Perrigo (NYSE:PRGO) Cut to Hold at StockNews.com

Perrigo (NYSE:PRGO - Get Free Report) was downgraded by StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Wednesday.

Several other equities research analysts also recently commented on PRGO. Canaccord Genuity Group reaffirmed a "buy" rating and set a $42.00 price objective on shares of Perrigo in a report on Friday, April 12th. Piper Sandler raised their price objective on shares of Perrigo from $35.00 to $39.00 and gave the stock an "overweight" rating in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Perrigo from $48.00 to $41.00 and set an "overweight" rating on the stock in a report on Wednesday, February 28th.

Perrigo Stock Performance

Shares of NYSE:PRGO traded up $0.96 during mid-day trading on Wednesday, reaching $31.11. The company had a trading volume of 1,622,328 shares, compared to its average volume of 1,802,604. Perrigo has a one year low of $25.77 and a one year high of $40.28. The company has a current ratio of 1.79, a quick ratio of 1.07 and a debt-to-equity ratio of 0.76. The company's 50-day moving average price is $30.77 and its 200-day moving average price is $30.93. The firm has a market cap of $4.22 billion, a price-to-earnings ratio of -311.10 and a beta of 0.63.

Perrigo (NYSE:PRGO - Get Free Report) last issued its earnings results on Saturday, May 4th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.09 billion. Perrigo had a positive return on equity of 7.34% and a negative net margin of 0.27%. The business's revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 earnings per share. As a group, equities research analysts anticipate that Perrigo will post 2.55 EPS for the current fiscal year.

Insider Activity

In other Perrigo news, EVP Alison Ives bought 2,490 shares of the firm's stock in a transaction on Tuesday, March 5th. The stock was acquired at an average price of $27.26 per share, with a total value of $67,877.40. Following the completion of the purchase, the executive vice president now owns 16,122 shares of the company's stock, valued at $439,485.72. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Robert Willis purchased 6,000 shares of Perrigo stock in a transaction that occurred on Thursday, February 29th. The stock was bought at an average price of $25.87 per share, with a total value of $155,220.00. Following the completion of the transaction, the executive vice president now directly owns 25,105 shares of the company's stock, valued at $649,466.35. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Alison Ives purchased 2,490 shares of the firm's stock in a transaction dated Tuesday, March 5th. The stock was acquired at an average price of $27.26 per share, with a total value of $67,877.40. Following the purchase, the executive vice president now directly owns 16,122 shares of the company's stock, valued at $439,485.72. The disclosure for this purchase can be found here. Insiders bought a total of 17,990 shares of company stock worth $475,227 in the last quarter. 0.40% of the stock is owned by company insiders.

Institutional Trading of Perrigo

Institutional investors have recently made changes to their positions in the stock. Entropy Technologies LP boosted its holdings in shares of Perrigo by 254.8% in the first quarter. Entropy Technologies LP now owns 74,675 shares of the company's stock worth $2,404,000 after buying an additional 53,628 shares during the last quarter. US Bancorp DE boosted its stake in shares of Perrigo by 14.3% during the 1st quarter. US Bancorp DE now owns 16,636 shares of the company's stock worth $536,000 after acquiring an additional 2,085 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Perrigo by 6.7% during the 1st quarter. Russell Investments Group Ltd. now owns 807,147 shares of the company's stock valued at $25,982,000 after acquiring an additional 50,871 shares during the period. Sei Investments Co. increased its stake in shares of Perrigo by 2.8% in the 1st quarter. Sei Investments Co. now owns 254,088 shares of the company's stock worth $8,179,000 after purchasing an additional 6,925 shares in the last quarter. Finally, Reynders McVeigh Capital Management LLC raised its holdings in Perrigo by 8.9% in the 1st quarter. Reynders McVeigh Capital Management LLC now owns 239,390 shares of the company's stock worth $7,706,000 after purchasing an additional 19,523 shares during the period. Hedge funds and other institutional investors own 95.91% of the company's stock.

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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