Perrigo (NYSE:PRGO) Upgraded at Wall Street Zen

Key Points

• Perrigo has been upgraded by Wall Street Zen from a "hold" rating to a "buy" rating, reflecting positive analyst sentiment towards the company's stock.
• Recent earnings reports showed Perrigo missed analysts' EPS expectations with $0.57, contributing to a decline in share price targets from firms like JPMorgan and Canaccord Genuity.
• Insider buying activity increased, with substantial purchases made by directors and the CFO, indicating confidence in Perrigo’s future among its executives.

Perrigo (NYSE:PRGO - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Sunday.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. decreased their price target on shares of Perrigo from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Canaccord Genuity Group decreased their price target on shares of Perrigo from $42.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $34.00.

Perrigo Stock Performance

Shares of PRGO stock opened at $21.41 on Friday. The stock has a market cap of $2.94 billion, a P/E ratio of -36.90 and a beta of 0.48. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.32 and a quick ratio of 1.24. The company has a fifty day moving average price of $23.82 and a two-hundred day moving average price of $25.59. Perrigo has a one year low of $20.51 and a one year high of $30.93.

Perrigo (NYSE:PRGO - Get Free Report) last posted its earnings results 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 positive return on equity of 9.09% and a negative net margin of 1.86%.The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the prior year, the business posted $0.53 EPS. The business's quarterly revenue was down .9% compared to the same quarter last year. As a group, equities analysts predict that Perrigo will post 2.56 EPS for the current year.

Insider Activity at Perrigo

In related news, Director Geoffrey M. Parker purchased 4,375 shares of Perrigo stock in a transaction that occurred on Monday, August 18th. The stock was bought at an average price of $22.97 per share, for a total transaction of $100,493.75. Following the completion of the transaction, the director owned 33,287 shares in the company, valued at $764,602.39. This represents a 15.13% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Eduardo Guarita Bezerra acquired 3,000 shares of the company's stock in a transaction on Monday, August 18th. The shares were acquired at an average cost of $22.74 per share, for a total transaction of $68,220.00. Following the completion of the acquisition, the chief financial officer owned 48,949 shares of the company's stock, valued at approximately $1,113,100.26. The trade was a 6.53% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 10,118 shares of company stock worth $232,699 over the last quarter. 0.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Perrigo

Institutional investors and hedge funds have recently bought and sold shares of the stock. Geneos Wealth Management Inc. grew its holdings in shares of Perrigo by 439.1% in the first quarter. Geneos Wealth Management Inc. now owns 965 shares of the company's stock worth $27,000 after purchasing an additional 786 shares during the last quarter. Huntington National Bank boosted its holdings in Perrigo by 237.8% in the second quarter. Huntington National Bank now owns 1,054 shares of the company's stock valued at $28,000 after acquiring an additional 742 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in Perrigo by 54.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,201 shares of the company's stock valued at $32,000 after acquiring an additional 424 shares in the last quarter. Hantz Financial Services Inc. boosted its holdings in Perrigo by 101.0% in the second quarter. Hantz Financial Services Inc. now owns 1,234 shares of the company's stock valued at $33,000 after acquiring an additional 620 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in Perrigo in the first quarter valued at $42,000. 95.91% of the stock is owned by hedge funds and other 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.

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