Perrigo (NYSE:PRGO) Price Target Lowered to $35.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has lowered its price target for Perrigo (NYSE: PRGO) from $38.00 to $35.00, maintaining an "overweight" rating, suggesting a potential upside of 53.34% from the stock's previous close.
• Wall Street Zen has downgraded Perrigo from a "buy" rating to a "hold" rating, reflecting a consensus rating of "Hold" among analysts with an average target price of $33.50.
• Perrigo reported earnings per share of $0.57 for the last quarter, missing analysts' expectations, while its revenue amounted to $1.06 billion, slightly below the forecast of $1.08 billion.

Perrigo (NYSE:PRGO - Get Free Report) had its price target lowered by equities researchers at JPMorgan Chase & Co. from $38.00 to $35.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 54.73% from the company's previous close.

Separately, Wall Street Zen downgraded shares of Perrigo from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $33.00.

Perrigo Trading Down 0.9%

Perrigo stock traded down $0.21 during trading on Thursday, reaching $22.62. The company had a trading volume of 3,362,854 shares, compared to its average volume of 1,532,588. Perrigo has a 12-month low of $21.03 and a 12-month high of $30.93. The stock's 50 day moving average price is $26.76 and its two-hundred day moving average price is $26.34. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of -39.00 and a beta of 0.47. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.28 and a current ratio of 2.32.

Perrigo (NYSE:PRGO - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.57 earnings per share (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 company had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter in the previous year, the firm posted $0.53 earnings per share. Perrigo's revenue for the quarter was down .9% compared to the same quarter last year. As a group, equities analysts expect that Perrigo will post 2.56 earnings per share for the current fiscal year.

Institutional Trading of Perrigo

A number of hedge funds have recently bought and sold shares of the company. State of Michigan Retirement System lifted its stake in Perrigo by 1.2% during the first quarter. State of Michigan Retirement System now owns 32,658 shares of the company's stock valued at $916,000 after buying an additional 400 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake 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 in the last quarter. State of Alaska Department of Revenue lifted its stake 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 in the last quarter. Amundi lifted its stake 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 in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in shares of Perrigo by 1.4% in the second quarter. Public Employees Retirement System of Ohio now owns 42,290 shares of the company's stock worth $1,130,000 after purchasing an additional 564 shares in the last quarter. 95.91% of the stock is owned by hedge funds and other institutional investors.

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.