BW Gestao de Investimentos Ltda. Acquires 201,252 Shares of Perrigo Company plc $PRGO

Key Points

• BW Gestao de Investimentos Ltda. increased its stake in Perrigo Company plc by 18.3%, owning 1,298,444 shares, which accounts for approximately 1.1% of its investment portfolio.
• Perrigo reported earnings of $0.57 per share for the last quarter, missing estimates by $0.02, and had a revenue of $1.06 billion, below the expected $1.08 billion.
• The company announced a quarterly dividend of $0.29 per share to be paid on September 16th, representing a 4.9% yield based on an annualized dividend of $1.16.

BW Gestao de Investimentos Ltda. grew its stake in shares of Perrigo Company plc (NYSE:PRGO - Free Report) by 18.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,298,444 shares of the company's stock after buying an additional 201,252 shares during the period. Perrigo makes up 1.1% of BW Gestao de Investimentos Ltda.'s portfolio, making the stock its 9th biggest position. BW Gestao de Investimentos Ltda. owned approximately 0.94% of Perrigo worth $36,408,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRGO. Picton Mahoney Asset Management bought a new position in Perrigo during the first quarter worth about $42,000. Parallel Advisors LLC lifted its holdings in shares of Perrigo by 176.9% during the 1st 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. lifted its holdings in shares of Perrigo by 138.3% during the 1st 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 lifted its holdings in shares of Perrigo by 62.0% during the 1st 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. lifted its holdings in shares of Perrigo by 110.4% during the 1st 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 Down 2.0%

Perrigo stock traded down $0.44 during midday trading on Monday, reaching $22.21. The stock had a trading volume of 565,134 shares, compared to its average volume of 1,479,933. The stock has a market capitalization of $3.06 billion, a P/E ratio of -38.23 and a beta of 0.48. Perrigo Company plc has a 1-year low of $21.03 and a 1-year high of $30.93. The firm's fifty day simple moving average is $25.49 and its 200-day simple moving average is $26.17. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 2.32.

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

Perrigo Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 29th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.16 annualized dividend and a dividend yield of 5.2%. Perrigo's payout ratio is -200.00%.

Analyst Ratings Changes

Several research firms have recently weighed in on PRGO. JPMorgan Chase & Co. cut their price objective on Perrigo from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Canaccord Genuity Group dropped their target price on Perrigo from $42.00 to $40.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Finally, Wall Street Zen raised Perrigo from a "hold" rating to a "buy" rating in a research report on Friday. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $33.00.

Insiders Place Their Bets

In related news, Director Geoffrey M. Parker purchased 4,375 shares of the stock in a transaction on Monday, August 18th. The shares were purchased at an average price of $22.97 per share, with a total value of $100,493.75. Following the transaction, the director directly owned 33,287 shares of the company's stock, valued at $764,602.39. This trade represents a 15.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert Willis purchased 1,488 shares of the stock in a transaction on Friday, August 22nd. The shares were bought at an average cost of $24.10 per share, for a total transaction of $35,860.80. Following the transaction, the executive vice president directly owned 41,939 shares in the company, valued at approximately $1,010,729.90. The trade was a 3.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 8,863 shares of company stock valued at $204,575 in the last 90 days. 0.40% of the stock is currently owned by insiders.

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.