Copeland Capital Management LLC Reduces Stock Position in Perrigo Company plc $PRGO

Key Points

• Copeland Capital Management LLC has reduced its stake in Perrigo Company plc by 8.2%, selling 202,329 shares during the second quarter and now owns about 1.64% of the company's stock.
• Perrigo recently reported a quarterly earnings per share (EPS) of $0.57, which fell short of analysts' expectations of $0.59, alongside a revenue of $1.06 billion.
• The company has declared a quarterly dividend of $0.29, reflecting a yield of 5.2%, although its dividend payout ratio stands at a negative 200.00%.

Copeland Capital Management LLC lowered its holdings in Perrigo Company plc (NYSE:PRGO - Free Report) by 8.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 2,250,457 shares of the company's stock after selling 202,329 shares during the quarter. Copeland Capital Management LLC owned about 1.64% of Perrigo worth $60,132,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. increased its stake in Perrigo by 439.1% in the first quarter. Geneos Wealth Management Inc. now owns 965 shares of the company's stock valued at $27,000 after purchasing an additional 786 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Perrigo by 54.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,201 shares of the company's stock worth $32,000 after acquiring an additional 424 shares in the last quarter. Picton Mahoney Asset Management purchased a new stake in Perrigo in the first quarter valued at $42,000. Parallel Advisors LLC boosted its stake in Perrigo by 176.9% in the first quarter. Parallel Advisors LLC now owns 1,714 shares of the company's stock valued at $48,000 after acquiring an additional 1,095 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its position in shares of Perrigo by 138.3% during the first quarter. First Horizon Advisors Inc. now owns 1,754 shares of the company's stock worth $49,000 after purchasing an additional 1,018 shares in the last quarter. Hedge funds and other institutional investors own 95.91% of the company's stock.

Perrigo Trading Down 1.5%

Shares of Perrigo stock opened at $22.17 on Friday. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -38.21 and a beta of 0.43. Perrigo Company plc has a 52-week low of $20.51 and a 52-week high of $30.93. The company's 50-day simple moving average is $23.38 and its 200-day simple moving average is $25.46. The company has a quick ratio of 1.24, a current ratio of 2.32 and a debt-to-equity ratio of 0.81.

Perrigo (NYSE:PRGO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same period last year, the company posted $0.53 earnings per share. The business's quarterly revenue was down .9% on a year-over-year basis. As a group, equities research analysts anticipate 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 was paid on Tuesday, September 16th. Shareholders of record on Friday, August 29th were issued a $0.29 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $1.16 dividend on an annualized basis and a yield of 5.2%. Perrigo's dividend payout ratio (DPR) is -200.00%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PRGO. JPMorgan Chase & Co. decreased their target price on Perrigo from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Wall Street Zen raised shares of Perrigo from a "hold" rating to a "buy" rating in a report on Sunday, September 28th. Finally, Canaccord Genuity Group reduced their price target on shares of Perrigo from $42.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $34.00.

Insider Activity at Perrigo

In related news, CFO Eduardo Guarita Bezerra bought 3,000 shares of the stock in a transaction on Monday, August 18th. The shares were bought at an average cost of $22.74 per share, for a total transaction of $68,220.00. Following the completion of the transaction, the chief financial officer owned 48,949 shares of the company's stock, valued at $1,113,100.26. This represents a 6.53% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Abigail Lennox purchased 1,255 shares of Perrigo stock in a transaction dated Monday, September 8th. The shares were bought at an average price of $22.41 per share, with a total value of $28,124.55. Following the completion of the transaction, the executive vice president owned 1,255 shares in the company, valued at approximately $28,124.55. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 10,118 shares of company stock valued at $232,699 over the last 90 days. Company insiders own 0.70% of the company's stock.

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.

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