Perrigo (NYSE:PRGO) Announces Quarterly Earnings Results

Perrigo (NYSE:PRGO - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $0.81 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.81, Briefing.com reports. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. The company had revenue of $1.09 billion during the quarter, compared to analysts' expectations of $1.12 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. The business's revenue was down 3.2% on a year-over-year basis. Perrigo updated its FY 2024 guidance to 2.500-2.650 EPS and its FY24 guidance to $2.50 to $2.65 EPS.

Perrigo Price Performance

Shares of NYSE PRGO traded down $0.32 during mid-day trading on Thursday, reaching $26.99. The company had a trading volume of 595,509 shares, compared to its average volume of 1,619,756. Perrigo has a one year low of $23.89 and a one year high of $34.60. The business's 50-day simple moving average is $26.23 and its 200 day simple moving average is $27.53. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.24 and a current ratio of 1.99. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of -29.72 and a beta of 0.48.

Perrigo Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.276 per share. This represents a $1.10 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend is Friday, November 29th. Perrigo's dividend payout ratio (DPR) is currently -119.57%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Jefferies Financial Group restated a "hold" rating and issued a $30.00 price target (down from $50.00) on shares of Perrigo in a research note on Monday, September 23rd. Canaccord Genuity Group reissued a "buy" rating and issued a $42.00 target price on shares of Perrigo in a research report on Monday, September 30th. Piper Sandler decreased their price target 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. Finally, StockNews.com cut shares of Perrigo from a "buy" rating to a "hold" rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

Insiders Place Their Bets

In other news, Director Katherine C. Doyle sold 8,954 shares of the company'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 transaction of $244,444.20. Following the completion of the sale, the director now owns 6,009 shares of the company's stock, valued at approximately $164,045.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, 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 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 this hyperlink. Also, EVP Ronald Craig Janish sold 13,000 shares of the company's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $29.40, for a total value of $382,200.00. Following the sale, the executive vice president now owns 20,553 shares of the company's stock, valued at approximately $604,258.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,254 shares of company stock worth $1,411,969 over the last ninety days. Corporate insiders own 0.40% of the company's stock.

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.

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