Perrigo Company (PRGO) Price Target Raised to $92.00

Perrigo Company (NYSE:PRGO) had its price target raised by Morgan Stanley from $79.00 to $92.00 in a report issued on Friday. They currently have an equal weight rating on the stock.

A number of other analysts have also recently commented on the company. Royal Bank Of Canada restated a sell rating and issued a $64.00 price objective on shares of Perrigo in a research report on Wednesday, September 13th. Wells Fargo & Company restated a market perform rating and issued a $77.00 price objective on shares of Perrigo in a research report on Tuesday, August 15th. Stifel Nicolaus restated a hold rating on shares of Perrigo in a research report on Friday, August 11th. Deutsche Bank AG boosted their price target on Perrigo from $88.00 to $95.00 and gave the stock a buy rating in a research report on Thursday, September 14th. Finally, Oppenheimer Holdings, Inc. assumed coverage on Perrigo in a research report on Monday, October 2nd. They set a buy rating and a $88.00 price target for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $91.50.

Shares of Perrigo (NYSE:PRGO) traded down $0.90 during trading hours on Friday, reaching $86.80. The company’s stock had a trading volume of 1,744,400 shares, compared to its average volume of 1,747,674. Perrigo has a one year low of $63.68 and a one year high of $91.95. The firm has a market capitalization of $12,351.73, a P/E ratio of 17.90, a PEG ratio of 1.89 and a beta of 0.69. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.72 and a quick ratio of 1.24.

Perrigo (NYSE:PRGO) last announced its quarterly earnings results on Thursday, November 9th. The company reported $1.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.28. Perrigo had a positive return on equity of 11.60% and a negative net margin of 26.28%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the company posted $1.65 earnings per share. Perrigo’s revenue for the quarter was down 2.0% on a year-over-year basis. equities research analysts anticipate that Perrigo will post 4.9 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Friday, December 1st will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.64 dividend on an annualized basis and a yield of 0.74%. Perrigo’s payout ratio is -6.99%.

In other Perrigo news, EVP Jeffrey Needham sold 3,595 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $89.49, for a total transaction of $321,716.55. Following the completion of the sale, the executive vice president now directly owns 10,118 shares of the company’s stock, valued at approximately $905,459.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Thomas Farrington sold 616 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $76.90, for a total value of $47,370.40. Following the completion of the sale, the executive vice president now directly owns 2,724 shares of the company’s stock, valued at $209,475.60. The disclosure for this sale can be found here. Insiders have sold a total of 6,894 shares of company stock valued at $581,320 over the last ninety days. 6.90% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BB&T Securities LLC lifted its holdings in shares of Perrigo by 0.4% in the 2nd quarter. BB&T Securities LLC now owns 9,062 shares of the company’s stock valued at $684,000 after buying an additional 35 shares during the period. Shufro Rose & Co. LLC lifted its holdings in shares of Perrigo by 1.2% in the 2nd quarter. Shufro Rose & Co. LLC now owns 5,415 shares of the company’s stock valued at $409,000 after buying an additional 65 shares during the period. Bank of Nova Scotia lifted its holdings in shares of Perrigo by 2.5% in the 1st quarter. Bank of Nova Scotia now owns 3,219 shares of the company’s stock valued at $214,000 after buying an additional 80 shares during the period. Louisiana State Employees Retirement System lifted its holdings in shares of Perrigo by 1.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 8,900 shares of the company’s stock valued at $672,000 after buying an additional 100 shares during the period. Finally, Arizona State Retirement System lifted its holdings in shares of Perrigo by 0.3% in the 2nd quarter. Arizona State Retirement System now owns 35,600 shares of the company’s stock valued at $2,689,000 after buying an additional 100 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

About Perrigo

Perrigo Company plc is a global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, animal health, dietary supplements, active pharmaceutical ingredients (API), and medical diagnostic products, and Multiple Sclerosis drug Tysabri.

Analyst Recommendations for Perrigo (NYSE:PRGO)

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