Perrigo (NYSE:PRGO) Rating Lowered to Hold at StockNews.com

Perrigo (NYSE:PRGO) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Several other research firms have also recently weighed in on PRGO. Piper Sandler decreased their price target on Perrigo from $36.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, July 11th. Jefferies Financial Group restated a “hold” rating and set a $30.00 target price (down previously from $50.00) on shares of Perrigo in a research note on Monday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Perrigo has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Perrigo Stock Down 1.9 %

Shares of Perrigo stock traded down $0.52 during midday trading on Tuesday, hitting $26.54. The company had a trading volume of 1,401,157 shares, compared to its average volume of 1,618,516. The company has a 50 day moving average of $27.92 and a 200 day moving average of $28.76. The stock has a market capitalization of $3.62 billion, a P/E ratio of -379.07 and a beta of 0.49. Perrigo has a 52-week low of $24.82 and a 52-week high of $34.60. 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 announced its quarterly earnings data on Friday, August 2nd. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.46 by $0.07. Perrigo had a negative net margin of 2.81% and a positive return on equity of 6.79%. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the firm posted $0.63 EPS. Perrigo’s revenue for the quarter was down 10.7% on a year-over-year basis. On average, equities analysts predict that Perrigo will post 2.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $27.30, for a total transaction of $244,444.20. Following the completion of the sale, the director now directly owns 6,009 shares of the company’s stock, valued at $164,045.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Svend Andersen sold 28,300 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $27.75, for a total transaction of $785,325.00. Following the completion of the transaction, the executive vice president now directly owns 73,553 shares in the company, valued at approximately $2,041,095.75. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Katherine C. Doyle sold 8,954 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $27.30, for a total transaction of $244,444.20. Following the sale, the director now owns 6,009 shares in the company, valued at approximately $164,045.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,254 shares of company stock valued at $1,411,969. Insiders own 0.70% of the company’s stock.

Institutional Trading of Perrigo

A number of hedge funds and other institutional investors have recently modified their holdings of the company. M&R Capital Management Inc. grew its position in shares of Perrigo by 3.0% during the first quarter. M&R Capital Management Inc. now owns 14,717 shares of the company’s stock worth $474,000 after purchasing an additional 434 shares in the last quarter. Retirement Systems of Alabama lifted its holdings 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 worth $5,478,000 after buying an additional 447 shares in the last quarter. Ridgewood Investments LLC boosted its position in shares of Perrigo by 1.3% during the first quarter. Ridgewood Investments LLC now owns 35,140 shares of the company’s stock worth $1,131,000 after acquiring an additional 451 shares during the last quarter. Park Avenue Securities LLC grew its stake in Perrigo by 4.3% during the first quarter. Park Avenue Securities LLC now owns 11,330 shares of the company’s stock valued at $365,000 after acquiring an additional 465 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in Perrigo by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 37,939 shares of the company’s stock valued at $974,000 after acquiring an additional 699 shares during the last quarter. 95.91% of the stock is owned by hedge funds and other institutional investors.

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.