Perrigo Company plc (PRGO) to Issue Quarterly Dividend of $0.29 on June 17th

Perrigo Company plc (NYSE:PRGO) declared a quarterly dividend on Wednesday, April 30th, RTT News reports. Shareholders of record on Friday, May 30th will be given a dividend of 0.29 per share on Tuesday, June 17th. This represents a $1.16 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date is Friday, May 30th.

Perrigo has increased its dividend payment by an average of 4.8% annually over the last three years and has raised its dividend every year for the last 23 years. Perrigo has a payout ratio of 35.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Perrigo to earn $3.06 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 37.9%.

Perrigo Price Performance

PRGO opened at $27.32 on Wednesday. The stock’s 50 day moving average price is $26.14 and its 200-day moving average price is $26.19. Perrigo has a 52-week low of $23.14 and a 52-week high of $30.93. The stock has a market capitalization of $3.76 billion, a PE ratio of -23.35 and a beta of 0.45. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.77 and a current ratio of 2.56.

Perrigo (NYSE:PRGO) last posted its earnings results on Wednesday, May 7th. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.56 by $0.04. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period last year, the company posted $0.29 EPS. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. On average, equities research analysts predict that Perrigo will post 2.56 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Perrigo from a “hold” rating to a “buy” rating in a research note on Saturday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $33.00.

Insider Buying and Selling

In other Perrigo news, EVP Ronald Craig Janish sold 7,800 shares of Perrigo stock in a transaction on Monday, March 10th. The stock was sold at an average price of $27.44, for a total transaction of $214,032.00. Following the completion of the transaction, the executive vice president now owns 33,666 shares in the company, valued at approximately $923,795.04. The trade was a 18.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Perrigo

Institutional investors and hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. grew its position in Perrigo by 439.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 965 shares of the company’s stock valued at $27,000 after purchasing an additional 786 shares during the last quarter. Amundi raised its stake in shares of Perrigo by 11.7% in the first quarter. Amundi now owns 5,292 shares of the company’s stock worth $148,000 after purchasing an additional 556 shares during the last quarter. United Services Automobile Association purchased a new position in shares of Perrigo in the first quarter worth $250,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Perrigo by 6.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 513,112 shares of the company’s stock valued at $14,388,000 after purchasing an additional 32,151 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Perrigo by 126.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,159,768 shares of the company’s stock valued at $32,520,000 after buying an additional 647,982 shares during the last quarter. 95.91% of the stock is currently owned by institutional investors.

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.