Charles Schwab Investment Management Inc. Sells 25,958 Shares of Perrigo Company plc $PRGO

Key Points

• Charles Schwab Investment Management Inc. has reduced its holdings in Perrigo Company plc by 2.5%, selling 25,958 shares and now owning approximately 1,022,047 shares valued at $28.7 million.
• Perrigo recently reported a quarterly EPS of $0.57, missing analyst expectations by $0.02, with revenue dropping 0.9% year-over-year, prompting a decline in its stock price targets from various analysts.
• The company has declared a quarterly dividend of $0.29, representing an annualized yield of 4.9%, with a payout ratio of -200.00% as of the end of the latest quarter.

Charles Schwab Investment Management Inc. cut its holdings in shares of Perrigo Company plc (NYSE:PRGO - Free Report) by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,022,047 shares of the company's stock after selling 25,958 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.75% of Perrigo worth $28,658,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the company. State of Michigan Retirement System raised its stake in shares of Perrigo by 1.2% in the first quarter. State of Michigan Retirement System now owns 32,658 shares of the company's stock valued at $916,000 after purchasing an additional 400 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of Perrigo by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 15,984 shares of the company's stock valued at $448,000 after purchasing an additional 430 shares in the last quarter. Linden Thomas Advisory Services LLC raised its stake in shares of Perrigo by 3.8% in the first quarter. Linden Thomas Advisory Services LLC now owns 19,707 shares of the company's stock valued at $553,000 after purchasing an additional 724 shares in the last quarter. Snowden Capital Advisors LLC raised its stake in shares of Perrigo by 3.6% in the fourth quarter. Snowden Capital Advisors LLC now owns 24,337 shares of the company's stock valued at $626,000 after purchasing an additional 842 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of Perrigo by 62.0% in the first quarter. Fifth Third Bancorp now owns 2,218 shares of the company's stock valued at $62,000 after purchasing an additional 849 shares in the last quarter. 95.91% of the stock is currently owned by institutional investors and hedge funds.

Perrigo Price Performance

Perrigo stock traded up $1.0640 during mid-day trading on Friday, hitting $24.4940. 2,472,880 shares of the company were exchanged, compared to its average volume of 1,953,982. The company has a quick ratio of 1.24, a current ratio of 2.32 and a debt-to-equity ratio of 0.81. The business has a fifty day moving average of $26.08 and a 200 day moving average of $26.23. Perrigo Company plc has a 1-year low of $21.03 and a 1-year high of $30.93. The company has a market capitalization of $3.37 billion, a PE ratio of -42.23 and a beta of 0.47.

Perrigo (NYSE:PRGO - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.02). Perrigo had a positive return on equity of 9.09% and a negative net margin of 1.86%.The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the prior year, the company earned $0.53 earnings per share. The business's revenue was down .9% compared to the same quarter last year. As a group, sell-side analysts expect that Perrigo Company plc will post 2.56 earnings per share for the current year.

Perrigo Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Friday, August 29th. Perrigo's dividend payout ratio is presently -200.00%.

Analysts Set New Price Targets

PRGO has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their target price on Perrigo from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Canaccord Genuity Group cut their target price on Perrigo from $42.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Finally, Wall Street Zen lowered Perrigo from a "buy" rating to a "hold" rating in a research note on Sunday. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Perrigo has a consensus rating of "Hold" and a consensus price target of $33.00.

Insider Transactions at Perrigo

In other Perrigo news, CFO Eduardo Guarita Bezerra bought 3,000 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were bought at an average price of $22.74 per share, for a total transaction of $68,220.00. Following the completion of the acquisition, the chief financial officer owned 48,949 shares of the company's stock, valued at approximately $1,113,100.26. This trade represents a 6.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Geoffrey M. Parker bought 4,375 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were acquired at an average price of $22.97 per share, for a total transaction of $100,493.75. Following the acquisition, the director directly owned 33,287 shares of the company's stock, valued at approximately $764,602.39. The trade was a 15.13% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 8,863 shares of company stock worth $204,575. Insiders own 0.70% of the company's stock.

Perrigo Company 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.