Perrigo Company plc (NYSE:PRGO) Short Interest Down 17.1% in March

Perrigo Company plc (NYSE:PRGO - Get Free Report) was the recipient of a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 3,790,000 shares, a decrease of 17.1% from the February 28th total of 4,570,000 shares. Based on an average daily trading volume, of 1,620,000 shares, the short-interest ratio is currently 2.3 days. Approximately 2.8% of the shares of the stock are short sold.

Perrigo Price Performance

Shares of NYSE PRGO traded down $0.59 during trading hours on Friday, reaching $26.31. 3,242,739 shares of the stock traded hands, compared to its average volume of 1,507,932. The company's 50-day simple moving average is $26.41 and its two-hundred day simple moving average is $26.15. The company has a market capitalization of $3.59 billion, a P/E ratio of -22.48 and a beta of 0.49. Perrigo has a 52-week low of $23.14 and a 52-week high of $33.46. 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 posted its quarterly earnings results on Thursday, February 27th. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.92 by $0.01. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.20 billion. Equities research analysts forecast that Perrigo will post 2.56 EPS for the current year.

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Perrigo Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th were issued a $0.29 dividend. This is a boost from Perrigo's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.16 annualized dividend and a dividend yield of 4.41%. Perrigo's dividend payout ratio (DPR) is currently -92.80%.

Insider Activity

In other news, EVP Ronald Craig Janish sold 7,800 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $27.44, for a total value of $214,032.00. Following the transaction, the executive vice president now owns 33,666 shares of the company's stock, valued at approximately $923,795.04. This represents a 18.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.70% of the company's stock.

Institutional Investors Weigh In On Perrigo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRGO. Pacer Advisors Inc. raised its stake in shares of Perrigo by 2.1% during the fourth quarter. Pacer Advisors Inc. now owns 20,337 shares of the company's stock valued at $523,000 after acquiring an additional 427 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Perrigo by 2.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 21,617 shares of the company's stock valued at $567,000 after purchasing an additional 436 shares during the period. Cedar Wealth Management LLC raised its position in Perrigo by 2.1% during the 4th quarter. Cedar Wealth Management LLC now owns 21,966 shares of the company's stock valued at $565,000 after purchasing an additional 450 shares during the last quarter. Central Pacific Bank Trust Division grew its position in shares of Perrigo by 33.3% in the 4th quarter. Central Pacific Bank Trust Division now owns 2,000 shares of the company's stock worth $51,000 after buying an additional 500 shares during the last quarter. Finally, Amalgamated Bank increased its stake in shares of Perrigo by 0.8% during the fourth quarter. Amalgamated Bank now owns 64,086 shares of the company's stock valued at $1,648,000 after buying an additional 522 shares during the period. 95.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on PRGO shares. Piper Sandler cut Perrigo from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $34.00 to $27.00 in a report on Monday, January 6th. StockNews.com downgraded shares of Perrigo from a "buy" rating to a "hold" rating in a research note on Wednesday, February 19th. Finally, Argus cut shares of Perrigo from a "buy" rating to a "hold" rating in a research note on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $33.00.

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.