Clearline Capital LP Has $35.54 Million Stock Position in Perrigo Company plc (NYSE:PRGO)

Clearline Capital LP lowered its stake in shares of Perrigo Company plc (NYSE:PRGO - Free Report) by 13.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,382,396 shares of the company's stock after selling 222,010 shares during the period. Perrigo accounts for 4.7% of Clearline Capital LP's holdings, making the stock its 2nd biggest position. Clearline Capital LP owned about 1.01% of Perrigo worth $35,541,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in PRGO. Price T Rowe Associates Inc. MD increased its stake in shares of Perrigo by 6,828.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,845,539 shares of the company's stock worth $201,710,000 after purchasing an additional 7,732,309 shares during the period. Norges Bank acquired a new stake in Perrigo in the 4th quarter worth about $36,614,000. Ion Asset Management Ltd. boosted its holdings in Perrigo by 50.1% in the 4th quarter. Ion Asset Management Ltd. now owns 2,820,000 shares of the company's stock valued at $72,502,000 after purchasing an additional 941,667 shares during the period. BW Gestao de Investimentos Ltda. grew its position in shares of Perrigo by 111.6% during the 4th quarter. BW Gestao de Investimentos Ltda. now owns 1,097,192 shares of the company's stock worth $28,209,000 after purchasing an additional 578,597 shares in the last quarter. Finally, Boone Capital Management LLC raised its position in shares of Perrigo by 126.1% in the fourth quarter. Boone Capital Management LLC now owns 1,022,369 shares of the company's stock valued at $26,285,000 after buying an additional 570,148 shares in the last quarter. 95.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. StockNews.com lowered Perrigo from a "buy" rating to a "hold" rating in a research note on Wednesday, February 19th. Argus downgraded Perrigo from a "buy" rating to a "hold" rating in a research note on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Perrigo has a consensus rating of "Hold" and an average price target of $33.00.

Perrigo Price Performance

PRGO traded down $0.55 on Tuesday, reaching $26.44. The stock had a trading volume of 689,127 shares, compared to its average volume of 1,531,632. The firm has a 50-day moving average of $26.38 and a 200-day moving average of $26.14. The company has a current ratio of 2.56, a quick ratio of 1.77 and a debt-to-equity ratio of 0.94. Perrigo Company plc has a fifty-two week low of $23.14 and a fifty-two week high of $31.17. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of -22.60 and a beta of 0.45.

Perrigo (NYSE:PRGO - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.04. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.09 billion. Perrigo had a positive return on equity of 7.38% and a negative net margin of 3.64%. Perrigo's revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period last year, the company earned $0.29 EPS. As a group, sell-side analysts anticipate that Perrigo Company plc will post 2.56 EPS for the current year.

Perrigo Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, May 30th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend is Friday, May 30th. Perrigo's dividend payout ratio is presently -88.55%.

Insider Activity at Perrigo

In related news, EVP Ronald Craig Janish sold 7,800 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $27.44, for a total transaction of $214,032.00. Following the transaction, the executive vice president now owns 33,666 shares in the company, valued at $923,795.04. The trade was a 18.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.70% of the stock is owned by company insiders.

Perrigo 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.