Perrigo Company PLC Shares Down 8.4% on Disappointing Earnings (PRGO)
Shares of Perrigo Company PLC (NASDAQ:PRGO) fell 8.4% on Wednesday following a weaker than expected earnings announcement, American Banking News.com reports. The stock traded as low as $129.30 and last traded at $130.99, with a volume of 2,353,960 shares changing hands. The stock had previously closed at $142.99.
The company reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.51 by $0.20. The company had revenue of $1,000.00 million for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the company posted $1.42 earnings per share. The company’s revenue for the quarter was up 9.1% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, June 17th. Stockholders of record on Friday, May 30th will be given a dividend of $0.105 per share. This represents a $0.42 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date of this dividend is Wednesday, May 28th.
A number of research firms have recently commented on PRGO. Analysts at Jefferies Group reiterated a “buy” rating on shares of Perrigo Company PLC in a research note on Wednesday. They now have a $180.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $167.55.
The stock has a 50-day moving average of $150.2 and a 200-day moving average of $152.. The company has a market cap of $17.461 billion and a price-to-earnings ratio of 53.47.
Perrigo Company plc is a global healthcare supplier that develops, manufactures and distributes over-the-counter (NASDAQ:PRGO) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, animal health, dietary supplements, active pharmaceutical ingredients (API), and medical diagnostic products, and Multiple Sclerosis drug Tysabri.
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