Cinctive Capital Management LP Purchases New Stake in Perrigo Company plc (NYSE:PRGO)

Cinctive Capital Management LP purchased a new position in shares of Perrigo Company plc (NYSE:PRGO - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 128,495 shares of the company's stock, valued at approximately $3,304,000. Cinctive Capital Management LP owned 0.09% of Perrigo at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of PRGO. Franklin Resources Inc. acquired a new position in Perrigo in the third quarter valued at about $3,717,000. Barclays PLC raised its position in shares of Perrigo by 44.8% in the 3rd quarter. Barclays PLC now owns 120,502 shares of the company's stock valued at $3,160,000 after acquiring an additional 37,268 shares during the period. JPMorgan Chase & Co. boosted its stake in Perrigo by 65.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 541,000 shares of the company's stock worth $14,190,000 after acquiring an additional 213,221 shares during the last quarter. Citigroup Inc. boosted its stake in Perrigo by 94.1% during the 3rd quarter. Citigroup Inc. now owns 151,520 shares of the company's stock worth $3,974,000 after acquiring an additional 73,457 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Perrigo during the third quarter valued at approximately $909,000. 95.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

PRGO has been the topic of a number of recent analyst reports. Argus cut shares of Perrigo from a "buy" rating to a "hold" rating in a research report on Tuesday, January 14th. StockNews.com lowered Perrigo from a "buy" rating to a "hold" rating in a report on Wednesday, February 19th. Finally, Piper Sandler cut Perrigo from an "overweight" rating to a "neutral" rating and decreased their target price for the company from $34.00 to $27.00 in a research note on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $33.00.

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Insider Buying and Selling

In related news, EVP Ronald Craig Janish sold 7,800 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $27.44, for a total transaction of $214,032.00. Following the sale, the executive vice president now owns 33,666 shares in the company, valued at approximately $923,795.04. This represents a 18.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

Perrigo Stock Down 2.2 %

Shares of NYSE:PRGO traded down $0.57 during midday trading on Tuesday, reaching $25.47. 514,748 shares of the company were exchanged, compared to its average volume of 1,509,474. The firm has a market cap of $3.48 billion, a PE ratio of -21.76 and a beta of 0.49. Perrigo Company plc has a fifty-two week low of $23.14 and a fifty-two week high of $33.46. The stock has a fifty day simple moving average of $26.43 and a two-hundred day simple moving average of $26.13. The company has a quick ratio of 1.77, a current ratio of 2.56 and a debt-to-equity ratio of 0.94.

Perrigo (NYSE:PRGO - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported $0.93 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.01. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.20 billion. Perrigo had a positive return on equity of 7.38% and a negative net margin of 3.64%. As a group, sell-side analysts forecast that Perrigo Company plc will post 2.56 earnings per share for the current year.

Perrigo Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th were issued a $0.29 dividend. The ex-dividend date was Friday, March 7th. This is an increase from Perrigo's previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.55%. Perrigo's dividend payout ratio (DPR) is -92.80%.

Perrigo Profile

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.