Canaccord Genuity Group Reaffirms Buy Rating for Perrigo (NYSE:PRGO)

Canaccord Genuity Group reissued their buy rating on shares of Perrigo (NYSE:PRGO) in a research note released on Monday, Benzinga reports. Canaccord Genuity Group currently has a $42.00 price target on the stock.

PRGO has been the topic of several other research reports. StockNews.com lowered shares of Perrigo from a buy rating to a hold rating in a research report on Tuesday, September 24th. Piper Sandler lowered their price target on shares of Perrigo from $36.00 to $35.00 and set an overweight rating on the stock in a report on Thursday, July 11th. Finally, Jefferies Financial Group reissued a hold rating and set a $30.00 price objective (down from $50.00) on shares of Perrigo in a report on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $37.00.

Perrigo Trading Down 1.5 %

NYSE:PRGO opened at $25.07 on Monday. Perrigo has a 52 week low of $24.82 and a 52 week high of $34.60. The firm has a 50-day moving average price of $27.65 and a two-hundred day moving average price of $28.56. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of -358.14 and a beta of 0.49. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.24 and a current ratio of 1.99.

Perrigo (NYSE:PRGO) last issued its quarterly earnings results on Friday, August 2nd. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.07. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.13 billion. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. Perrigo’s quarterly revenue was down 10.7% compared to the same quarter last year. During the same period last year, the company posted $0.63 earnings per share. On average, equities analysts expect that Perrigo will post 2.56 earnings per share for the current fiscal year.

Perrigo Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Friday, August 30th were paid a dividend of $0.276 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.40%. Perrigo’s payout ratio is -1,571.43%.

Insider Activity

In other Perrigo news, EVP Ronald Craig Janish sold 13,000 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $29.40, for a total value of $382,200.00. Following the completion of the transaction, the executive vice president now directly owns 20,553 shares of the company’s stock, valued at approximately $604,258.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Ronald Craig Janish sold 13,000 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $29.40, for a total value of $382,200.00. Following the completion of the transaction, the executive vice president now directly owns 20,553 shares in the company, valued at $604,258.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Katherine C. Doyle sold 8,954 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $27.30, for a total value of $244,444.20. Following the transaction, the director now owns 6,009 shares in the company, valued at $164,045.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,254 shares of company stock worth $1,411,969. 0.70% of the stock is owned by company insiders.

Institutional Trading of Perrigo

A number of institutional investors have recently made changes to their positions in the stock. M&R Capital Management Inc. raised its holdings in Perrigo by 3.0% during the 1st quarter. M&R Capital Management Inc. now owns 14,717 shares of the company’s stock valued at $474,000 after buying an additional 434 shares during the last quarter. Retirement Systems of Alabama increased its position in shares of Perrigo by 0.3% in the first quarter. Retirement Systems of Alabama now owns 170,162 shares of the company’s stock valued at $5,478,000 after acquiring an additional 447 shares during the period. Ridgewood Investments LLC raised its stake in shares of Perrigo by 1.3% during the first quarter. Ridgewood Investments LLC now owns 35,140 shares of the company’s stock valued at $1,131,000 after acquiring an additional 451 shares during the last quarter. Park Avenue Securities LLC boosted its holdings in shares of Perrigo by 4.3% during the first quarter. Park Avenue Securities LLC now owns 11,330 shares of the company’s stock worth $365,000 after purchasing an additional 465 shares during the period. Finally, Arizona State Retirement System grew its stake in shares of Perrigo by 1.9% in the second quarter. Arizona State Retirement System now owns 37,939 shares of the company’s stock worth $974,000 after purchasing an additional 699 shares during the last quarter. 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.