Perrigo (NYSE:PRGO) Downgraded by Piper Sandler to Neutral

Perrigo (NYSE:PRGO) was downgraded by analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Monday,Briefing.com Automated Import reports. They presently have a $27.00 price objective on the stock, down from their prior price objective of $34.00. Piper Sandler’s price objective would suggest a potential upside of 4.05% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. Jefferies Financial Group restated a “hold” rating and issued a $30.00 target price (down from $50.00) on shares of Perrigo in a report on Monday, September 23rd. StockNews.com lowered shares of Perrigo from a “buy” rating to a “hold” rating in a report on Friday. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $42.00 target price on shares of Perrigo in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $35.00.

Perrigo Price Performance

Perrigo stock opened at $25.95 on Monday. The company has a fifty day simple moving average of $26.82 and a 200-day simple moving average of $26.84. The company has a quick ratio of 1.77, a current ratio of 2.56 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of -22.18 and a beta of 0.53. Perrigo has a 52-week low of $23.89 and a 52-week high of $34.60.

Perrigo (NYSE:PRGO) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.81 EPS for the quarter, meeting analysts’ consensus estimates of $0.81. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.12 billion. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. Perrigo’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 EPS. On average, equities analysts anticipate that Perrigo will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling at Perrigo

In other news, Director Jeffrey B. Kindler sold 17,598 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $28.27, for a total transaction of $497,495.46. Following the completion of the transaction, the director now directly owns 5,409 shares in the company, valued at $152,912.43. This trade represents a 76.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On Perrigo

Several hedge funds have recently bought and sold shares of PRGO. Wellington Management Group LLP increased its stake in Perrigo by 229.2% during the third quarter. Wellington Management Group LLP now owns 2,697,698 shares of the company’s stock worth $70,761,000 after purchasing an additional 1,878,145 shares during the period. FMR LLC increased its stake in Perrigo by 66,795.3% during the 3rd quarter. FMR LLC now owns 1,840,289 shares of the company’s stock worth $48,271,000 after buying an additional 1,837,538 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in Perrigo by 83.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,940,067 shares of the company’s stock worth $49,821,000 after buying an additional 881,191 shares in the last quarter. AQR Capital Management LLC boosted its position in Perrigo by 675.5% in the 2nd quarter. AQR Capital Management LLC now owns 970,637 shares of the company’s stock valued at $24,926,000 after buying an additional 845,470 shares during the period. Finally, Copeland Capital Management LLC grew its stake in shares of Perrigo by 23.1% in the third quarter. Copeland Capital Management LLC now owns 2,482,544 shares of the company’s stock worth $65,117,000 after acquiring an additional 465,161 shares in the last quarter. Institutional investors and hedge funds 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.