Perrigo Company (PRGO) Given Consensus Recommendation of “Hold” by Analysts
Shares of Perrigo Company (NYSE:PRGO) have been given an average recommendation of “Hold” by the eighteen brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $88.50.
PRGO has been the topic of a number of recent analyst reports. Royal Bank Of Canada set a $60.00 price target on shares of Perrigo and gave the company a “sell” rating in a research note on Sunday, July 16th. Deutsche Bank AG restated a “buy” rating and set a $88.00 price target (up previously from $86.00) on shares of Perrigo in a research note on Monday, July 17th. Canaccord Genuity restated a “buy” rating and set a $100.00 price target (up previously from $88.00) on shares of Perrigo in a research note on Wednesday, September 13th. Cantor Fitzgerald upped their price target on shares of Perrigo from $93.00 to $107.00 and gave the company an “overweight” rating in a research note on Tuesday, September 12th. Finally, CIBC initiated coverage on shares of Perrigo in a research note on Thursday, September 7th. They set an “outperform” rating and a $88.00 price target on the stock.
Shares of Perrigo (PRGO) traded down 1.86% during midday trading on Wednesday, reaching $84.46. 984,062 shares of the company traded hands. The company’s market capitalization is $12.04 billion. Perrigo has a 1-year low of $63.68 and a 1-year high of $92.64. The company has a 50 day moving average price of $85.91 and a 200 day moving average price of $76.56.
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, beating the Zacks’ consensus estimate of $0.94 by $0.28. Perrigo had a negative net margin of 51.04% and a positive return on equity of 11.55%. The business had revenue of $1.24 billion for 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, analysts expect that Perrigo will post $4.59 earnings per share for the current year.
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In related news, EVP Sharon Kochan sold 318 shares of the stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $81.36, for a total transaction of $25,872.48. Following the sale, the executive vice president now directly owns 10,231 shares of the company’s stock, valued at $832,394.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jeffrey Needham sold 3,595 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $89.49, for a total transaction of $321,716.55. Following the sale, the executive vice president now directly owns 10,118 shares in the company, valued at $905,459.82. The disclosure for this sale can be found here. Insiders have sold 6,894 shares of company stock worth $581,320 over the last three months. 6.90% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in PRGO. Franklin Resources Inc. boosted its holdings in Perrigo by 117.7% during the second quarter. Franklin Resources Inc. now owns 8,109,742 shares of the company’s stock worth $612,448,000 after buying an additional 4,383,903 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Perrigo by 50.9% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,846,993 shares of the company’s stock worth $139,485,000 after buying an additional 623,370 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Perrigo during the second quarter worth $27,377,000. Gotham Asset Management LLC purchased a new stake in Perrigo during the second quarter worth $24,950,000. Finally, Neuberger Berman Group LLC boosted its holdings in Perrigo by 88.1% during the second quarter. Neuberger Berman Group LLC now owns 697,384 shares of the company’s stock worth $52,666,000 after buying an additional 326,651 shares in the last quarter. 82.37% of the stock is currently owned by hedge funds and other institutional investors.
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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