Perrigo Company plc (NYSE:PRGO) Announces Quarterly Dividend of $0.29

Key Points

• Perrigo Company plc has declared a quarterly dividend of $0.29 per share, which amounts to an annualized dividend of $1.16 and represents a yield of 4.21% for investors.
• The company's dividend payout ratio stands at 35.5%, indicating that the dividends are well-covered by earnings, with future estimates projecting a payout ratio of 37.9%.
• Perrigo's stock price recently traded at $27.54, with a market capitalization of approximately $3.79 billion and a recent analyst downgrade from "buy" to "hold" affecting its market outlook.

Perrigo Company plc (NYSE:PRGO - Get Free Report) announced a quarterly dividend on Wednesday, July 30th, RTT News reports. Shareholders of record on Friday, August 29th will be paid a dividend of 0.29 per share on Tuesday, September 16th. This represents a c) dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Friday, August 29th.

Perrigo has a dividend payout ratio of 35.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Perrigo to earn $3.06 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 37.9%.

Perrigo Stock Performance

PRGO traded up $0.02 on Friday, reaching $26.69. 1,115,239 shares of the stock were exchanged, compared to its average volume of 864,587. The company's 50-day moving average price is $27.01 and its 200 day moving average price is $26.32. Perrigo has a fifty-two week low of $23.14 and a fifty-two week high of $30.93. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.36 and a quick ratio of 1.28. The firm has a market capitalization of $3.67 billion, a PE ratio of -20.37 and a beta of 0.47.

Perrigo (NYSE:PRGO - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.04. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.09 billion. Perrigo had a positive return on equity of 8.93% and a negative net margin of 4.16%. The firm's revenue was down 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 EPS. As a group, sell-side analysts forecast that Perrigo will post 2.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Perrigo

Several institutional investors and hedge funds have recently modified their holdings of the business. Geneos Wealth Management Inc. boosted its holdings in Perrigo by 439.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 965 shares of the company's stock worth $27,000 after buying an additional 786 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Perrigo by 54.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,201 shares of the company's stock worth $32,000 after purchasing an additional 424 shares during the last quarter. Headlands Technologies LLC boosted its holdings in shares of Perrigo by 1,942.0% during the 4th quarter. Headlands Technologies LLC now owns 1,409 shares of the company's stock worth $36,000 after purchasing an additional 1,340 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in shares of Perrigo during the 1st quarter worth approximately $42,000. Finally, Parallel Advisors LLC boosted its holdings in shares of Perrigo by 176.9% during the 1st quarter. Parallel Advisors LLC now owns 1,714 shares of the company's stock worth $48,000 after purchasing an additional 1,095 shares during the last quarter. 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.