StockNews.com Lowers Perrigo (NYSE:PRGO) to Hold

Perrigo (NYSE:PRGO - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a note issued to investors on Friday.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler dropped their price objective on shares of Perrigo from $36.00 to $35.00 and set an "overweight" rating on the stock in a research note on Thursday, July 11th. Jefferies Financial Group reaffirmed a "hold" rating and set a $30.00 price objective (down previously from $50.00) on shares of Perrigo in a research note on Monday, September 23rd. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $42.00 price objective on shares of Perrigo in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Perrigo currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Perrigo Stock Performance

NYSE:PRGO traded up $0.01 during midday trading on Friday, hitting $25.09. The company's stock had a trading volume of 804,793 shares, compared to its average volume of 1,609,844. Perrigo has a fifty-two week low of $23.89 and a fifty-two week high of $34.60. The firm's 50 day moving average is $26.71 and its 200-day moving average is $27.86. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.99 and a quick ratio of 1.24. The firm has a market cap of $3.42 billion, a P/E ratio of -358.29 and a beta of 0.48.

Perrigo (NYSE:PRGO - Get Free Report) last issued its quarterly 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 negative net margin of 2.81% and a positive return on equity of 6.79%. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the company earned $0.63 EPS. Perrigo's quarterly revenue was down 10.7% on a year-over-year basis. Equities analysts anticipate that Perrigo will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Perrigo

In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of the firm's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $27.30, for a total value of $244,444.20. Following the transaction, the director now owns 6,009 shares in the company, valued at approximately $164,045.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Perrigo news, Director Katherine C. Doyle sold 8,954 shares of the firm's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $27.30, for a total value of $244,444.20. Following the transaction, the director now owns 6,009 shares in the company, valued at approximately $164,045.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ronald Craig Janish sold 13,000 shares of the firm's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $29.40, for a total value of $382,200.00. Following the completion of the transaction, the executive vice president now owns 20,553 shares in the company, valued at $604,258.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,254 shares of company stock worth $1,411,969. Corporate insiders own 0.70% of the company's stock.

Institutional Trading of Perrigo

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue increased its stake in shares of Perrigo by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 15,709 shares of the company's stock worth $412,000 after acquiring an additional 1,075 shares during the last quarter. Clear Harbor Asset Management LLC acquired a new stake in shares of Perrigo in the 3rd quarter worth $1,443,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Perrigo by 41.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 21,181 shares of the company's stock worth $556,000 after acquiring an additional 6,213 shares during the last quarter. Copeland Capital Management LLC increased its stake in shares of Perrigo by 23.1% in the 3rd quarter. Copeland Capital Management LLC now owns 2,482,544 shares of the company's stock worth $65,117,000 after acquiring an additional 465,161 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Perrigo by 58.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,039,702 shares of the company's stock worth $27,271,000 after acquiring an additional 383,728 shares during the last quarter. 95.91% of the stock is owned by institutional investors and hedge funds.

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.