Perrigo (NYSE:PRGO) Announces Earnings Results

Perrigo (NYSE:PRGO - Get Free Report) announced its earnings results on Tuesday. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06, RTT News reports. The company had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $1.09 billion. Perrigo had a positive return on equity of 7.34% and a negative net margin of 0.27%. Perrigo's quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Perrigo updated its FY24 guidance to $2.50-2.65 EPS.

Perrigo Stock Performance

Shares of NYSE:PRGO traded down $3.28 during mid-day trading on Tuesday, reaching $30.15. The company had a trading volume of 3,897,367 shares, compared to its average volume of 1,803,637. The company's 50-day moving average price is $30.68 and its 200-day moving average price is $30.93. Perrigo has a one year low of $25.77 and a one year high of $40.28. The firm has a market cap of $4.09 billion, a price-to-earnings ratio of -301.50 and a beta of 0.63. The company has a current ratio of 1.79, a quick ratio of 1.07 and a debt-to-equity ratio of 0.76.

Perrigo Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.276 per share. The ex-dividend date is Friday, May 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.66%. Perrigo's payout ratio is currently -1,100.00%.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PRGO. Piper Sandler raised their price target on shares of Perrigo from $35.00 to $39.00 and gave the company an "overweight" rating in a research report on Monday, April 8th. StockNews.com raised shares of Perrigo from a "hold" rating to a "buy" rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. reduced their target price on Perrigo from $48.00 to $41.00 and set an "overweight" rating for the company in a report on Wednesday, February 28th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $42.00 price target on shares of Perrigo in a report on Friday, April 12th.

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.