Perrigo Company plc (NYSE:PRGO) to Issue Dividend Increase - $0.29 Per Share

Perrigo Company plc (NYSE:PRGO - Get Free Report) declared a quarterly dividend on Wednesday, February 19th, RTT News reports. Stockholders of record on Friday, March 7th will be given a dividend of 0.29 per share on Tuesday, March 25th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.57%. The ex-dividend date is Friday, March 7th. This is a boost from Perrigo's previous quarterly dividend of $0.28.

Perrigo has increased its dividend payment by an average of 4.8% per year over the last three years and has increased its dividend annually for the last 22 consecutive years. Perrigo has a payout ratio of 32.7% 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 $1.10 annual dividend with an expected future payout ratio of 35.9%.

Perrigo Stock Up 0.5 %

Shares of NYSE:PRGO traded up $0.13 during trading on Friday, reaching $25.37. The stock had a trading volume of 1,875,790 shares, compared to its average volume of 1,321,758. The company has a market capitalization of $3.46 billion, a P/E ratio of -21.68 and a beta of 0.54. Perrigo has a one year low of $23.14 and a one 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 firm's 50-day simple moving average is $24.97 and its 200 day simple moving average is $26.26.

Analyst Ratings Changes

Several equities analysts recently issued reports on PRGO shares. StockNews.com downgraded Perrigo from a "buy" rating to a "hold" rating in a research report on Wednesday. Piper Sandler lowered Perrigo from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $34.00 to $27.00 in a report on Monday, January 6th. Finally, Argus downgraded Perrigo from a "buy" rating to a "hold" rating in a report on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $35.00.

Insider Buying and Selling

In other Perrigo news, Director Jeffrey B. Kindler sold 17,598 shares of the company's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $28.27, for a total transaction of $497,495.46. Following the completion of the transaction, the director now directly owns 5,409 shares in the company, valued at approximately $152,912.43. This represents a 76.49 % 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 insiders.

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.