Perrigo (NYSE:PRGO) Price Target Cut to $40.00 by Analysts at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has lowered its price target for Perrigo from $42.00 to $40.00 while maintaining a "buy" rating, indicating a potential upside of 75.25% from the previous close.
• JPMorgan Chase & Co. also reduced its price target for Perrigo from $38.00 to $35.00 and has set an "overweight" rating for the stock.
• Perrigo's stock recently traded down 3.3%, reaching $22.83, and missed quarterly earnings estimates with a reported EPS of $0.57 compared to the expected $0.59.

Perrigo (NYSE:PRGO - Get Free Report) had its price target decreased by Canaccord Genuity Group from $42.00 to $40.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 75.25% from the company's previous close.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. reduced their price objective on Perrigo from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Thursday. Wall Street Zen cut Perrigo from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $33.00.

Perrigo Trading Down 3.3%

NYSE:PRGO traded down $0.79 during trading hours on Thursday, reaching $22.83. 4,135,987 shares of the stock were exchanged, compared to its average volume of 1,470,782. The company has a quick ratio of 1.28, a current ratio of 2.36 and a debt-to-equity ratio of 0.82. The business has a 50-day moving average of $26.93 and a two-hundred day moving average of $26.35. Perrigo has a twelve month low of $21.03 and a twelve month high of $30.93. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of -17.42 and a beta of 0.47.

Perrigo (NYSE:PRGO - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.57 EPS for the quarter, missing analysts' consensus estimates of $0.59 by ($0.02). Perrigo had a positive return on equity of 8.93% and a negative net margin of 4.16%. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the company earned $0.53 earnings per share. The firm's revenue for the quarter was down .9% on a year-over-year basis. On average, equities analysts predict that Perrigo will post 2.56 EPS for the current year.

Institutional Trading of Perrigo

Hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its holdings in shares of Perrigo by 6,828.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,845,539 shares of the company's stock worth $201,710,000 after purchasing an additional 7,732,309 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Perrigo by 5,198.0% during the first quarter. Millennium Management LLC now owns 2,052,599 shares of the company's stock worth $57,555,000 after purchasing an additional 2,013,856 shares during the last quarter. Ion Asset Management Ltd. grew its holdings in shares of Perrigo by 50.1% during the fourth quarter. Ion Asset Management Ltd. now owns 2,820,000 shares of the company's stock worth $72,502,000 after purchasing an additional 941,667 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Perrigo by 126.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,159,768 shares of the company's stock worth $32,520,000 after purchasing an additional 647,982 shares during the last quarter. Finally, Bahl & Gaynor Inc. grew its holdings in shares of Perrigo by 40.7% during the first quarter. Bahl & Gaynor Inc. now owns 2,146,352 shares of the company's stock worth $60,184,000 after purchasing an additional 621,155 shares during the last quarter. 95.91% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.