Citigroup Inc. Buys 73,457 Shares of Perrigo Company plc (NYSE:PRGO)

Citigroup Inc. boosted its stake in shares of Perrigo Company plc (NYSE:PRGO) by 94.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 151,520 shares of the company’s stock after acquiring an additional 73,457 shares during the quarter. Citigroup Inc.’s holdings in Perrigo were worth $3,974,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Foundry Partners LLC bought a new position in shares of Perrigo in the 3rd quarter valued at about $7,111,000. AQR Capital Management LLC raised its holdings in Perrigo by 675.5% during the 2nd quarter. AQR Capital Management LLC now owns 970,637 shares of the company’s stock worth $24,926,000 after buying an additional 845,470 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Perrigo by 3.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 655,974 shares of the company’s stock worth $16,845,000 after buying an additional 23,835 shares during the period. Victory Capital Management Inc. raised its holdings in Perrigo by 23.2% during the 2nd quarter. Victory Capital Management Inc. now owns 1,405,553 shares of the company’s stock worth $36,095,000 after buying an additional 264,647 shares during the period. Finally, O Keefe Stevens Advisory Inc. raised its holdings in shares of Perrigo by 36.8% in the third quarter. O Keefe Stevens Advisory Inc. now owns 182,516 shares of the company’s stock valued at $4,787,000 after purchasing an additional 49,075 shares during the last quarter. Institutional investors own 95.91% of the company’s stock.

Insider Transactions at Perrigo

In related news, Director Katherine C. Doyle sold 8,954 shares of the 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 completion of the sale, the director now directly owns 6,009 shares of the company’s stock, valued at approximately $164,045.70. This represents a 59.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PRGO. StockNews.com upgraded shares of Perrigo from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $42.00 price objective on shares of Perrigo in a research report on Monday, September 30th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $30.00 target price (down previously from $50.00) on shares of Perrigo in a research report on Monday, September 23rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Perrigo Stock Performance

NYSE:PRGO opened at $28.42 on Wednesday. The stock’s 50-day moving average is $26.09 and its 200-day moving average is $27.00. Perrigo Company plc has a 1-year low of $23.89 and a 1-year high of $34.60. The stock has a market cap of $3.88 billion, a P/E ratio of -24.29 and a beta of 0.52. The company has a current ratio of 2.56, a quick ratio of 1.77 and a debt-to-equity ratio of 0.94.

Perrigo (NYSE:PRGO) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.81 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.81. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Perrigo had a positive return on equity of 7.38% and a negative net margin of 3.64%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.64 EPS. Equities research analysts anticipate that Perrigo Company plc will post 2.56 earnings per share for the current year.

Perrigo Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Friday, November 29th will be given a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date of this dividend is Friday, November 29th. Perrigo’s payout ratio is -94.02%.

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.