US Bancorp DE Increases Stock Holdings in Perrigo Company plc (NYSE:PRGO)

Key Points

• US Bancorp DE increased its holdings in Perrigo Company by 430.1%, acquiring an additional 13,483 shares in the first quarter, bringing their total to 16,618 shares valued at $466,000.
• A recent earnings report showed that Perrigo missed analysts' EPS estimates with $0.57 per share, as well as a revenue decline of 0.9% year-over-year.
• Perrigo recently declared a quarterly dividend of $0.29 per share, representing an annualized yield of 5.0%, with the dividend payout ratio currently at -200.00%.

US Bancorp DE increased its stake in Perrigo Company plc (NYSE:PRGO - Free Report) by 430.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 16,618 shares of the company's stock after buying an additional 13,483 shares during the quarter. US Bancorp DE's holdings in Perrigo were worth $466,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRGO. Picton Mahoney Asset Management purchased a new stake in Perrigo in the first quarter worth approximately $42,000. Parallel Advisors LLC lifted its holdings in shares of Perrigo by 176.9% in the 1st quarter. Parallel Advisors LLC now owns 1,714 shares of the company's stock worth $48,000 after acquiring an additional 1,095 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Perrigo by 138.3% in the 1st quarter. First Horizon Advisors Inc. now owns 1,754 shares of the company's stock worth $49,000 after acquiring an additional 1,018 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Perrigo by 62.0% in the 1st quarter. Fifth Third Bancorp now owns 2,218 shares of the company's stock worth $62,000 after acquiring an additional 849 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Perrigo by 110.4% in the 1st quarter. Blue Trust Inc. now owns 2,619 shares of the company's stock worth $73,000 after acquiring an additional 1,374 shares during the last quarter. 95.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Perrigo from a "hold" rating to a "buy" rating in a report on Saturday. JPMorgan Chase & Co. dropped their price objective on Perrigo from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group dropped their price objective on Perrigo from $42.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.00.

Perrigo Stock Performance

Shares of Perrigo stock traded down $0.30 during trading on Friday, hitting $22.73. 1,173,437 shares of the company's stock traded hands, compared to its average volume of 1,789,021. 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 1 year low of $21.03 and a 1 year high of $30.93. The stock has a market capitalization of $3.13 billion, a P/E ratio of -39.19 and a beta of 0.47. The business has a 50-day simple moving average of $26.42 and a 200-day simple moving average of $26.28.

Perrigo (NYSE:PRGO - Get Free Report) last announced its 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). The firm had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.08 billion. Perrigo had a positive return on equity of 9.09% and a negative net margin of 1.86%. The company's revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the business posted $0.53 earnings per share. As a group, analysts forecast that Perrigo Company plc will post 2.56 EPS for the current year.

Perrigo Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Friday, August 29th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.16 annualized dividend and a dividend yield of 5.1%. Perrigo's dividend payout ratio (DPR) is -200.00%.

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.