Perrigo (PRGO) Given New $75.00 Price Target at JPMorgan Chase & Co.
Perrigo (NYSE:PRGO) had its target price lowered by JPMorgan Chase & Co. from $83.00 to $75.00 in a research report sent to investors on Friday morning. The brokerage currently has a neutral rating on the stock.
A number of other research firms have also recently commented on PRGO. Canaccord Genuity set a $105.00 target price on shares of Perrigo and gave the stock a buy rating in a report on Monday, April 16th. Cantor Fitzgerald set a $107.00 target price on shares of Perrigo and gave the stock a buy rating in a report on Tuesday, May 8th. Wells Fargo & Co dropped their price objective on shares of Perrigo from $90.00 to $84.00 and set a market perform rating for the company in a report on Monday, May 14th. Royal Bank of Canada dropped their price objective on shares of Perrigo from $89.00 to $67.00 and set a hold rating for the company in a report on Friday. Finally, Deutsche Bank lowered shares of Perrigo from a buy rating to a hold rating and dropped their price objective for the company from $93.00 to $78.00 in a report on Friday. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $89.94.
Shares of Perrigo traded down $0.13, reaching $69.90, on Friday, MarketBeat.com reports. The company had a trading volume of 3,731,355 shares, compared to its average volume of 1,206,190. The stock has a market capitalization of $10.84 billion, a P/E ratio of 14.18, a price-to-earnings-growth ratio of 1.84 and a beta of 0.84. The company has a current ratio of 2.08, a quick ratio of 1.48 and a debt-to-equity ratio of 0.53. Perrigo has a one year low of $67.69 and a one year high of $95.93.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 18th. Shareholders of record on Friday, August 31st will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.76 annualized dividend and a yield of 1.09%. Perrigo’s payout ratio is 15.42%.
In other news, Director Jeffrey C. Smith purchased 250,000 shares of the stock in a transaction on Tuesday, May 15th. The stock was purchased at an average price of $75.21 per share, for a total transaction of $18,802,500.00. Following the acquisition, the director now owns 528 shares in the company, valued at $39,710.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeffrey C. Smith purchased 50,000 shares of the stock in a transaction on Thursday, May 17th. The shares were purchased at an average price of $75.89 per share, with a total value of $3,794,500.00. Following the acquisition, the director now owns 528 shares in the company, valued at approximately $40,069.92. The disclosure for this purchase can be found here. 6.90% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. raised its holdings in Perrigo by 91.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 6,333 shares of the company’s stock worth $461,000 after purchasing an additional 3,033 shares during the last quarter. Ontario Teachers Pension Plan Board raised its holdings in Perrigo by 57.8% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 240,000 shares of the company’s stock worth $17,498,000 after purchasing an additional 87,900 shares during the last quarter. Federated Investors Inc. PA raised its holdings in Perrigo by 3,256.7% during the 2nd quarter. Federated Investors Inc. PA now owns 83,044 shares of the company’s stock worth $6,054,000 after purchasing an additional 80,570 shares during the last quarter. Credit Agricole S A raised its holdings in Perrigo by 7.8% during the 2nd quarter. Credit Agricole S A now owns 70,473 shares of the company’s stock worth $5,137,000 after purchasing an additional 5,100 shares during the last quarter. Finally, FMR LLC raised its holdings in Perrigo by 1,200.9% during the 2nd quarter. FMR LLC now owns 5,170,125 shares of the company’s stock worth $376,954,000 after purchasing an additional 4,772,696 shares during the last quarter. Hedge funds and other institutional investors own 80.67% of the company’s stock.
Perrigo Company Profile
Perrigo Company plc, a healthcare company, manufactures and supplies over-the-counter (OTC) healthcare products, infant formulas, branded OTC products, and generic pharmaceutical products worldwide. The company operates through Consumer Healthcare Americas, Consumer Healthcare International, and Prescription Pharmaceuticals segments.
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