Oppenheimer Holdings, Inc. started coverage on shares of Perrigo Company (NYSE:PRGO) in a research note published on Thursday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $88.00 price objective on the stock.
A number of other research analysts also recently commented on PRGO. Goldman Sachs Group, Inc. (The) upgraded shares of Perrigo from a sell rating to a neutral rating and increased their price objective for the company from $66.00 to $79.00 in a research note on Friday, August 11th. Jefferies Group LLC reiterated a hold rating and set a $71.00 price objective (up from $69.00) on shares of Perrigo in a research note on Friday, August 11th. Stifel Nicolaus reiterated a hold rating on shares of Perrigo in a research note on Friday, August 11th. BidaskClub downgraded shares of Perrigo from a sell rating to a strong sell rating in a research note on Wednesday, August 9th. Finally, Royal Bank Of Canada increased their price objective on shares of Perrigo from $60.00 to $64.00 and gave the company an underperform rating in a research note on Friday, August 11th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $87.00.
Shares of Perrigo (PRGO) opened at 82.79 on Thursday. Perrigo has a 52-week low of $63.68 and a 52-week high of $99.14. The stock’s market capitalization is $11.81 billion. The stock’s 50 day moving average is $75.91 and its 200 day moving average is $73.11.
Perrigo (NYSE:PRGO) last posted its quarterly earnings data on Thursday, August 10th. The company reported $1.22 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 firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the firm posted $1.93 EPS. The firm’s revenue was down 7.7% compared to the same quarter last year. Equities research analysts expect that Perrigo will post $4.58 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be issued a $0.16 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.77%. Perrigo’s dividend payout ratio (DPR) is presently -3.51%.
In related news, EVP Sharon Kochan sold 1,500 shares of the 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 sale, the executive vice president now owns 10,349 shares of the company’s stock, valued at approximately $817,881.47. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Thomas Farrington sold 865 shares of the 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 in the company, 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 worth $233,731. Corporate insiders own 6.90% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in PRGO. Korea Investment CORP increased its stake in Perrigo by 142.0% during the 2nd quarter. Korea Investment CORP now owns 1,331 shares of the company’s stock valued at $101,000 after buying an additional 781 shares during the period. Commonwealth Bank of Australia increased its stake in Perrigo by 13.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 1,455 shares of the company’s stock valued at $108,000 after buying an additional 176 shares during the period. Johnson Financial Group Inc. increased its stake in Perrigo by 15.6% during the 1st quarter. Johnson Financial Group Inc. now owns 1,775 shares of the company’s stock valued at $118,000 after buying an additional 240 shares during the period. Global X Management Co. LLC increased its stake in Perrigo by 56.4% during the 1st quarter. Global X Management Co. LLC now owns 2,370 shares of the company’s stock valued at $157,000 after buying an additional 855 shares during the period. Finally, Bessemer Group Inc. increased its stake in Perrigo by 1,046.2% during the 2nd quarter. Bessemer Group Inc. now owns 2,235 shares of the company’s stock valued at $169,000 after buying an additional 2,040 shares during the period. 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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