Perrigo (NYSE:PRGO) Issues FY24 Earnings Guidance

Perrigo (NYSE:PRGO - Get Free Report) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.50-2.65 for the period, compared to the consensus earnings per share estimate of $2.57. The company issued revenue guidance of flat yr/yr or $4.656 billion, compared to the consensus revenue estimate of $4.66 billion.

Perrigo Stock Down 9.8 %

Shares of PRGO stock traded down $3.28 during trading hours on Tuesday, hitting $30.15. 3,897,367 shares of the company's stock traded hands, compared to its average volume of 1,803,637. The company has a quick ratio of 1.07, a current ratio of 1.79 and a debt-to-equity ratio of 0.76. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of -311.70 and a beta of 0.63. The stock's fifty day simple moving average is $30.62 and its two-hundred day simple moving average is $30.93. Perrigo has a 12-month low of $25.77 and a 12-month high of $40.28.

Perrigo (NYSE:PRGO - Get Free Report) last released its earnings results on Tuesday, May 7th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.09 billion. Perrigo had a positive return on equity of 7.34% and a negative net margin of 0.27%. The company's revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 earnings per share. On average, analysts expect that Perrigo will post 2.55 EPS for the current year.

Perrigo Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be issued a $0.276 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.10 annualized dividend and a yield of 3.66%. Perrigo's dividend payout ratio (DPR) is presently -1,100.00%.

Wall Street Analyst Weigh In

PRGO has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Perrigo from $48.00 to $41.00 and set an overweight rating for the company in a research report on Wednesday, February 28th. Piper Sandler boosted their target price on Perrigo from $35.00 to $39.00 and gave the stock an overweight rating in a research report on Monday, April 8th. Canaccord Genuity Group restated a buy rating and set a $42.00 price objective on shares of Perrigo in a research report on Friday, April 12th. Finally, StockNews.com raised shares of Perrigo from a hold rating to a buy rating in a research report on Wednesday, April 3rd.

Insider Transactions at Perrigo

In other Perrigo news, CEO Patrick Lockwood-Taylor acquired 9,500 shares of the business's stock in a transaction dated Thursday, February 29th. The stock was purchased at an average price of $26.54 per share, with a total value of $252,130.00. Following the transaction, the chief executive officer now directly owns 20,500 shares in the company, valued at approximately $544,070. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Alison Ives acquired 2,490 shares of Perrigo stock in a transaction dated Tuesday, March 5th. The stock was purchased at an average cost of $27.26 per share, with a total value of $67,877.40. Following the completion of the purchase, the executive vice president now directly owns 16,122 shares in the company, valued at approximately $439,485.72. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Patrick Lockwood-Taylor bought 9,500 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average price of $26.54 per share, for a total transaction of $252,130.00. Following the purchase, the chief executive officer now owns 20,500 shares in the company, valued at approximately $544,070. The disclosure for this purchase can be found here. Insiders have acquired 17,990 shares of company stock worth $475,227 in the last quarter. Company insiders own 0.40% of the company's stock.

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.