Perrigo Company plc $PRGO Shares Acquired by Seven Six Capital Management LLC

Key Points

• Seven Six Capital Management LLC increased its stake in Perrigo Company plc by 19.3%, now holding 284,000 shares worth approximately $7.96 million, making it the firm's 4th largest holding.
• Perrigo has a dividend yield of 5.1% with an upcoming quarterly dividend of $0.29 per share to be paid on September 16th.
• Despite a recent earnings miss where Perrigo reported $0.57 EPS, analysts have varied views, with some firms raising buy ratings while others lowered target prices, highlighting mixed market sentiment.

Seven Six Capital Management LLC increased its stake in Perrigo Company plc (NYSE:PRGO - Free Report) by 19.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 284,000 shares of the company's stock after purchasing an additional 46,000 shares during the period. Perrigo accounts for 7.1% of Seven Six Capital Management LLC's portfolio, making the stock its 4th largest position. Seven Six Capital Management LLC owned approximately 0.21% of Perrigo worth $7,963,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Picton Mahoney Asset Management acquired a new stake in Perrigo in the 1st quarter valued at approximately $42,000. Parallel Advisors LLC increased its position in Perrigo by 176.9% in the 1st quarter. Parallel Advisors LLC now owns 1,714 shares of the company's stock valued at $48,000 after acquiring an additional 1,095 shares during the period. First Horizon Advisors Inc. increased its position in Perrigo by 138.3% in the 1st quarter. First Horizon Advisors Inc. now owns 1,754 shares of the company's stock valued at $49,000 after acquiring an additional 1,018 shares during the period. Fifth Third Bancorp increased its position in Perrigo by 62.0% in the 1st quarter. Fifth Third Bancorp now owns 2,218 shares of the company's stock valued at $62,000 after acquiring an additional 849 shares during the period. Finally, Blue Trust Inc. increased its position in Perrigo by 110.4% in the 1st quarter. Blue Trust Inc. now owns 2,619 shares of the company's stock valued at $73,000 after acquiring an additional 1,374 shares during the period. Institutional investors own 95.91% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. JPMorgan Chase & Co. lowered their target price 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 lowered 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 upgraded Perrigo from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Perrigo has a consensus rating of "Hold" and an average price target of $33.00.

Perrigo Price Performance

Shares of PRGO stock traded down $0.24 during mid-day trading on Friday, hitting $22.31. 403,749 shares of the stock traded hands, compared to its average volume of 1,481,505. Perrigo Company plc has a twelve month low of $21.03 and a twelve month high of $30.93. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of -38.46 and a beta of 0.48. The company's 50-day simple moving average is $25.10 and its 200-day simple moving average is $26.07. 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 issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.57 earnings per share (EPS) 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 firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the business posted $0.53 earnings per share. The firm's revenue for the quarter was down .9% compared to the same quarter last year. As a group, equities research analysts expect that Perrigo Company plc will post 2.56 earnings per share for the current year.

Perrigo Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Friday, August 29th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date is Friday, August 29th. Perrigo's payout ratio is presently -200.00%.

Insider Buying and Selling

In related news, CFO Eduardo Guarita Bezerra bought 3,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were acquired at an average cost 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 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 document filed with the SEC, which is available through this link. Also, EVP Abigail Lennox bought 1,255 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The stock was bought at an average price of $22.41 per share, for a total transaction of $28,124.55. Following the completion of the acquisition, the executive vice president directly owned 1,255 shares in the company, valued at approximately $28,124.55. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 10,118 shares of company stock valued at $232,699. Insiders own 0.70% of the company's stock.

Perrigo 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.