Perrigo (NYSE:PRGO) Shares Gap Up Following Strong Earnings

Perrigo Company plc (NYSE:PRGO - Get Free Report) shares gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $24.68, but opened at $26.00. Perrigo shares last traded at $26.09, with a volume of 568,880 shares trading hands.

The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.53 by $0.07. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. Perrigo's revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the company earned $0.29 EPS.

Perrigo Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, May 30th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.41%. Perrigo's dividend payout ratio is -92.80%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. StockNews.com downgraded shares of Perrigo from a "buy" rating to a "hold" rating in a report on Wednesday, February 19th. Argus lowered Perrigo from a "buy" rating to a "hold" rating in a research note on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $33.00.

Insiders Place Their Bets

In related news, EVP Ronald Craig Janish sold 7,800 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $27.44, for a total value of $214,032.00. Following the transaction, the executive vice president now directly owns 33,666 shares of the company's stock, valued at $923,795.04. This trade represents a 18.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.70% of the stock is owned by insiders.

Institutional Trading of Perrigo

Several institutional investors and hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC grew its position in 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. Parallel Advisors LLC grew its stake in shares of Perrigo by 176.9% in the 1st quarter. Parallel Advisors LLC now owns 1,714 shares of the company's stock valued at $48,000 after purchasing an additional 1,095 shares during the last quarter. Versant Capital Management Inc purchased a new position in shares of Perrigo in the 4th quarter valued at approximately $45,000. First Horizon Advisors Inc. raised its stake in shares of Perrigo by 138.3% during the first quarter. First Horizon Advisors Inc. now owns 1,754 shares of the company's stock worth $49,000 after purchasing an additional 1,018 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Perrigo by 93.7% in the fourth quarter. GAMMA Investing LLC now owns 1,920 shares of the company's stock valued at $49,000 after acquiring an additional 929 shares in the last quarter. 95.91% of the stock is owned by hedge funds and other institutional investors.

Perrigo Stock Performance

The company has a debt-to-equity ratio of 0.94, a current ratio of 2.56 and a quick ratio of 1.77. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of -22.44 and a beta of 0.45. The stock's 50-day moving average is $26.58 and its 200 day moving average is $26.10.

Perrigo Company Profile

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.

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