Northern Trust Corp Buys 35,058 Shares of Perrigo Company plc $PRGO

Key Points

• Northern Trust Corp increased its stake in Perrigo Company plc by 2.5% during the 1st quarter, owning approximately 1.04% of the company valued at about $39.96 million after purchasing an additional 35,058 shares.
• Analysts have recently downgraded Perrigo's stock rating, with a consensus rating of "Hold" and an average target price of $33.00, indicating a less optimistic outlook.
• Perrigo announced a quarterly dividend of $0.29 per share, representing an annualized yield of 4.9%, scheduled to be paid on September 16th to investors of record by August 29th.

Northern Trust Corp raised its position in Perrigo Company plc (NYSE:PRGO - Free Report) by 2.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,425,065 shares of the company's stock after purchasing an additional 35,058 shares during the quarter. Northern Trust Corp owned 1.04% of Perrigo worth $39,959,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management purchased a new position in Perrigo during the first quarter valued at approximately $42,000. Parallel Advisors LLC lifted 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 worth $48,000 after buying an additional 1,095 shares during the period. First Horizon Advisors Inc. raised its holdings 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 during the last quarter. Fifth Third Bancorp raised its holdings in shares of Perrigo by 62.0% during the first quarter. Fifth Third Bancorp now owns 2,218 shares of the company's stock worth $62,000 after purchasing an additional 849 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in Perrigo by 110.4% in the first quarter. Blue Trust Inc. now owns 2,619 shares of the company's stock valued at $73,000 after buying an additional 1,374 shares in the last quarter. 95.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on PRGO. Canaccord Genuity Group cut their price objective on shares of Perrigo from $42.00 to $40.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Wall Street Zen lowered shares of Perrigo from a "buy" rating to a "hold" rating in a research report on Sunday, August 24th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Perrigo from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $33.00.

Perrigo Price Performance

Perrigo stock traded down $0.22 during trading hours on Tuesday, hitting $23.52. 340,316 shares of the company traded hands, compared to its average volume of 1,471,554. The firm has a market cap of $3.24 billion, a P/E ratio of -40.52 and a beta of 0.48. The company has a quick ratio of 1.24, a current ratio of 2.32 and a debt-to-equity ratio of 0.81. The firm's 50-day simple moving average is $25.77 and its two-hundred day simple moving average is $26.21. Perrigo Company plc has a 1-year low of $21.03 and a 1-year high of $30.93.

Perrigo (NYSE:PRGO - Get Free Report) last posted its quarterly earnings data 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). 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 last year, the business posted $0.53 EPS. The business's revenue for the quarter was down .9% on a year-over-year basis. As a group, analysts forecast that Perrigo Company plc will post 2.56 earnings per share for the current fiscal year.

Perrigo Announces Dividend

The firm also recently disclosed 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. This represents a $1.16 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Friday, August 29th. Perrigo's dividend payout ratio (DPR) is presently -200.00%.

Insider Activity at Perrigo

In related news, CFO Eduardo Guarita Bezerra bought 3,000 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were acquired at an average price of $22.74 per share, with a total value 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. The trade was a 6.53% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert Willis purchased 1,488 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were acquired at an average price of $24.10 per share, for a total transaction of $35,860.80. Following the purchase, the executive vice president directly owned 41,939 shares of the company's stock, valued at approximately $1,010,729.90. This represents a 3.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 8,863 shares of company stock valued at $204,575. 0.40% of the stock is currently owned by corporate insiders.

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.