Ridgewood Investments LLC Cuts Stock Holdings in Perrigo Company plc $PRGO

Key Points

• Ridgewood Investments LLC has reduced its stake in Perrigo Company plc by 71.5% and currently holds 7,953 shares valued at approximately $213,000.
• Perrigo reported a quarterly earnings miss with $0.57 EPS, falling short of the expected $0.59, and its revenue decreased by 0.9% year-over-year.
• The company declared a quarterly dividend of $0.29, resulting in an annualized yield of 5.6%, but has a negative dividend payout ratio of -200%.

Ridgewood Investments LLC trimmed its position in shares of Perrigo Company plc (NYSE:PRGO - Free Report) by 71.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,953 shares of the company's stock after selling 19,973 shares during the quarter. Ridgewood Investments LLC's holdings in Perrigo were worth $213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. State of Michigan Retirement System boosted its holdings in Perrigo by 1.2% during the 1st quarter. State of Michigan Retirement System now owns 32,658 shares of the company's stock worth $916,000 after acquiring an additional 400 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in Perrigo by 54.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,201 shares of the company's stock worth $32,000 after acquiring an additional 424 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in Perrigo by 2.8% during the 1st quarter. State of Alaska Department of Revenue now owns 15,984 shares of the company's stock worth $448,000 after acquiring an additional 430 shares during the last quarter. Amundi boosted its holdings in shares of Perrigo by 11.7% in the 1st quarter. Amundi now owns 5,292 shares of the company's stock worth $148,000 after buying an additional 556 shares during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its holdings in shares of Perrigo by 1.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 57,625 shares of the company's stock worth $1,540,000 after buying an additional 570 shares during the last quarter. 95.91% of the stock is owned by hedge funds and other institutional investors.

Perrigo Stock Down 1.9%

PRGO stock opened at $20.86 on Tuesday. 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's 50 day moving average is $24.29 and its 200 day moving average is $25.76. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of -35.96 and a beta of 0.48. Perrigo Company plc has a 1-year low of $20.51 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). The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the company posted $0.53 earnings per share. Sell-side analysts predict that Perrigo Company plc will post 2.56 EPS for the current fiscal year.

Perrigo Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Friday, August 29th were paid a $0.29 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $1.16 annualized dividend and a yield of 5.6%. Perrigo's dividend payout ratio is currently -200.00%.

Insider Transactions at Perrigo

In other news, Director Geoffrey M. Parker bought 4,375 shares of the business's stock in a transaction on Monday, August 18th. The stock was acquired at an average price of $22.97 per share, with a total value of $100,493.75. Following the completion of the purchase, the director directly owned 33,287 shares in the company, valued at $764,602.39. This represents a 15.13% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Eduardo Guarita Bezerra bought 3,000 shares of the business's stock in a transaction on Monday, August 18th. The stock was purchased at an average cost of $22.74 per share, with a total value of $68,220.00. Following the purchase, the chief financial officer owned 48,949 shares of the company's stock, valued at $1,113,100.26. This represents a 6.53% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 10,118 shares of company stock worth $232,699 in the last three months. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group cut their price target on shares of Perrigo from $42.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. JPMorgan Chase & Co. cut their price target 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. Finally, Wall Street Zen downgraded shares of Perrigo from a "buy" rating to a "hold" rating in a report on Saturday. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $34.00.

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.

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