CIBC Begins Coverage on Perrigo Company (PRGO)
Research analysts at CIBC assumed coverage on shares of Perrigo Company (NYSE:PRGO) in a report issued on Thursday. The brokerage set an “outperform” rating and a $88.00 price target on the stock. CIBC’s target price indicates a potential upside of 12.35% from the company’s previous close.
Other research analysts also recently issued research reports about the stock. Royal Bank Of Canada set a $60.00 price objective on shares of Perrigo and gave the company a “sell” rating in a report on Sunday, July 16th. Goldman Sachs Group, Inc. (The) reissued a “sell” rating and set a $68.00 price objective on shares of Perrigo in a report on Wednesday, May 31st. Deutsche Bank AG reissued a “buy” rating and set a $88.00 price objective (up previously from $86.00) on shares of Perrigo in a report on Monday, July 17th. Canaccord Genuity set a $86.00 price objective on shares of Perrigo and gave the company a “buy” rating in a report on Monday, May 22nd. Finally, BidaskClub raised shares of Perrigo from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $87.00.
Perrigo (PRGO) traded up 4.93% during mid-day trading on Thursday, reaching $82.19. The company’s stock had a trading volume of 2,637,740 shares. The firm’s market cap is $11.72 billion. Perrigo has a 12-month low of $63.68 and a 12-month high of $99.14. The company has a 50-day moving average price of $75.43 and a 200-day moving average price of $72.98.
Perrigo (NYSE:PRGO) last issued its quarterly earnings results on Thursday, August 10th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.28. Perrigo had a positive return on equity of 11.55% and a negative net margin of 51.04%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the business posted $1.93 EPS. Perrigo’s revenue for the quarter was down 7.7% compared to the same quarter last year. On average, equities research analysts expect that Perrigo will post $4.58 earnings per share for the current year.
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In other Perrigo news, EVP Sharon Kochan sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $79.03, for a total value of $118,545.00. Following the completion of the sale, the executive vice president now owns 10,349 shares of the company’s stock, valued at $817,881.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Thomas Farrington sold 865 shares of the firm’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $78.40, for a total transaction of $67,816.00. Following the completion of the sale, the executive vice president now directly owns 2,870 shares of the company’s stock, valued at approximately $225,008. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,981 shares of company stock valued at $233,731. 6.90% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Trust Co lifted its stake in Perrigo by 0.6% in the first quarter. Trust Co now owns 2,610 shares of the company’s stock worth $334,000 after purchasing an additional 15 shares during the last quarter. IFP Advisors Inc lifted its stake in Perrigo by 1.5% in the first quarter. IFP Advisors Inc now owns 1,817 shares of the company’s stock worth $232,000 after purchasing an additional 27 shares during the last quarter. Taylor Frigon Capital Management LLC lifted its stake in Perrigo by 0.3% in the second quarter. Taylor Frigon Capital Management LLC now owns 9,077 shares of the company’s stock worth $823,000 after purchasing an additional 29 shares during the last quarter. Cadence Capital Management LLC lifted its stake in Perrigo by 1.2% in the second quarter. Cadence Capital Management LLC now owns 2,733 shares of the company’s stock worth $248,000 after purchasing an additional 33 shares during the last quarter. Finally, BB&T Securities LLC lifted its stake in Perrigo by 0.4% in the second quarter. BB&T Securities LLC now owns 9,062 shares of the company’s stock worth $684,000 after purchasing an additional 35 shares during the last quarter. 80.36% of the stock is owned by institutional investors and hedge funds.
Perrigo Company Profile
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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