Perrigo (NYSE:PRGO) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen has upgraded Perrigo from a "hold" rating to a "buy" rating, signaling increased confidence in the stock's future performance.
• Despite the upgrade, analysts have mixed opinions: JPMorgan reduced its price target to $35, while Canaccord Genuity lowered it to $40, with the current consensus rating remaining at "Hold."
• The stock opened at $22.65, with a 1-year low of $21.03 and a high of $30.93, highlighting significant price volatility and market interest.

Wall Street Zen upgraded shares of Perrigo (NYSE:PRGO - Free Report) from a hold rating to a buy rating in a report issued on Friday morning.

Several other brokerages have also recently weighed in on PRGO. Canaccord Genuity Group decreased their price objective on Perrigo from $42.00 to $40.00 and set a "buy" rating for the company in a report on Thursday, August 7th. JPMorgan Chase & Co. decreased their price objective on Perrigo from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $33.00.

Perrigo Stock Up 1.8%

Shares of NYSE PRGO traded up $0.40 during mid-day trading on Friday, hitting $22.52. The company had a trading volume of 1,175,230 shares, compared to its average volume of 1,411,142. The company has a market capitalization of $3.10 billion, a PE ratio of -38.82 and a beta of 0.48. The firm has a 50-day simple moving average of $25.10 and a two-hundred day simple moving average of $26.07. The company has a current ratio of 2.32, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. Perrigo has a one year low of $21.03 and a one year high of $30.93.

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

Perrigo Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Friday, August 29th will be issued a dividend of $0.29 per share. The ex-dividend date is Friday, August 29th. This represents a $1.16 dividend on an annualized basis and a yield of 5.2%. Perrigo's dividend payout ratio (DPR) is presently -200.00%.

Insider Activity at Perrigo

In related news, CFO Eduardo Guarita Bezerra acquired 3,000 shares of the business's stock in a transaction on Monday, August 18th. The stock was purchased at an average cost of $22.74 per share, for a total transaction of $68,220.00. Following the completion of the transaction, the chief financial officer directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert Willis acquired 1,488 shares of the business's stock in a transaction on Friday, August 22nd. The shares were bought at an average price of $24.10 per share, with a total value of $35,860.80. Following the completion of the transaction, the executive vice president directly owned 41,939 shares of the company's stock, valued at approximately $1,010,729.90. The trade was a 3.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 10,118 shares of company stock valued at $232,699. 0.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Perrigo

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. raised its position in shares of Perrigo by 439.1% in the first quarter. Geneos Wealth Management Inc. now owns 965 shares of the company's stock valued at $27,000 after buying an additional 786 shares in the last quarter. Huntington National Bank raised its position in shares of 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 buying an additional 742 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Perrigo by 54.6% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,201 shares of the company's stock valued at $32,000 after purchasing an additional 424 shares in the last quarter. Hantz Financial Services Inc. grew its stake in shares of Perrigo by 101.0% during the second quarter. Hantz Financial Services Inc. now owns 1,234 shares of the company's stock worth $33,000 after buying an additional 620 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in shares of Perrigo during the first quarter worth $42,000. 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.