Perrigo Company (PRGO) Raised to “Sector Perform” at Royal Bank Of Canada
Royal Bank Of Canada upgraded shares of Perrigo Company (NYSE:PRGO) from an underperform rating to a sector perform rating in a report issued on Friday morning, Marketbeat Ratings reports. The brokerage currently has $86.00 price target on the stock, up from their previous price target of $64.00.
Several other analysts also recently issued reports on PRGO. Cantor Fitzgerald reaffirmed a buy rating and issued a $107.00 price target on shares of Perrigo in a report on Thursday. Goldman Sachs Group, Inc. (The) raised shares of Perrigo from a sell rating to a neutral rating and upped their price objective for the company from $66.00 to $79.00 in a research note on Friday, August 11th. Jefferies Group LLC reissued a hold rating and set a $71.00 price objective (up previously from $69.00) on shares of Perrigo in a research note on Friday, August 11th. Stifel Nicolaus reissued a hold rating on shares of Perrigo in a research note on Friday, August 11th. Finally, BidaskClub downgraded shares of Perrigo from a sell rating to a strong sell rating in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $91.50.
Shares of Perrigo (PRGO) traded down $0.29 during midday trading on Friday, hitting $87.70. 1,406,400 shares of the company’s stock traded hands, compared to its average volume of 1,747,689. Perrigo has a 12 month low of $63.68 and a 12 month high of $91.95. The stock has a market capitalization of $12,351.73, a P/E ratio of 17.90, a PEG ratio of 1.89 and a beta of 0.69. The company has a quick ratio of 1.24, a current ratio of 1.72 and a debt-to-equity ratio of 0.54.
Perrigo (NYSE:PRGO) last announced its quarterly earnings results on Thursday, November 9th. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.28. Perrigo had a negative net margin of 26.28% and a positive return on equity of 11.60%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the firm earned $1.65 earnings per share. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. equities research analysts expect that Perrigo will post 4.9 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Stockholders of record on Friday, December 1st will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 0.73%. The ex-dividend date is Thursday, November 30th. Perrigo’s payout ratio is currently -6.99%.
In other news, EVP Jeffrey Needham sold 3,595 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $89.49, for a total value of $321,716.55. Following the completion of the sale, the executive vice president now owns 10,118 shares of the company’s stock, valued at $905,459.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sharon Kochan sold 1,500 shares of the stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $79.03, for a total transaction of $118,545.00. Following the completion of the sale, the executive vice president now directly owns 10,349 shares of the company’s stock, valued at approximately $817,881.47. The disclosure for this sale can be found here. Insiders sold 6,894 shares of company stock valued at $581,320 in the last three months. Company insiders own 6.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Perrigo by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 14,874,096 shares of the company’s stock valued at $1,123,292,000 after acquiring an additional 299,328 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Perrigo by 117.7% in the 2nd quarter. Franklin Resources Inc. now owns 8,109,742 shares of the company’s stock worth $612,448,000 after buying an additional 4,383,903 shares during the last quarter. State Street Corp lifted its position in shares of Perrigo by 1.7% in the 2nd quarter. State Street Corp now owns 6,757,086 shares of the company’s stock worth $510,294,000 after buying an additional 112,287 shares during the last quarter. Manning & Napier Advisors LLC lifted its position in shares of Perrigo by 6.8% in the 2nd quarter. Manning & Napier Advisors LLC now owns 2,586,068 shares of the company’s stock worth $195,298,000 after buying an additional 165,232 shares during the last quarter. Finally, Parnassus Investments CA lifted its position in shares of Perrigo by 7.1% in the 3rd quarter. Parnassus Investments CA now owns 2,257,000 shares of the company’s stock worth $191,055,000 after buying an additional 150,000 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.
Perrigo Company plc is a global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, animal health, dietary supplements, active pharmaceutical ingredients (API), and medical diagnostic products, and Multiple Sclerosis drug Tysabri.
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