Perrigo Company plc (PRGO) to Issue Quarterly Dividend of $0.29 on March 25th

Perrigo Company plc (NYSE:PRGO) declared a quarterly dividend on Wednesday, February 19th, RTT News reports. Stockholders of record on Friday, March 7th will be given a dividend of 0.29 per share on Tuesday, March 25th. This represents a $1.16 annualized dividend and a dividend yield of 4.00%. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Perrigo’s previous quarterly dividend of $0.28.

Perrigo has increased its dividend by an average of 4.8% per year over the last three years and has increased its dividend every year for the last 23 years. Perrigo has a dividend payout ratio of 34.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Perrigo to earn $3.06 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 37.9%.

Perrigo Stock Performance

NYSE PRGO opened at $29.01 on Wednesday. The stock has a fifty day simple moving average of $25.08 and a 200 day simple moving average of $26.21. Perrigo has a twelve month low of $23.14 and a twelve month high of $33.46. The company has a market capitalization of $3.96 billion, a price-to-earnings ratio of -24.79 and a beta of 0.48. The company has a quick ratio of 1.77, a current ratio of 2.56 and a debt-to-equity ratio of 0.94.

Perrigo (NYSE:PRGO) last announced its earnings results on Thursday, February 27th. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.92 by $0.01. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Perrigo had a positive return on equity of 7.38% and a negative net margin of 3.64%. Sell-side analysts expect that Perrigo will post 2.56 EPS for the current year.

Insiders Place Their Bets

In related news, Director Jeffrey B. Kindler sold 17,598 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $28.27, for a total transaction of $497,495.46. Following the completion of the transaction, the director now owns 5,409 shares in the company, valued at approximately $152,912.43. This represents a 76.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

PRGO has been the subject of several research analyst reports. Argus lowered Perrigo from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Piper Sandler lowered Perrigo from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $34.00 to $27.00 in a report on Monday, January 6th. Finally, StockNews.com downgraded Perrigo from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Perrigo has an average rating of “Hold” and a consensus target price of $33.00.

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.