Cutter Capital Management LP Purchases 185,000 Shares of Perrigo Company plc $PRGO

Key Points

• Cutter Capital Management LP increased its position in Perrigo Company plc by 62.8% in Q1, making it the fund's 8th largest holding with approximately 5.9% of its total assets.
• Perrigo has announced a quarterly dividend of $0.29 per share, with a scheduled payment date of September 16th, which represents an annualized yield of 5.0%.
• The company faced a miss on earnings in its last quarterly report, with earnings per share of $0.57, below analysts' expectations of $0.59.

Cutter Capital Management LP lifted its holdings in shares of Perrigo Company plc (NYSE:PRGO - Free Report) by 62.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 479,517 shares of the company's stock after acquiring an additional 185,000 shares during the quarter. Perrigo makes up about 5.9% of Cutter Capital Management LP's portfolio, making the stock its 8th biggest holding. Cutter Capital Management LP owned 0.35% of Perrigo worth $13,446,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its position in Perrigo by 41.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,073,026 shares of the company's stock worth $310,488,000 after purchasing an additional 3,227,487 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Perrigo by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,135,741 shares of the company's stock worth $200,085,000 after buying an additional 146,211 shares during the last quarter. Deprince Race & Zollo Inc. boosted its holdings in shares of Perrigo by 1.1% during the 4th quarter. Deprince Race & Zollo Inc. now owns 4,557,844 shares of the company's stock worth $117,182,000 after buying an additional 50,728 shares during the period. Sound Shore Management Inc. CT grew its stake in Perrigo by 23.1% in the 1st quarter. Sound Shore Management Inc. CT now owns 3,285,167 shares of the company's stock valued at $92,116,000 after buying an additional 616,387 shares during the last quarter. Finally, Copeland Capital Management LLC raised its holdings in Perrigo by 2.6% in the 1st quarter. Copeland Capital Management LLC now owns 2,452,786 shares of the company's stock valued at $68,776,000 after acquiring an additional 63,022 shares during the period. Institutional investors own 95.91% of the company's stock.

Insiders Place Their Bets

In related news, CFO Eduardo Guarita Bezerra bought 3,000 shares of the company's stock in a transaction dated Monday, August 18th. The stock was purchased at an average price of $22.74 per share, with a total value 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 $1,113,100.26. The trade was a 6.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Geoffrey M. Parker purchased 4,375 shares of Perrigo stock in a transaction dated Monday, August 18th. The stock was bought at an average price of $22.97 per share, for a total transaction of $100,493.75. Following the completion of the purchase, the director owned 33,287 shares in the company, valued at $764,602.39. This represents a 15.13% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 8,863 shares of company stock valued at $204,575. 0.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PRGO has been the topic of several research reports. Wall Street Zen raised Perrigo from a "hold" rating to a "buy" rating in a research report on Friday. JPMorgan Chase & Co. reduced their price target on Perrigo from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group lowered their price objective on Perrigo from $42.00 to $40.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $33.00.

Perrigo Price Performance

NYSE PRGO traded down $0.08 during midday trading on Tuesday, hitting $22.25. The company had a trading volume of 783,726 shares, compared to its average volume of 1,483,790. The company has a current ratio of 2.32, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $3.06 billion, a PE ratio of -38.43 and a beta of 0.48. The firm has a 50-day moving average price of $25.40 and a 200-day moving average price of $26.15. Perrigo Company plc has a twelve month low of $21.03 and a twelve month high of $30.93.

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

Perrigo Announces Dividend

The firm 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 5.2%. The ex-dividend date is Friday, August 29th. Perrigo's payout ratio is currently -200.00%.

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.