Wellington Management Group LLP Sells 472,334 Shares of Perrigo Company plc $PRGO

Key Points

• Wellington Management Group LLP reduced its Perrigo Company holdings by 17.5%, selling 472,334 shares in the first quarter, now owning approximately 2.22 million shares valued at $62.3 million.
• Insider activity has increased with executives such as EVP Robert Willis and Director Geoffrey M. Parker purchasing shares, representing ownership increases of 3.68% and 15.13% respectively.
• Perrigo recently announced a quarterly dividend of $0.29 per share, set to be paid on September 16th, translating to an annual yield of 4.7% and a payout ratio of -200.00%.

Wellington Management Group LLP lessened its holdings in Perrigo Company plc (NYSE:PRGO - Free Report) by 17.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,222,112 shares of the company's stock after selling 472,334 shares during the quarter. Wellington Management Group LLP owned approximately 1.62% of Perrigo worth $62,308,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Picton Mahoney Asset Management purchased a new stake in shares of Perrigo in the 1st quarter worth $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 buying an additional 1,095 shares during the period. 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 buying an additional 1,018 shares during the period. 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 buying an additional 849 shares during the period. 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 buying an additional 1,374 shares during the period. Institutional investors own 95.91% of the company's stock.

Insider Activity at Perrigo

In other Perrigo news, EVP Robert Willis bought 1,488 shares of Perrigo stock in a transaction that occurred on Friday, August 22nd. The shares were bought at an average cost of $24.10 per share, with a total value of $35,860.80. Following the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Geoffrey M. Parker bought 4,375 shares of Perrigo stock in a transaction that occurred on Monday, August 18th. The shares were acquired at an average cost of $22.97 per share, for a total transaction of $100,493.75. Following the completion of the transaction, 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 disclosure for this purchase can be found here. Insiders have acquired 8,863 shares of company stock valued at $204,575 in the last ninety days. Corporate insiders own 0.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PRGO shares. Wall Street Zen upgraded Perrigo from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. Canaccord Genuity Group lowered their target price on Perrigo from $42.00 to $40.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. lowered their target price on Perrigo from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $33.00.

Perrigo Trading Up 4.5%

Shares of NYSE PRGO opened at $24.4940 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.32 and a quick ratio of 1.24. The stock has a market capitalization of $3.37 billion, a P/E ratio of -42.23 and a beta of 0.47. Perrigo Company plc has a 1-year low of $21.03 and a 1-year high of $30.93. The business has a fifty day moving average price of $26.08 and a 200 day moving average price of $26.22.

Perrigo (NYSE:PRGO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.57 earnings per share for the quarter, missing analysts' consensus estimates of $0.59 by ($0.02). Perrigo had a positive return on equity of 9.09% and a negative net margin of 1.86%.The company had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter last year, the company earned $0.53 earnings per share. The company's revenue for the quarter was down .9% compared to the same quarter last year. Equities research analysts expect that Perrigo Company plc will post 2.56 EPS for the current fiscal year.

Perrigo Dividend Announcement

The firm also recently announced 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 4.7%. The ex-dividend date of this dividend is Friday, August 29th. Perrigo's dividend payout ratio is currently -200.00%.

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.

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