Perrigo (NYSE:PRGO) Sets New 1-Year Low - Here's What Happened

Key Points

• Perrigo Company plc's stock recently hit a new 52-week low of $21.03, closing at $21.13, with a trading volume of approximately 1.66 million shares.
• Analysts have downgraded Perrigo’s price targets, with Canaccord Genuity dropping it to $40.00 and JPMorgan reducing it to $35.00, while the average consensus rating remains a "Hold".
• The company declared a quarterly dividend of $0.29 per share, resulting in an annualized dividend of $1.16, which reflects a yield of 5.5%.

Perrigo Company plc (NYSE:PRGO - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $21.03 and last traded at $21.13, with a volume of 1655970 shares. The stock had previously closed at $21.37.

Analyst Ratings Changes

PRGO has been the topic of a number of analyst reports. Canaccord Genuity Group dropped their price target on Perrigo from $42.00 to $40.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. JPMorgan Chase & Co. dropped their price target on Perrigo from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Finally, Wall Street Zen cut Perrigo from a "buy" rating to a "hold" rating in a research note on Saturday. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $33.00.

Perrigo Stock Performance

The company has a quick ratio of 1.24, a current ratio of 2.32 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $2.92 billion, a P/E ratio of -36.56 and a beta of 0.48. The stock has a fifty day moving average of $24.42 and a 200-day moving average of $25.80.

Perrigo (NYSE:PRGO - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.59 by ($0.02). Perrigo had a negative net margin of 1.86% and a positive return on equity of 9.09%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the business earned $0.53 earnings per share. The business's quarterly revenue was down .9% on a year-over-year basis. On average, research analysts anticipate that Perrigo Company plc will post 2.56 EPS for the current year.

Perrigo Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Friday, August 29th were paid a $0.29 dividend. The ex-dividend date was Friday, August 29th. This represents a $1.16 annualized dividend and a dividend yield of 5.5%. Perrigo's dividend payout ratio (DPR) is presently -200.00%.

Insider Transactions at Perrigo

In related news, Director Geoffrey M. Parker bought 4,375 shares of the business's stock in a transaction on Monday, August 18th. The shares were purchased at an average cost of $22.97 per share, with a total value of $100,493.75. Following the acquisition, the director owned 33,287 shares of the company's stock, valued at $764,602.39. This represents a 15.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Abigail Lennox acquired 1,255 shares of the company's stock in a transaction dated Monday, September 8th. The stock was acquired at an average cost of $22.41 per share, for a total transaction of $28,124.55. Following the completion of the purchase, the executive vice president directly owned 1,255 shares in the company, valued at $28,124.55. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 10,118 shares of company stock worth $232,699. 0.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Perrigo

Institutional investors and hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in Perrigo by 41.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,073,026 shares of the company's stock valued at $310,488,000 after buying an additional 3,227,487 shares during the period. Millennium Management LLC boosted its stake in Perrigo by 5,198.0% during the first quarter. Millennium Management LLC now owns 2,052,599 shares of the company's stock valued at $57,555,000 after buying an additional 2,013,856 shares during the period. Norges Bank bought a new stake in Perrigo during the second quarter valued at $36,755,000. Ion Asset Management Ltd. boosted its stake in Perrigo by 34.7% during the second quarter. Ion Asset Management Ltd. now owns 3,817,621 shares of the company's stock valued at $102,007,000 after buying an additional 983,727 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in Perrigo by 126.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,159,768 shares of the company's stock valued at $32,520,000 after buying an additional 647,982 shares during the period. 95.91% of the stock is 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.