Perrigo (NYSE:PRGO) Cut to “Hold” at StockNews.com

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

PRGO has been the subject of several other reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $42.00 target price on shares of Perrigo in a research note on Monday, September 30th. Jefferies Financial Group reaffirmed 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. Finally, Piper Sandler reduced their target price on Perrigo from $36.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Perrigo has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Perrigo Stock Performance

NYSE PRGO opened at $25.08 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.99 and a debt-to-equity ratio of 0.80. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of -27.26 and a beta of 0.48. Perrigo has a fifty-two week low of $23.89 and a fifty-two week high of $34.60. The business has a fifty day moving average of $26.71 and a 200-day moving average of $27.86.

Perrigo (NYSE:PRGO) last released its earnings results on Friday, August 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.07. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.13 billion. Perrigo had a negative net margin of 2.81% and a positive return on equity of 6.79%. The firm’s quarterly revenue was down 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 EPS. As a group, analysts predict that Perrigo will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Perrigo

In other Perrigo news, EVP Ronald Craig Janish sold 13,000 shares of Perrigo stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $29.40, for a total transaction of $382,200.00. Following the transaction, the executive vice president now directly owns 20,553 shares of the company’s stock, valued at $604,258.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Katherine C. Doyle sold 8,954 shares of the firm’s stock in a transaction dated 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 directly owns 6,009 shares in the company, valued at approximately $164,045.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Ronald Craig Janish sold 13,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 20,553 shares of the company’s stock, valued at approximately $604,258.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 50,254 shares of company stock worth $1,411,969 in the last three months. 0.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue lifted its holdings in Perrigo by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 15,709 shares of the company’s stock worth $412,000 after buying an additional 1,075 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new stake in shares of Perrigo during the third quarter worth about $1,443,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Perrigo by 41.5% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 21,181 shares of the company’s stock worth $556,000 after acquiring an additional 6,213 shares in the last quarter. Copeland Capital Management LLC boosted its holdings in Perrigo by 23.1% in the third quarter. Copeland Capital Management LLC now owns 2,482,544 shares of the company’s stock valued at $65,117,000 after purchasing an additional 465,161 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Perrigo by 58.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,039,702 shares of the company’s stock valued at $27,271,000 after purchasing an additional 383,728 shares in the last quarter. 95.91% of the stock is owned by institutional investors and hedge funds.

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.