Sound Income Strategies LLC Has $14.13 Million Stock Holdings in Perrigo Company plc $PRGO

Key Points

• Sound Income Strategies LLC increased its stake in Perrigo Company plc by 6.2%, now holding approximately 528,964 shares valued at $14.13 million.
• Analysts have mixed views on Perrigo, with Canaccord Genuity lowering the price target from $42.00 to $40.00 while maintaining a "buy" rating, and JPMorgan cut theirs from $38.00 to $35.00, marking a general shift in market sentiment.
• Insider transactions saw CFO Eduardo Guarita Bezerra purchase 3,000 shares and Director Geoffrey M. Parker acquire 4,375 shares, indicating insider confidence in the company despite recent stock performance challenges.

Sound Income Strategies LLC lifted its stake in shares of Perrigo Company plc (NYSE:PRGO - Free Report) by 6.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 528,964 shares of the company's stock after purchasing an additional 30,888 shares during the period. Sound Income Strategies LLC owned approximately 0.38% of Perrigo worth $14,134,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. State of Michigan Retirement System raised its position in shares of Perrigo by 1.2% during the first quarter. State of Michigan Retirement System now owns 32,658 shares of the company's stock worth $916,000 after purchasing an additional 400 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in Perrigo by 54.6% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,201 shares of the company's stock valued at $32,000 after buying an additional 424 shares during the period. State of Alaska Department of Revenue raised its position in Perrigo by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 15,984 shares of the company's stock valued at $448,000 after buying an additional 430 shares during the period. Amundi raised its position in Perrigo by 11.7% during the first quarter. Amundi now owns 5,292 shares of the company's stock valued at $148,000 after buying an additional 556 shares during the period. Finally, Public Employees Retirement System of Ohio raised its position in Perrigo by 1.4% during the second quarter. Public Employees Retirement System of Ohio now owns 42,290 shares of the company's stock valued at $1,130,000 after buying an additional 564 shares during the period. 95.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Canaccord Genuity Group dropped their price target on Perrigo from $42.00 to $40.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Wall Street Zen raised Perrigo from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, JPMorgan Chase & Co. dropped their price target on Perrigo from $38.00 to $35.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.00.

Insider Buying and Selling

In related news, CFO Eduardo Guarita Bezerra purchased 3,000 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was bought at an average price of $22.74 per share, for a total transaction of $68,220.00. Following the purchase, the chief financial officer owned 48,949 shares in the company, 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 SEC, which can be accessed through this link. Also, Director Geoffrey M. Parker purchased 4,375 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were bought at an average price of $22.97 per share, with a total value of $100,493.75. Following 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. In the last 90 days, insiders have purchased 10,118 shares of company stock worth $232,699. Insiders own 0.40% of the company's stock.

Perrigo Stock Performance

Shares of NYSE PRGO opened at $21.41 on Monday. The business's 50-day moving average price is $23.82 and its two-hundred day moving average price is $25.58. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.32 and a quick ratio of 1.24. Perrigo Company plc has a one year low of $20.51 and a one year high of $30.93. The company has a market capitalization of $2.94 billion, a P/E ratio of -36.90 and a beta of 0.48.

Perrigo (NYSE:PRGO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.57 EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter last year, the firm earned $0.53 EPS. The business's revenue for the quarter was down .9% compared to the same quarter last year. Analysts anticipate that Perrigo Company plc will post 2.56 earnings per share for the current fiscal year.

Perrigo Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Friday, August 29th were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Friday, August 29th. Perrigo's dividend payout ratio is -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.

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