Royal Bank Of Canada Reaffirms “Sell” Rating for Perrigo Company (PRGO)

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.

About Perrigo

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.

Analyst Recommendations for Perrigo (NYSE:PRGO)

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