Pinnacle Associates Ltd. Trims Stock Holdings in Perrigo Company plc (NYSE:PRGO)

Pinnacle Associates Ltd. reduced its stake in shares of Perrigo Company plc (NYSE:PRGO) by 6.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,435 shares of the company’s stock after selling 825 shares during the period. Pinnacle Associates Ltd.’s holdings in Perrigo were worth $300,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. SG Americas Securities LLC raised its holdings in Perrigo by 4,017.5% during the first quarter. SG Americas Securities LLC now owns 129,165 shares of the company’s stock valued at $4,158,000 after acquiring an additional 126,028 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Perrigo by 6.7% in the 1st quarter. Russell Investments Group Ltd. now owns 807,147 shares of the company’s stock worth $25,982,000 after buying an additional 50,871 shares in the last quarter. Invenomic Capital Management LP bought a new stake in Perrigo during the first quarter worth approximately $2,425,000. AQR Capital Management LLC increased its stake in Perrigo by 675.5% during the second quarter. AQR Capital Management LLC now owns 970,637 shares of the company’s stock worth $24,926,000 after acquiring an additional 845,470 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Perrigo by 31.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 54,649 shares of the company’s stock valued at $1,759,000 after purchasing an additional 13,176 shares during the last quarter. 95.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on PRGO shares. StockNews.com lowered shares of Perrigo from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Jefferies Financial Group reiterated a “hold” rating and set a $30.00 price target (down from $50.00) on shares of Perrigo in a report on Monday, September 23rd. Piper Sandler dropped their target price on Perrigo from $36.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, July 11th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $42.00 price target on shares of Perrigo in a report on Monday, September 30th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Insider Buying and Selling

In other news, EVP Svend Andersen sold 28,300 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $27.75, for a total value of $785,325.00. Following the completion of the sale, the executive vice president now owns 73,553 shares in the company, valued at approximately $2,041,095.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Svend Andersen sold 28,300 shares of Perrigo stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $27.75, for a total value of $785,325.00. Following the transaction, the executive vice president now directly owns 73,553 shares in the company, valued at approximately $2,041,095.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ronald Craig Janish sold 13,000 shares of the company’s 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 owns 20,553 shares of the company’s stock, valued at $604,258.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,254 shares of company stock valued at $1,411,969 over the last three months. 0.70% of the stock is owned by company insiders.

Perrigo Price Performance

Perrigo stock opened at $26.09 on Monday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.99 and a quick ratio of 1.24. The stock has a market cap of $3.56 billion, a price-to-earnings ratio of -28.36 and a beta of 0.48. The firm has a 50-day moving average of $26.42 and a two-hundred day moving average of $27.61. Perrigo Company plc has a 1 year low of $23.89 and a 1 year high of $34.60.

Perrigo (NYSE:PRGO) last announced its quarterly earnings data on Friday, August 2nd. The company reported $0.53 earnings per share (EPS) 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 analysts’ expectations of $1.13 billion. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. Perrigo’s revenue was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.63 earnings per share. On average, research analysts forecast that Perrigo Company plc will post 2.56 earnings per share for the current year.

Perrigo Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Friday, November 29th will be issued a $0.276 dividend. This represents a $1.10 annualized dividend and a dividend yield of 4.23%. Perrigo’s payout ratio is currently -119.57%.

Perrigo 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.