Invenomic Capital Management LP Cuts Stock Position in Perrigo Company plc (NYSE:PRGO)

Invenomic Capital Management LP trimmed its position in shares of Perrigo Company plc (NYSE:PRGO - Free Report) by 13.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 378,839 shares of the company's stock after selling 58,954 shares during the period. Invenomic Capital Management LP owned about 0.28% of Perrigo worth $9,740,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in Perrigo by 6,828.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,845,539 shares of the company's stock worth $201,710,000 after purchasing an additional 7,732,309 shares during the period. Norges Bank purchased a new position in shares of Perrigo in the fourth quarter worth about $36,614,000. Ion Asset Management Ltd. lifted its stake in shares of Perrigo by 50.1% in the 4th quarter. Ion Asset Management Ltd. now owns 2,820,000 shares of the company's stock valued at $72,502,000 after acquiring an additional 941,667 shares during the last quarter. BW Gestao de Investimentos Ltda. boosted its holdings in Perrigo by 111.6% during the 4th quarter. BW Gestao de Investimentos Ltda. now owns 1,097,192 shares of the company's stock valued at $28,209,000 after acquiring an additional 578,597 shares during the period. Finally, Boone Capital Management LLC boosted its holdings in Perrigo by 126.1% during the 4th quarter. Boone Capital Management LLC now owns 1,022,369 shares of the company's stock valued at $26,285,000 after acquiring an additional 570,148 shares during the period. Institutional investors own 95.91% of the company's stock.

Insider Buying and Selling at Perrigo

In other news, EVP Ronald Craig Janish sold 7,800 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $27.44, for a total value of $214,032.00. Following the sale, the executive vice president now directly owns 33,666 shares of the company's stock, valued at $923,795.04. This represents a 18.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.70% of the company's stock.

Perrigo Trading Up 0.7 %

PRGO opened at $27.00 on Friday. Perrigo Company plc has a one year low of $23.14 and a one year high of $31.17. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.56 and a quick ratio of 1.77. The business has a 50 day simple moving average of $26.43 and a two-hundred day simple moving average of $26.12. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of -23.08 and a beta of 0.45.

Perrigo (NYSE:PRGO - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.04. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.09 billion. Perrigo had a positive return on equity of 7.38% and a negative net margin of 3.64%. The firm's revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 earnings per share. Analysts predict that Perrigo Company plc will post 2.56 EPS for the current year.

Perrigo Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, May 30th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.30%. The ex-dividend date of this dividend is Friday, May 30th. Perrigo's payout ratio is currently -88.55%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PRGO. Argus downgraded Perrigo from a "buy" rating to a "hold" rating in a research report on Tuesday, January 14th. StockNews.com lowered shares of Perrigo from a "buy" rating to a "hold" rating in a report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $33.00.

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.

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