Perrigo (NYSE:PRGO) Sets New 52-Week Low - Here's What Happened

Perrigo Company plc (NYSE:PRGO - Get Free Report)'s share price reached a new 52-week low during trading on Thursday . The stock traded as low as $24.75 and last traded at $24.76, with a volume of 7331 shares. The stock had previously closed at $25.08.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group reissued a "hold" rating and set a $30.00 target price (down from $50.00) on shares of Perrigo in a research note on Monday, September 23rd. StockNews.com cut shares of Perrigo from a "buy" rating to a "hold" rating in a research report on Tuesday, September 24th. Canaccord Genuity Group reiterated a "buy" rating and set a $42.00 price target on shares of Perrigo in a research report on Monday. Finally, Piper Sandler dropped their price target on shares of Perrigo from $36.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday, July 11th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Perrigo presently has an average rating of "Moderate Buy" and an average target price of $37.00.

Perrigo Price Performance

The company has a 50 day moving average of $27.65 and a 200 day moving average of $28.56. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of -351.29 and a beta of 0.49. The company has a quick ratio of 1.24, a current ratio of 1.99 and a debt-to-equity ratio of 0.80.

Perrigo (NYSE:PRGO - Get Free Report) last issued its earnings results on Friday, August 2nd. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.07. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the business earned $0.63 earnings per share. The company's revenue was down 10.7% compared to the same quarter last year. As a group, equities research analysts forecast that Perrigo Company plc will post 2.56 EPS for the current fiscal year.

Perrigo Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Friday, August 30th were paid a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend was Friday, August 30th. Perrigo's payout ratio is -1,571.43%.

Insiders Place Their Bets

In related news, Director Katherine C. Doyle sold 8,954 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $27.30, for a total value of $244,444.20. Following the completion of the transaction, the director now owns 6,009 shares of the company's stock, valued at approximately $164,045.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Ronald Craig Janish sold 13,000 shares of the company's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $29.40, for a total transaction of $382,200.00. Following the completion of the transaction, the executive vice president now directly owns 20,553 shares in the company, valued at approximately $604,258.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Katherine C. Doyle sold 8,954 shares of Perrigo stock in a transaction on Friday, September 13th. The stock was sold at an average price of $27.30, for a total transaction of $244,444.20. Following the sale, the director now owns 6,009 shares in the company, valued at approximately $164,045.70. The disclosure for this sale can be found here. Insiders sold 50,254 shares of company stock worth $1,411,969 over the last ninety days. Company insiders own 0.70% of the company's stock.

Hedge Funds Weigh In On Perrigo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Diamond Hill Capital Management Inc. grew its stake in shares of Perrigo by 83.2% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,940,067 shares of the company's stock worth $49,821,000 after purchasing an additional 881,191 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Perrigo by 675.5% during the second quarter. AQR Capital Management LLC now owns 970,637 shares of the company's stock worth $24,926,000 after acquiring an additional 845,470 shares during the period. National Bank of Canada FI acquired a new stake in Perrigo in the 1st quarter worth about $19,040,000. Public Employees Retirement Association of Colorado grew its holdings in shares of Perrigo by 3,796.5% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 582,216 shares of the company's stock worth $18,736,000 after purchasing an additional 567,274 shares in the last quarter. Finally, Perpetual Ltd lifted its position in shares of Perrigo by 20.5% during the 1st quarter. Perpetual Ltd now owns 2,780,984 shares of the company's stock worth $87,490,000 after buying an additional 472,245 shares during the last quarter. 95.91% of the stock is currently owned by institutional investors and hedge funds.

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.