Invesco Ltd. Grows Stock Holdings in Perrigo Company plc $PRGO

Key Points

• Invesco Ltd. increased its stake in Perrigo Company by 4.5%, acquiring an additional 69,753 shares, bringing its total ownership to approximately 1.20% valued at around $45.85 million.
• Institutional investors now own 95.91% of Perrigo's stock, with notable increases from firms like Price T Rowe Associates, which raised its position by 6,828.9% in the last quarter.
• Perrigo Company plans to distribute a quarterly dividend of $0.29, set to be paid on September 16th, reflecting a dividend yield of 5.1% based on current stock prices.

Invesco Ltd. boosted its holdings in Perrigo Company plc (NYSE:PRGO - Free Report) by 4.5% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,635,304 shares of the company's stock after acquiring an additional 69,753 shares during the quarter. Invesco Ltd. owned 1.20% of Perrigo worth $45,854,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Diamond Hill Capital Management Inc. grew its holdings in shares of Perrigo by 0.6% during the first quarter. Diamond Hill Capital Management Inc. now owns 1,894,739 shares of the company's stock worth $53,128,000 after purchasing an additional 11,256 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Perrigo by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 313,849 shares of the company's stock worth $8,800,000 after buying an additional 914 shares during the last quarter. D.A. Davidson & CO. purchased a new stake in shares of Perrigo during the 1st quarter valued at $1,619,000. GAMMA Investing LLC lifted its holdings in shares of Perrigo by 91.9% during the 1st quarter. GAMMA Investing LLC now owns 3,685 shares of the company's stock worth $103,000 after acquiring an additional 1,765 shares during the last quarter. Finally, Beach Investment Counsel Inc. PA purchased a new position in Perrigo in the first quarter worth $1,526,000. Hedge funds and other institutional investors own 95.91% of the company's stock.

Insider Transactions at Perrigo

In related news, Director Geoffrey M. Parker acquired 4,375 shares of the stock in a transaction on Monday, August 18th. The stock was acquired at an average cost of $22.97 per share, for a total transaction of $100,493.75. Following the completion of the acquisition, the director directly owned 33,287 shares of the company's stock, valued at approximately $764,602.39. This represents a 15.13% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Eduardo Guarita Bezerra bought 3,000 shares of Perrigo stock in a transaction on Monday, August 18th. The shares were purchased at an average price of $22.74 per share, for a total transaction of $68,220.00. Following the acquisition, the chief financial officer directly owned 48,949 shares in the company, valued at approximately $1,113,100.26. This trade represents a 6.53% increase in their position. The disclosure for this purchase can be found here. 0.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on PRGO. JPMorgan Chase & Co. lowered their price target on Perrigo from $38.00 to $35.00 and set an "overweight" rating on the stock in a research report 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 raised shares of Perrigo from a "hold" rating to a "buy" rating in a research note on Saturday. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Perrigo currently has an average rating of "Hold" and a consensus target price of $33.00.

Perrigo Trading Up 2.3%

PRGO traded up $0.5350 during midday trading on Tuesday, reaching $23.5650. 1,762,521 shares of the company's stock traded hands, compared to its average volume of 1,859,979. Perrigo Company plc has a 52 week low of $21.03 and a 52 week high of $30.93. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.32 and a quick ratio of 1.24. The firm has a fifty day moving average of $26.28 and a two-hundred day moving average of $26.25. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of -40.63 and a beta of 0.47.

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

Perrigo Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Friday, August 29th will be given a dividend of $0.29 per share. The ex-dividend date is Friday, August 29th. This represents a $1.16 annualized dividend and a dividend yield of 4.9%. Perrigo's payout ratio is currently -200.00%.

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.