Perrigo Co. (PRGO) Updates FY16 Earnings Guidance
Perrigo Co. (NYSE:PRGO) issued an update on its FY16 earnings guidance on Thursday morning. 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.
Perrigo Co. (NYSE:PRGO) opened at 83.51 on Thursday. The stock’s 50 day moving average price is $89.74 and its 200 day moving average price is $92.46. Perrigo Co. has a 12 month low of $79.72 and a 12 month high of $165.18. The firm’s market capitalization is $11.97 billion.
Perrigo (NYSE:PRGO) last posted its quarterly earnings results on Thursday, November 10th. The company reported $1.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.58 by $0.07. Perrigo had a negative net margin of 2.39% and a positive return on equity of 10.27%. The firm earned $1.40 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the business posted $1.76 earnings per share. The company’s quarterly revenue was up .8% compared to the same quarter last year. On average, analysts forecast that Perrigo Co. will post $7.02 earnings per share for the current year.
The firm 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 $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 0.69%. The ex-dividend date is Tuesday, November 22nd. Perrigo’s dividend payout ratio (DPR) is presently -60.42%.
Several analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of Perrigo from a hold rating to a sell rating in a report on Friday, July 15th. Guggenheim reaffirmed a buy rating and set a $125.00 price objective on shares of Perrigo in a report on Monday, August 22nd. Barclays PLC dropped their price objective on shares of Perrigo from $120.00 to $110.00 and set an overweight rating for the company in a report on Thursday, August 11th. B. Riley reaffirmed a neutral rating and set a $87.00 price objective on shares of Perrigo in a report on Saturday, August 20th. Finally, Deutsche Bank AG reaffirmed a buy rating and set a $105.00 price objective (down previously from $115.00) on shares of Perrigo in a report on Thursday, August 11th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the stock. Perrigo has a consensus rating of Hold and a consensus price target of $113.37.
In related news, EVP Judy L. Brown sold 2,095 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 16,292 shares in the company, valued at $1,438,257.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Judy L. Brown sold 2,096 shares of the business’s stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $96.76, for a total value of $202,808.96. Following the sale, the chief financial officer now owns 14,196 shares of the company’s stock, valued at $1,373,604.96. The disclosure for this sale can be found here. Corporate insiders own 4.47% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Advisor Group Inc. purchased a new stake in shares of Perrigo during the second quarter valued at approximately $139,000. Johnson Financial Group Inc. boosted its stake in shares of Perrigo by 858.5% in the second quarter. Johnson Financial Group Inc. now owns 1,524 shares of the company’s stock valued at $139,000 after buying an additional 1,365 shares during the last quarter. Pacad Investment Ltd. purchased a new stake in shares of Perrigo during the second quarter valued at approximately $181,000. RiverPoint Capital Management LLC purchased a new stake in shares of Perrigo during the second quarter valued at approximately $218,000. Finally, Bank of Nova Scotia boosted its stake in shares of Perrigo by 6.5% in the second quarter. Bank of Nova Scotia now owns 2,929 shares of the company’s stock valued at $266,000 after buying an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 70.80% of the company’s stock.
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