Perrigo (NYSE:PRGO) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Perrigo (NYSE:PRGO) announced its quarterly earnings results on Tuesday. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06, RTT News reports. Perrigo had a positive return on equity of 7.34% and a negative net margin of 0.27%. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the previous year, the business earned $0.45 earnings per share. The business’s revenue was down 8.4% compared to the same quarter last year. Perrigo updated its FY24 guidance to $2.50-2.65 EPS.

Perrigo Trading Down 1.0 %

PRGO stock opened at $33.10 on Tuesday. Perrigo has a 52 week low of $25.77 and a 52 week high of $40.28. The business has a 50-day simple moving average of $30.62 and a 200 day simple moving average of $30.93. The company has a quick ratio of 1.07, a current ratio of 1.79 and a debt-to-equity ratio of 0.76.

Perrigo Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.276 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Friday, May 31st. Perrigo’s dividend payout ratio (DPR) is currently -1,100.00%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRGO. Piper Sandler raised their price target on Perrigo from $35.00 to $39.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Canaccord Genuity Group restated a “buy” rating and set a $42.00 price objective on shares of Perrigo in a research report on Friday, April 12th. JPMorgan Chase & Co. dropped their price target on Perrigo from $48.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, February 28th. Finally, StockNews.com upgraded Perrigo from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd.

Insiders Place Their Bets

In other news, EVP Alison Ives bought 2,490 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was bought at an average cost of $27.26 per share, for a total transaction of $67,877.40. Following the transaction, the executive vice president now owns 16,122 shares of the company’s stock, valued at $439,485.72. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Perrigo news, EVP Robert Willis bought 6,000 shares of Perrigo stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of $25.87 per share, with a total value of $155,220.00. Following the acquisition, the executive vice president now owns 25,105 shares in the company, valued at approximately $649,466.35. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Alison Ives purchased 2,490 shares of the stock in a transaction dated Tuesday, March 5th. The shares were acquired at an average cost of $27.26 per share, with a total value of $67,877.40. Following the acquisition, the executive vice president now directly owns 16,122 shares in the company, valued at approximately $439,485.72. The disclosure for this purchase can be found here. Insiders have bought 17,990 shares of company stock worth $475,227 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

About Perrigo

Perrigo Company plc provides over-the-counter health and wellness solutions to enhance individual well-being in the United States, Europe, and internationally. It operates through Consumer Self-Care Americas and Consumer Self-Care International segments. The company develops, manufactures, markets, and distributes self-care consumer products, such as upper respiratory products, including cough suppressants, expectorants, and sinus and allergy relief; nutrition products consisting of infant formulas and nutritional beverages; digestive health products, including antacids, anti-diarrheal, and anti-heartburn; pain and sleep-aids products comprising pain relievers and fever reducers; and oral care products, which include toothbrushes, toothbrush replacement heads, floss, flossers, whitening products, and toothbrush covers.