Perrigo Company (PRGO) Research Coverage Started at Oppenheimer Holdings, Inc.

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.

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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