.2% in the third quarter. Wellington Management Group LLP now owns 2,697,698 shares of the company’s stock valued at $70,761,000 after acquiring an additional 1,878,145 shares during the period. FMR LLC increased its position in shares of Perrigo by 66,795.3% in the third quarter. FMR LLC now owns 1,840,289 shares of the company’s stock valued at $48,271,000 after acquiring an additional 1,837,538 shares during the period. Bahl & Gaynor Inc. increased its position in shares of Perrigo by 44.9% in the fourth quarter. Bahl & Gaynor Inc. now owns 1,525,197 shares of the company’s stock valued at $39,213,000 after acquiring an additional 472,958 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Perrigo in the third quarter valued at about $8,892,000. Finally, Access Investment Management LLC purchased a new position in shares of Perrigo in the fourth quarter valued at about $7,989,000. 95.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PRGO shares. Argus cut shares of Perrigo from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Piper Sandler cut shares of Perrigo from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $34.00 to $27.00 in a research report on Monday, January 6th. Finally, StockNews.com cut shares of Perrigo from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $33.00.

Insider Activity at Perrigo

In related news, Director Jeffrey B. Kindler sold 17,598 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $28.27, for a total transaction of $497,495.46. Following the transaction, the director now owns 5,409 shares in the company, valued at $152,912.43. This represents a 76.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.40% of the stock is owned by insiders.

Perrigo Trading Down 3.0 %

Shares of NYSE PRGO opened at $27.81 on Friday. The firm’s 50 day moving average price is $25.25 and its 200-day moving average price is $26.24. The company has a market cap of $3.79 billion, a PE ratio of -23.77 and a beta of 0.48. Perrigo Company plc 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.

Perrigo (NYSE:PRGO) last issued its earnings results on Thursday, February 27th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.01. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.20 billion. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. On average, equities research analysts expect that Perrigo Company plc will post 2.56 EPS for the current fiscal year.

Perrigo Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Friday, March 7th will be given a dividend of $0.29 per share. This is an increase from Perrigo’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, March 7th. This represents a $1.16 dividend on an annualized basis and a yield of 4.17%. Perrigo’s dividend payout ratio is -92.80%.

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.