Norges Bank Invests $36.61 Million in Perrigo Company plc (NYSE:PRGO)

Norges Bank purchased a new stake in shares of Perrigo Company plc (NYSE:PRGO - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,424,114 shares of the company's stock, valued at approximately $36,614,000. Norges Bank owned about 1.04% of Perrigo as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PRGO. FMR LLC boosted its holdings in shares of Perrigo by 66,795.3% during the 3rd quarter. FMR LLC now owns 1,840,289 shares of the company's stock valued at $48,271,000 after acquiring an additional 1,837,538 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Perrigo by 1.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 419,137 shares of the company's stock worth $10,994,000 after purchasing an additional 5,141 shares during the period. Quantinno Capital Management LP lifted its stake in shares of Perrigo by 105.2% in the 3rd quarter. Quantinno Capital Management LP now owns 19,695 shares of the company's stock worth $517,000 after purchasing an additional 10,097 shares during the period. Stifel Financial Corp lifted its stake in shares of Perrigo by 11.0% in the 3rd quarter. Stifel Financial Corp now owns 133,278 shares of the company's stock worth $3,496,000 after purchasing an additional 13,249 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Perrigo by 229.2% in the 3rd quarter. Wellington Management Group LLP now owns 2,697,698 shares of the company's stock worth $70,761,000 after purchasing an additional 1,878,145 shares during the period. Hedge funds and other institutional investors own 95.91% of the company's stock.

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Analysts Set New Price Targets

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

Perrigo Price Performance

Shares of PRGO stock traded down $1.35 on Thursday, reaching $24.52. The company's stock had a trading volume of 189,369 shares, compared to its average volume of 1,681,231. The stock's fifty day simple moving average is $26.46 and its 200-day simple moving average is $26.09. Perrigo Company plc has a 1 year low of $23.14 and a 1 year high of $33.46. The company has a current ratio of 2.56, a quick ratio of 1.77 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of -20.96 and a beta of 0.49.

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

Perrigo Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.73%. This is a positive change from Perrigo's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, March 7th. Perrigo's payout ratio is presently -92.80%.

Insider Transactions at Perrigo

In other 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 sale, the executive vice president now directly owns 33,666 shares in the company, valued at approximately $923,795.04. This trade represents a 18.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.40% of the company's stock.

Perrigo Company 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.