Perrigo (NYSE:PRGO) Hits New 12-Month Low - Here's What Happened

Perrigo Company plc (NYSE:PRGO - Get Free Report) hit a new 52-week low during trading on Tuesday . The stock traded as low as $23.70 and last traded at $23.71, with a volume of 113198 shares. The stock had previously closed at $24.34.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Argus lowered Perrigo from a "buy" rating to a "hold" rating in a research note on Tuesday. Jefferies Financial Group reissued a "hold" rating and issued a $30.00 target price (down from $50.00) on shares of Perrigo in a research note on Monday, September 23rd. Piper Sandler lowered Perrigo from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $34.00 to $27.00 in a research report on Monday, January 6th. Canaccord Genuity Group reiterated a "buy" rating and set a $42.00 price target on shares of Perrigo in a report on Monday, September 30th. Finally, StockNews.com lowered shares of Perrigo from a "buy" rating to a "hold" rating in a report on Saturday. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $35.00.

Perrigo Stock Down 3.2 %

The company has a quick ratio of 1.77, a current ratio of 2.56 and a debt-to-equity ratio of 0.94. The stock has a market cap of $3.22 billion, a PE ratio of -20.15 and a beta of 0.53. The firm has a fifty day moving average of $26.71 and a 200 day moving average of $26.80.

Perrigo (NYSE:PRGO - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.81 EPS for the quarter, meeting the consensus estimate of $0.81. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.12 billion. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. The firm's revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. On average, equities research analysts anticipate that Perrigo Company plc will post 2.56 EPS for the current fiscal year.

Perrigo Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 17th. Stockholders of record on Friday, November 29th were issued a $0.276 dividend. This represents a $1.10 annualized dividend and a dividend yield of 4.68%. The ex-dividend date was Friday, November 29th. Perrigo's payout ratio is currently -94.02%.

Insider Buying and Selling

In other news, Director Jeffrey B. Kindler sold 17,598 shares of the company's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $28.27, for a total transaction of $497,495.46. Following the completion of the sale, the director now owns 5,409 shares in the company, valued at $152,912.43. This represents a 76.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Perrigo

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of Perrigo by 3.6% in the second quarter. Dimensional Fund Advisors LP now owns 7,162,656 shares of the company's stock valued at $183,935,000 after buying an additional 249,640 shares in the last quarter. Deprince Race & Zollo Inc. raised its position in shares of Perrigo by 11.2% in the second quarter. Deprince Race & Zollo Inc. now owns 3,882,438 shares of the company's stock valued at $99,701,000 after buying an additional 391,646 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Perrigo by 229.2% during the third quarter. Wellington Management Group LLP now owns 2,697,698 shares of the company's stock valued at $70,761,000 after buying an additional 1,878,145 shares during the period. Copeland Capital Management LLC boosted its position in Perrigo by 23.1% during the third 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, Sound Shore Management Inc. CT grew its stake in Perrigo by 5.2% in the 2nd quarter. Sound Shore Management Inc. CT now owns 2,391,049 shares of the company's stock worth $61,402,000 after acquiring an additional 117,230 shares during the period. 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.