Perrigo’s (PRGO) “Buy” Rating Reiterated at Canaccord Genuity Group

Perrigo (NYSE:PRGO)‘s stock had its “buy” rating reaffirmed by investment analysts at Canaccord Genuity Group in a note issued to investors on Monday, Benzinga reports. They currently have a $42.00 price objective on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 62.29% from the stock’s current price.

Several other research firms have also weighed in on PRGO. StockNews.com lowered shares of Perrigo from a “buy” rating to a “hold” rating in a report on Tuesday, September 24th. Piper Sandler cut their price objective on shares of Perrigo from $36.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, July 11th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $30.00 price objective (down previously from $50.00) on shares of Perrigo in a research 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 company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Perrigo Stock Performance

Shares of PRGO stock traded up $0.23 during trading hours on Monday, hitting $25.88. The company’s stock had a trading volume of 558,460 shares, compared to its average volume of 1,611,823. The company has a current ratio of 1.99, a quick ratio of 1.24 and a debt-to-equity ratio of 0.80. The company has a 50 day moving average of $27.78 and a 200 day moving average of $28.65. Perrigo has a 12-month low of $24.82 and a 12-month high of $34.60. The stock has a market cap of $3.53 billion, a PE ratio of -370.57 and a beta of 0.49.

Perrigo (NYSE:PRGO) last announced its quarterly earnings results on Friday, August 2nd. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.07. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.13 billion. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. The firm’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same period last year, the firm earned $0.63 EPS. On average, sell-side analysts forecast that Perrigo will post 2.57 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Perrigo

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

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.