Perrigo’s (PRGO) Buy Rating Reiterated at UBS AG
UBS AG restated their buy rating on shares of Perrigo Company (NYSE:PRGO) in a research note published on Thursday morning, 99wallstreet.com reports. The firm currently has a $98.00 target price on the stock, up from their prior target price of $84.00.
Several other research analysts have also issued reports on the company. Royal Bank Of Canada set a $60.00 target price on Perrigo and gave the company a sell rating in a research report on Sunday, July 16th. Deutsche Bank AG restated a buy rating and set a $88.00 target price (up previously from $86.00) on shares of Perrigo in a research report on Monday, July 17th. Cantor Fitzgerald boosted their target price on Perrigo from $93.00 to $107.00 and gave the company an overweight rating in a research report on Tuesday, September 12th. Canaccord Genuity restated a buy rating and set a $100.00 target price (up previously from $88.00) on shares of Perrigo in a research report on Wednesday, September 13th. Finally, CIBC started coverage on Perrigo in a research report on Thursday, September 7th. They set an outperform rating and a $88.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of Hold and an average price target of $88.50.
Perrigo (NYSE:PRGO) traded down 0.47% during trading on Thursday, hitting $86.82. The stock had a trading volume of 932,023 shares. Perrigo has a 52-week low of $63.68 and a 52-week high of $92.97. The firm’s market cap is $12.38 billion. The company has a 50-day moving average of $82.88 and a 200 day moving average of $74.75.
Perrigo (NYSE:PRGO) last announced its earnings results on Thursday, August 10th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.28. Perrigo had a positive return on equity of 11.55% and a negative net margin of 51.04%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the business earned $1.93 earnings per share. The company’s revenue for the quarter was down 7.7% compared to the same quarter last year. On average, equities research analysts predict that Perrigo will post $4.58 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date was Wednesday, August 23rd. Perrigo’s dividend payout ratio (DPR) is -3.51%.
In related news, EVP Thomas Farrington sold 616 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $76.90, for a total value of $47,370.40. Following the completion of the transaction, the executive vice president now owns 2,724 shares of the company’s stock, valued at $209,475.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jeffrey Needham sold 3,595 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $89.49, for a total transaction of $321,716.55. Following the completion of the transaction, the executive vice president now directly owns 10,118 shares of the company’s stock, valued at approximately $905,459.82. 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. 6.90% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. Korea Investment CORP raised its stake in Perrigo by 142.0% in the second quarter. Korea Investment CORP now owns 1,331 shares of the company’s stock worth $101,000 after buying an additional 781 shares in the last quarter. Commonwealth Bank of Australia raised its stake in Perrigo by 13.8% in the second quarter. Commonwealth Bank of Australia now owns 1,455 shares of the company’s stock worth $108,000 after buying an additional 176 shares in the last quarter. Johnson Financial Group Inc. raised its stake in Perrigo by 15.6% in the first quarter. Johnson Financial Group Inc. now owns 1,775 shares of the company’s stock worth $118,000 after buying an additional 240 shares in the last quarter. Bessemer Group Inc. raised its stake in Perrigo by 1,046.2% in the second quarter. Bessemer Group Inc. now owns 2,235 shares of the company’s stock worth $169,000 after buying an additional 2,040 shares in the last quarter. Finally, Global X Management Co. LLC raised its stake in Perrigo by 56.4% in the first quarter. Global X Management Co. LLC now owns 2,370 shares of the company’s stock worth $157,000 after buying an additional 855 shares in the last quarter. 82.44% of the stock is owned by institutional investors.
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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