PNC Financial Services Group Inc. Cuts Stake in Perrigo Company plc (NYSE:PRGO)

PNC Financial Services Group Inc. lowered its position in shares of Perrigo Company plc (NYSE:PRGO) by 4.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,021 shares of the company’s stock after selling 1,181 shares during the period. PNC Financial Services Group Inc.’s holdings in Perrigo were worth $741,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. NBC Securities Inc. grew its stake in Perrigo by 3.5% in the fourth quarter. NBC Securities Inc. now owns 9,983 shares of the company’s stock valued at $321,000 after purchasing an additional 340 shares during the last quarter. Patriot Financial Group Insurance Agency LLC grew its stake in Perrigo by 4.1% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 9,627 shares of the company’s stock valued at $310,000 after purchasing an additional 380 shares during the last quarter. Blue Trust Inc. grew its stake in Perrigo by 34.5% in the fourth quarter. Blue Trust Inc. now owns 1,556 shares of the company’s stock valued at $50,000 after purchasing an additional 399 shares during the last quarter. Xponance Inc. grew its stake in Perrigo by 2.1% in the fourth quarter. Xponance Inc. now owns 20,153 shares of the company’s stock valued at $649,000 after purchasing an additional 410 shares during the last quarter. Finally, Signaturefd LLC grew its stake in shares of Perrigo by 25.6% during the fourth quarter. Signaturefd LLC now owns 2,240 shares of the company’s stock worth $72,000 after acquiring an additional 457 shares during the last quarter. Hedge funds and other institutional investors own 95.91% of the company’s stock.

Insider Buying and Selling at Perrigo

In related news, EVP Svend Andersen purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was bought at an average cost of $27.90 per share, with a total value of $27,900.00. Following the completion of the acquisition, the executive vice president now owns 101,853 shares of the company’s stock, valued at approximately $2,841,698.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PRGO has been the topic of a number of research analyst reports. Piper Sandler dropped their price target on Perrigo from $39.00 to $36.00 and set an “overweight” rating on the stock in a research note on Thursday, June 13th. JPMorgan Chase & Co. dropped their price target on Perrigo from $48.00 to $41.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 28th. Canaccord Genuity Group restated a “buy” rating and set a $42.00 price target on shares of Perrigo in a research note on Friday, April 12th. Finally, StockNews.com upgraded Perrigo from a “hold” rating to a “buy” rating in a research note on Wednesday, May 29th.

Perrigo Trading Down 2.0 %

Perrigo stock opened at $25.60 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.81 and a debt-to-equity ratio of 0.77. Perrigo Company plc has a 52 week low of $25.35 and a 52 week high of $40.28. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of -365.71 and a beta of 0.56. The stock has a 50-day moving average price of $29.06 and a 200 day moving average price of $30.57.

Perrigo (NYSE:PRGO) last released its earnings results on Saturday, May 4th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06. Perrigo had a positive return on equity of 6.96% and a negative net margin of 0.17%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. The company’s revenue was down 8.4% compared to the same quarter last year. Sell-side analysts anticipate that Perrigo Company plc will post 2.58 EPS for the current year.

Perrigo Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st were issued a $0.276 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date of this dividend was Friday, May 31st. Perrigo’s payout ratio is presently -1,571.43%.

About Perrigo

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.