Royal Bank Of Canada reissued their sell rating on shares of Perrigo Company (NYSE:PRGO) in a research note issued to investors on Wednesday morning. The firm currently has a $64.00 target price on the stock.
PRGO has been the topic of a number of other reports. Goldman Sachs Group, Inc. (The) raised shares of Perrigo from a sell rating to a neutral rating and lifted their target price for the stock from $66.00 to $79.00 in a research note on Friday, August 11th. Deutsche Bank AG reaffirmed a buy rating and set a $88.00 target price (up from $86.00) on shares of Perrigo in a research note on Monday, July 17th. Canaccord Genuity set a $86.00 target price on shares of Perrigo and gave the stock a buy rating in a research note on Monday, May 22nd. Oppenheimer Holdings, Inc. started coverage on shares of Perrigo in a research note on Thursday, September 7th. They set an outperform rating and a $88.00 target price on the stock. Finally, Cantor Fitzgerald assumed coverage on shares of Perrigo in a research note on Friday, June 16th. They set an overweight rating and a $85.00 target price on the stock. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $89.36.
Shares of Perrigo (NYSE PRGO) opened at 86.90 on Wednesday. Perrigo has a 12 month low of $63.68 and a 12 month high of $99.14. The stock’s 50 day moving average is $77.62 and its 200 day moving average is $73.23. The stock’s market capitalization is $12.39 billion.
Perrigo (NYSE:PRGO) last posted its quarterly earnings results on Thursday, August 10th. The company reported $1.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.28. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.18 billion. Perrigo had a negative net margin of 51.04% and a positive return on equity of 11.55%. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period last year, the firm posted $1.93 earnings per share. Analysts anticipate that Perrigo will post $4.58 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were paid a $0.16 dividend. The ex-dividend date was Wednesday, August 23rd. This represents a $0.64 dividend on an annualized basis and a yield of 0.74%. Perrigo’s payout ratio is -3.51%.
In related news, EVP Sharon Kochan sold 318 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $81.36, for a total value of $25,872.48. Following the sale, the executive vice president now directly owns 10,231 shares of the company’s stock, valued at approximately $832,394.16. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Jeffrey Needham sold 3,595 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $89.49, for a total transaction of $321,716.55. Following the completion of 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. Over the last three months, insiders sold 6,894 shares of company stock worth $581,320. 6.90% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Korea Investment CORP lifted its holdings in Perrigo by 142.0% in the 2nd quarter. Korea Investment CORP now owns 1,331 shares of the company’s stock valued at $101,000 after purchasing an additional 781 shares in the last quarter. Commonwealth Bank of Australia lifted its holdings in Perrigo by 13.8% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,455 shares of the company’s stock valued at $108,000 after purchasing an additional 176 shares in the last quarter. Johnson Financial Group Inc. lifted its holdings in Perrigo by 15.6% in the 1st quarter. Johnson Financial Group Inc. now owns 1,775 shares of the company’s stock valued at $118,000 after purchasing an additional 240 shares in the last quarter. Global X Management Co. LLC lifted its holdings in Perrigo by 56.4% in the 1st quarter. Global X Management Co. LLC now owns 2,370 shares of the company’s stock valued at $157,000 after purchasing an additional 855 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in Perrigo by 1,046.2% in the 2nd quarter. Bessemer Group Inc. now owns 2,235 shares of the company’s stock valued at $169,000 after purchasing an additional 2,040 shares in the last quarter. 80.36% of the stock is currently owned by hedge funds and other institutional investors.
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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