Perrigo’s (PRGO) Buy Rating Reaffirmed at UBS AG
UBS AG reiterated their buy rating on shares of Perrigo Company (NYSE:PRGO) in a research note released on Thursday, 99wallstreet.com reports. They currently have a $98.00 price objective on the stock, up from their previous price objective of $84.00.
Several other research firms also recently commented on PRGO. Oppenheimer Holdings, Inc. assumed coverage on Perrigo in a report on Monday, October 2nd. They issued a buy rating and a $88.00 price objective for the company. BidaskClub upgraded Perrigo from a sell rating to a hold rating in a report on Saturday, September 16th. Deutsche Bank AG lifted their price objective on Perrigo from $88.00 to $95.00 and gave the stock a buy rating in a report on Thursday, September 14th. Royal Bank Of Canada reiterated a sell rating and issued a $64.00 price objective on shares of Perrigo in a report on Wednesday, September 13th. Finally, Canaccord Genuity reiterated a buy rating and issued a $100.00 price objective (up from $88.00) on shares of Perrigo in a report on Wednesday, September 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $88.50.
Perrigo (NYSE PRGO) opened at 86.82 on Thursday. The firm’s 50-day moving average is $82.88 and its 200-day moving average is $74.75. The stock’s market capitalization is $12.38 billion. Perrigo has a 12-month low of $63.68 and a 12-month high of $94.95.
Perrigo (NYSE:PRGO) last issued its quarterly earnings results on Thursday, August 10th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.28. Perrigo had a positive return on equity of 11.55% and a negative net margin of 51.04%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the company earned $1.93 earnings per share. The company’s revenue was down 7.7% on a year-over-year basis. Analysts predict that Perrigo will post $4.58 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were issued a $0.16 dividend. The ex-dividend date was Wednesday, August 23rd. This represents a $0.64 dividend on an annualized basis and a yield of 0.74%. Perrigo’s dividend payout ratio is presently -3.51%.
In other Perrigo news, EVP Jeffrey Needham sold 3,595 shares of Perrigo stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $89.49, for a total value of $321,716.55. Following the sale, the executive vice president now owns 10,118 shares of the company’s stock, valued at approximately $905,459.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Sharon Kochan sold 318 shares of Perrigo stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $81.36, for a total value of $25,872.48. Following the completion of the sale, the executive vice president now directly owns 10,231 shares in the company, valued at approximately $832,394.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,894 shares of company stock worth $581,320. 6.90% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the business. Korea Investment CORP increased its stake in Perrigo by 142.0% in the 2nd quarter. Korea Investment CORP now owns 1,331 shares of the company’s stock worth $101,000 after acquiring an additional 781 shares during the last quarter. Commonwealth Bank of Australia increased its stake in Perrigo by 13.8% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,455 shares of the company’s stock worth $108,000 after acquiring an additional 176 shares during the last quarter. Johnson Financial Group Inc. increased its stake in Perrigo by 15.6% in the 1st quarter. Johnson Financial Group Inc. now owns 1,775 shares of the company’s stock worth $118,000 after acquiring an additional 240 shares during the last quarter. Global X Management Co. LLC increased its stake in Perrigo by 56.4% in the 1st quarter. Global X Management Co. LLC now owns 2,370 shares of the company’s stock worth $157,000 after acquiring an additional 855 shares during the last quarter. Finally, Bessemer Group Inc. increased its stake in Perrigo by 1,046.2% in the 2nd quarter. Bessemer Group Inc. now owns 2,235 shares of the company’s stock worth $169,000 after acquiring an additional 2,040 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.
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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