Perrigo (NYSE:PRGO) Issues FY 2024 Earnings Guidance

Perrigo (NYSE:PRGO - Get Free Report) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.500-2.650 for the period, compared to the consensus earnings per share estimate of 2.350. The company issued revenue guidance of $4.7 billion-$4.7 billion, compared to the consensus revenue estimate of $4.7 billion.

Perrigo Trading Up 3.2 %

Shares of Perrigo stock traded up $0.96 on Wednesday, reaching $31.11. 1,622,328 shares of the company's stock were exchanged, compared to its average volume of 1,802,604. The company has a market capitalization of $4.22 billion, a P/E ratio of -311.10 and a beta of 0.63. Perrigo has a 52 week low of $25.77 and a 52 week high of $40.28. The firm's 50-day moving average is $30.77 and its two-hundred day moving average is $30.93. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.07 and a current ratio of 1.79.

Perrigo (NYSE:PRGO - Get Free Report) last posted its quarterly earnings results on Saturday, May 4th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. The firm 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%. The company's revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 EPS. Sell-side analysts predict that Perrigo will post 2.55 EPS for the current fiscal year.

Perrigo Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date is Friday, May 31st. Perrigo's payout ratio is -1,100.00%.

Analyst Ratings Changes

PRGO has been the topic of a number of research reports. StockNews.com raised Perrigo from a hold rating to a buy rating in a research report on Wednesday, April 3rd. Piper Sandler upped 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. JPMorgan Chase & Co. lowered their target price on Perrigo from $48.00 to $41.00 and set an overweight rating on the stock in a research report on Wednesday, February 28th. Finally, Canaccord Genuity Group reaffirmed a buy rating and set a $42.00 target price on shares of Perrigo in a research report on Friday, April 12th.

Insider Activity at Perrigo

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

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.