Perrigo Co. (PRGO) Announces Earnings Results
Perrigo Co. (NYSE:PRGO) issued its quarterly earnings results on Thursday. The company reported $1.65 earnings per share for the quarter, topping the Zacks’ 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 the consensus estimate of $1.28 billion. During the same period last year, the business posted $1.76 EPS. The business’s revenue was up .8% compared to the same quarter last year. Perrigo updated its FY16 guidance to $6.85-7.15 EPS.
Shares of Perrigo (NYSE:PRGO) opened at 89.11 on Friday. Perrigo has a 52 week low of $79.72 and a 52 week high of $156.03. The stock’s 50 day moving average is $89.61 and its 200 day moving average is $92.44. The stock’s market cap is $12.77 billion.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 13th. Stockholders of record on Friday, November 25th will be paid a dividend of $0.145 per share. The ex-dividend date is Tuesday, November 22nd. This represents a $0.58 annualized dividend and a dividend yield of 0.65%. Perrigo’s payout ratio is currently -60.42%.
PRGO has been the subject of a number of recent analyst reports. Vetr downgraded Perrigo from a “strong-buy” rating to a “buy” rating and set a $98.60 price target for the company. in a report on Monday, July 25th. Deutsche Bank AG upgraded Perrigo from a “hold” rating to a “buy” rating and set a $115.00 price target for the company in a report on Friday, July 22nd. Zacks Investment Research upgraded Perrigo from a “hold” rating to a “buy” rating and set a $104.00 price target for the company in a report on Wednesday, July 20th. Guggenheim reiterated a “buy” rating and set a $125.00 price target on shares of Perrigo in a report on Monday, August 22nd. Finally, Leerink Swann set a $81.00 price target on Perrigo and gave the stock a “hold” rating in a report on Wednesday, August 10th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $113.92.
In other Perrigo news, EVP Judy L. Brown sold 2,095 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $88.28, for a total value of $184,946.60. Following the sale, the executive vice president now owns 16,292 shares in the company, valued at $1,438,257.76. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gary K. Kunkle, Jr. sold 5,814 shares of the company’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $89.95, for a total transaction of $522,969.30. Following the completion of the sale, the director now 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.
Large investors have recently made changes to their positions in the company. Parnassus Investments CA boosted its stake in shares of Perrigo by 53.7% in the second quarter. Parnassus Investments CA now owns 5,498,887 shares of the company’s stock worth $498,584,000 after buying an additional 1,922,347 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Perrigo by 2.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,702,709 shares of the company’s stock worth $341,871,000 after buying an additional 76,809 shares during the period. Franklin Resources Inc. boosted its stake in shares of Perrigo by 1.3% in the second quarter. Franklin Resources Inc. now owns 2,661,431 shares of the company’s stock worth $241,311,000 after buying an additional 33,921 shares during the period. Manning & Napier Advisors LLC boosted its stake in shares of Perrigo by 15.2% in the third quarter. Manning & Napier Advisors LLC now owns 2,608,714 shares of the company’s stock worth $240,862,000 after buying an additional 345,080 shares during the period. Finally, BlackRock Fund Advisors boosted its stake in shares of Perrigo by 2.6% in the third quarter. BlackRock Fund Advisors now owns 2,593,797 shares of the company’s stock worth $239,485,000 after buying an additional 65,889 shares during the period. Institutional investors and hedge funds own 70.80% of the company’s stock.
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.
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