Perrigo (NYSE:PRGO) Shares Gap Down to $33.43

Perrigo Company plc (NYSE:PRGO - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $33.43, but opened at $32.24. Perrigo shares last traded at $32.84, with a volume of 117,221 shares.

Analyst Ratings Changes

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

Perrigo Stock Down 9.8 %

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 50-day simple moving average of $30.62 and a two-hundred day simple moving average of $30.93. The firm has a market cap of $4.09 billion, a PE ratio of -311.70 and a beta of 0.63.

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

Perrigo Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be given a $0.276 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend is Friday, May 31st. Perrigo's payout ratio is presently -1,100.00%.

Insiders Place Their Bets

In related news, EVP Robert Willis purchased 6,000 shares of Perrigo stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average cost of $25.87 per share, for a total transaction of $155,220.00. Following the transaction, the executive vice president now directly owns 25,105 shares in the company, valued at $649,466.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Robert Willis purchased 6,000 shares of the business's stock in a transaction on Thursday, February 29th. The shares were acquired at an average price of $25.87 per share, with a total value of $155,220.00. Following the acquisition, the executive vice president now directly owns 25,105 shares in the company, valued at $649,466.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Patrick Lockwood-Taylor acquired 9,500 shares of the stock in a transaction dated Thursday, February 29th. The shares were purchased at an average cost of $26.54 per share, with a total value of $252,130.00. Following the completion of the purchase, the chief executive officer now owns 20,500 shares of the company's stock, valued at approximately $544,070. The disclosure for this purchase can be found here. Insiders acquired 17,990 shares of company stock valued at $475,227 over the last three months. Insiders own 0.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. NBC Securities Inc. raised its holdings in Perrigo by 3.5% in the fourth quarter. NBC Securities Inc. now owns 9,983 shares of the company's stock worth $321,000 after purchasing an additional 340 shares in the last quarter. Patriot Financial Group Insurance Agency LLC lifted its position in Perrigo by 4.1% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 9,627 shares of the company's stock valued at $310,000 after acquiring an additional 380 shares during the period. Fifth Third Bancorp boosted its stake in Perrigo by 23.8% during the first quarter. Fifth Third Bancorp now owns 2,071 shares of the company's stock worth $67,000 after acquiring an additional 398 shares in the last quarter. Blue Trust Inc. grew its holdings in Perrigo by 34.5% in the fourth quarter. Blue Trust Inc. now owns 1,556 shares of the company's stock worth $50,000 after purchasing an additional 399 shares during the period. Finally, Xponance Inc. lifted its holdings in shares of Perrigo by 2.1% during the fourth quarter. Xponance Inc. now owns 20,153 shares of the company's stock valued at $649,000 after purchasing an additional 410 shares during the last quarter. 95.91% of the stock is currently owned by institutional investors.

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.