California Public Employees Retirement System Boosts Position in Perrigo Company PLC (PRGO)

California Public Employees Retirement System boosted its stake in Perrigo Company PLC (NYSE:PRGO) by 6.4% in the 2nd quarter, Holdings Channel reports. The firm owned 412,716 shares of the company’s stock after purchasing an additional 24,810 shares during the period. California Public Employees Retirement System’s holdings in Perrigo were worth $30,091,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PRGO. FMR LLC increased its holdings in Perrigo by 1,200.9% in the 2nd quarter. FMR LLC now owns 5,170,125 shares of the company’s stock valued at $376,954,000 after purchasing an additional 4,772,696 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Perrigo by 772.9% in the 2nd quarter. Renaissance Technologies LLC now owns 697,508 shares of the company’s stock valued at $50,855,000 after purchasing an additional 617,600 shares during the last quarter. Starboard Value LP increased its holdings in Perrigo by 4.1% in the 2nd quarter. Starboard Value LP now owns 10,041,425 shares of the company’s stock valued at $732,120,000 after purchasing an additional 400,000 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its stake in shares of Perrigo by 156.6% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 574,392 shares of the company’s stock worth $41,879,000 after acquiring an additional 350,539 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Perrigo by 13.8% in the second quarter. Victory Capital Management Inc. now owns 2,801,721 shares of the company’s stock worth $204,274,000 after acquiring an additional 340,779 shares in the last quarter. Hedge funds and other institutional investors own 82.00% of the company’s stock.

Several equities analysts have commented on PRGO shares. TheStreet downgraded shares of Perrigo from a “c-” rating to a “d+” rating in a research note on Thursday, May 31st. Barclays downgraded shares of Perrigo from an “overweight” rating to an “equal weight” rating and set a $110.00 price target for the company. in a research note on Wednesday, June 6th. Morgan Stanley restated an “equal weight” rating and issued a $85.00 price target on shares of Perrigo in a research note on Monday, June 18th. Cantor Fitzgerald restated an “overweight” rating on shares of Perrigo in a research note on Friday, June 22nd. Finally, Goldman Sachs Group downgraded shares of Perrigo from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $78.00 to $74.00 in a research note on Thursday, July 12th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $88.69.

In other news, EVP Svend Andersen acquired 7,200 shares of the firm’s stock in a transaction dated Tuesday, August 14th. The stock was acquired at an average cost of $69.43 per share, with a total value of $499,896.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 6.90% of the stock is currently owned by insiders.

NYSE:PRGO opened at $71.96 on Thursday. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of 14.74, a price-to-earnings-growth ratio of 2.34 and a beta of 0.83. Perrigo Company PLC has a 52 week low of $67.53 and a 52 week high of $95.93. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.81 and a quick ratio of 1.23.

Perrigo (NYSE:PRGO) last released its quarterly earnings data on Thursday, August 9th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.01. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Perrigo had a net margin of 4.77% and a return on equity of 11.92%. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.22 EPS. sell-side analysts anticipate that Perrigo Company PLC will post 4.85 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 18th. Stockholders of record on Friday, August 31st were given a dividend of $0.19 per share. The ex-dividend date was Thursday, August 30th. This represents a $0.76 annualized dividend and a dividend yield of 1.06%. Perrigo’s dividend payout ratio (DPR) is currently 15.42%.

Perrigo Company Profile

Perrigo Company plc, a healthcare company, manufactures and supplies over-the-counter (OTC) healthcare products, infant formulas, branded OTC products, and generic pharmaceutical products worldwide. The company operates through Consumer Healthcare Americas, Consumer Healthcare International, and Prescription Pharmaceuticals segments.

Further Reading: Risk Tolerance and Your Investment Decisions

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Institutional Ownership by Quarter for Perrigo (NYSE:PRGO)

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