Perrigo Co. (PRGO) Updates FY16 Earnings Guidance
Perrigo Co. (NYSE:PRGO) updated its FY16 earnings guidance on Thursday. The company provided earnings per share guidance of $6.85-7.15 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $6.95.
Several equities analysts have issued reports on the stock. Leerink Swann set a $81.00 target price on shares of Perrigo and gave the company a hold rating in a research note on Wednesday, August 10th. Vetr cut shares of Perrigo from a buy rating to a hold rating and set a $98.60 target price on the stock. in a research note on Tuesday, August 9th. RBC Capital Markets set a $92.00 target price on shares of Perrigo and gave the company a hold rating in a research note on Monday, October 24th. Deutsche Bank AG restated a buy rating and set a $105.00 target price on shares of Perrigo in a research note on Tuesday, September 13th. Finally, Zacks Investment Research upgraded shares of Perrigo from a hold rating to a buy rating and set a $104.00 target price on the stock in a research note on Wednesday, July 20th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $113.37.
Shares of Perrigo Co. (NYSE:PRGO) opened at 83.51 on Thursday. Perrigo Co. has a 12 month low of $79.72 and a 12 month high of $165.18. The company has a 50-day moving average price of $89.74 and a 200-day moving average price of $92.46. The company’s market capitalization is $11.97 billion.
Perrigo (NYSE:PRGO) last issued its quarterly earnings results on Thursday, November 10th. The company reported $1.65 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.58 by $0.07. Perrigo had a positive return on equity of 10.27% and a negative net margin of 2.39%. The firm earned $1.40 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the previous year, the business earned $1.76 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. On average, analysts forecast that Perrigo Co. will post $7.02 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 13th. Investors of record on Friday, November 25th will be given a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a dividend yield of 0.69%. The ex-dividend date is Tuesday, November 22nd. Perrigo’s payout ratio is -60.42%.
In other Perrigo news, EVP Judy L. Brown sold 2,095 shares of the business’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $88.28, for a total transaction of $184,946.60. Following the transaction, the executive vice president now owns 16,292 shares of the company’s stock, valued at $1,438,257.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gary K. Kunkle, Jr. sold 5,814 shares of the business’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $89.95, for a total value of $522,969.30. Following the transaction, the director now directly owns 31,501 shares in the company, valued at approximately $2,833,514.95. The disclosure for this sale can be found here. Corporate insiders own 4.47% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. TCW Group Inc. raised its position in Perrigo by 0.9% in the second quarter. TCW Group Inc. now owns 16,691 shares of the company’s stock worth $1,513,000 after buying an additional 150 shares during the period. Bank of Nova Scotia raised its position in Perrigo by 6.5% in the second quarter. Bank of Nova Scotia now owns 2,929 shares of the company’s stock worth $266,000 after buying an additional 180 shares during the period. Johnson Financial Group Inc. raised its position in Perrigo by 858.5% in the second quarter. Johnson Financial Group Inc. now owns 1,524 shares of the company’s stock worth $139,000 after buying an additional 1,365 shares during the period. Advisor Group Inc. bought a new position in Perrigo during the second quarter worth $139,000. Finally, Pacad Investment Ltd. bought a new position in Perrigo during the second quarter worth $181,000. 70.80% of the stock is currently owned by institutional investors.
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