Invesco Ltd. Raises Position 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. raised its holdings in shares of Perrigo Company plc (NYSE:PRGO - Free Report) by 4.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,635,304 shares of the company's stock after purchasing an additional 69,753 shares during the period. Invesco Ltd. owned 1.20% of Perrigo worth $45,854,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Picton Mahoney Asset Management bought a new position in shares of Perrigo during the first quarter valued at approximately $42,000. Parallel Advisors LLC increased its stake in shares of Perrigo by 176.9% during the first quarter. Parallel Advisors LLC now owns 1,714 shares of the company's stock valued at $48,000 after purchasing an additional 1,095 shares in the last quarter. First Horizon Advisors Inc. increased its stake 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 valued at $49,000 after purchasing an additional 1,018 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Perrigo by 62.0% during 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. Finally, Blue Trust Inc. increased its stake in shares of Perrigo by 110.4% during the first quarter. Blue Trust Inc. now owns 2,619 shares of the company's stock valued at $73,000 after purchasing an additional 1,374 shares in the last quarter. Institutional investors own 95.91% of the company's stock.

Perrigo Stock Up 2.1%

Shares of PRGO traded up $0.50 on Friday, hitting $23.93. 743,900 shares of the stock traded hands, compared to its average volume of 1,478,687. The company has a market capitalization of $3.29 billion, a PE ratio of -41.33 and a beta of 0.47. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 2.32. The business has a 50 day simple moving average of $26.13 and a 200 day simple moving average of $26.22. Perrigo Company plc has a one year low of $21.03 and a one year high of $30.93.

Perrigo (NYSE:PRGO - Get Free Report) last posted 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 positive return on equity of 9.09% and a negative net margin of 1.86%.The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period last year, the firm posted $0.53 EPS. The company's revenue for the quarter was down .9% on a year-over-year basis. As a group, equities analysts forecast that Perrigo Company plc will post 2.56 earnings per share for the current fiscal year.

Perrigo Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 29th will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Friday, August 29th. Perrigo's payout ratio is -200.00%.

Insider Buying and Selling

In related news, CFO Eduardo Guarita Bezerra bought 3,000 shares of the business's stock in a transaction on Monday, August 18th. The stock was acquired at an average price of $22.74 per share, with a total value of $68,220.00. Following the transaction, the chief financial officer 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Geoffrey M. Parker bought 4,375 shares of the business's stock in a transaction on Monday, August 18th. The stock was bought at an average cost of $22.97 per share, with a total value of $100,493.75. Following the transaction, the director owned 33,287 shares in the company, valued at $764,602.39. This trade represents a 15.13% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.70% of the company's stock.

Analyst Ratings Changes

PRGO has been the subject of a number of analyst reports. JPMorgan Chase & Co. decreased their target price on shares of Perrigo from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Wall Street Zen raised shares of Perrigo from a "hold" rating to a "buy" rating in a research report on Saturday, August 16th. 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 three have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $33.00.

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.