Perrigo’s (PRGO) Sector Perform Rating Reaffirmed at RBC Capital Markets
Perrigo Co. (NYSE:PRGO)‘s stock had its “sector perform” rating reaffirmed by analysts at RBC Capital Markets in a research report issued on Tuesday. They currently have a $92.00 target price on the stock. RBC Capital Markets’ target price would indicate a potential downside of 1.37% from the stock’s current price.
Other equities analysts have also issued research reports about the stock. Vetr lowered shares of Perrigo from a “strong-buy” rating to a “buy” rating and set a $98.60 price target on the stock. in a report on Monday, July 25th. Deutsche Bank AG upgraded shares of Perrigo from a “hold” rating to a “buy” rating and set a $115.00 price target on the stock in a report on Friday, July 22nd. Zacks Investment Research upgraded shares of Perrigo from a “hold” rating to a “buy” rating and set a $104.00 price target on the stock in a report on Wednesday, July 20th. Guggenheim reiterated a “buy” rating and issued a $125.00 price target on shares of Perrigo in a report on Monday, August 22nd. Finally, Raymond James Financial Inc. reiterated a “hold” rating on shares of Perrigo in a report on Wednesday, June 15th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $113.37.
Perrigo (NYSE:PRGO) traded up 0.20% during trading on Tuesday, reaching $93.47. The company had a trading volume of 147,123 shares. The company’s market capitalization is $13.39 billion. Perrigo has a 52-week low of $82.50 and a 52-week high of $173.53. The stock has a 50 day moving average price of $91.00 and a 200-day moving average price of $102.63.
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Perrigo (NYSE:PRGO) last released its earnings results on Wednesday, August 10th. The company reported $1.93 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.98 by $0.05. The firm earned $1.48 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Perrigo had a positive return on equity of 10.19% and a negative net margin of 2.39%. The firm’s revenue was down 3.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.18 earnings per share. On average, equities research analysts anticipate that Perrigo will post $7.06 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 13th. Investors of record on Friday, August 26th were given a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend was Wednesday, August 24th. Perrigo’s dividend payout ratio is presently -60.42%.
In other Perrigo news, Director Herman Morris, Jr. sold 1,073 shares of the company’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $90.96, for a total value of $97,600.08. Following the completion of the transaction, the director now owns 10,425 shares in the company, valued at approximately $948,258. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gary K. Kunkle, Jr. sold 5,814 shares of the company’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $89.95, for a total transaction of $522,969.30. Following the completion of the transaction, the director now owns 31,501 shares of the company’s stock, valued at approximately $2,833,514.95. The disclosure for this sale can be found here. Corporate insiders own 4.47% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Parnassus Investments CA boosted its position in Perrigo by 53.7% in the second quarter. Parnassus Investments CA now owns 5,498,887 shares of the company’s stock valued at $498,584,000 after buying an additional 1,922,347 shares during the period. Franklin Resources Inc. boosted its position in Perrigo by 1.3% in the second quarter. Franklin Resources Inc. now owns 2,661,431 shares of the company’s stock valued at $241,311,000 after buying an additional 33,921 shares during the period. BlackRock Fund Advisors boosted its position in Perrigo by 1.9% in the second quarter. BlackRock Fund Advisors now owns 2,527,908 shares of the company’s stock valued at $229,205,000 after buying an additional 48,129 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Perrigo during the second quarter valued at approximately $210,657,000. Finally, Aberdeen Asset Management PLC UK boosted its position in Perrigo by 23.6% in the second quarter. Aberdeen Asset Management PLC UK now owns 2,322,257 shares of the company’s stock valued at $210,559,000 after buying an additional 443,511 shares during the period. Hedge funds and other institutional investors own 70.16% of the company’s stock.
Perrigo Company plc is a global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) 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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