Perrigo (NYSE:PRGO) Updates FY24 Earnings Guidance

Perrigo (NYSE:PRGO) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.50-2.65 for the period, compared to the consensus earnings per share estimate of $2.57. The company issued revenue guidance of flat yr/yr or $4.656 billion, compared to the consensus revenue estimate of $4.66 billion.

Perrigo Stock Performance

Shares of NYSE:PRGO traded down $0.27 on Thursday, hitting $30.84. The company had a trading volume of 562,480 shares, compared to its average volume of 1,788,354. The company has a current ratio of 1.79, a quick ratio of 1.07 and a debt-to-equity ratio of 0.76. The stock has a 50 day moving average price of $30.77 and a 200 day moving average price of $30.93. Perrigo has a 1-year low of $25.77 and a 1-year high of $40.28. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of -311.10 and a beta of 0.63.

Perrigo (NYSE:PRGO) last released its quarterly earnings results on Saturday, May 4th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.23 by $0.06. Perrigo had a negative net margin of 0.27% and a positive return on equity of 7.34%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the prior year, the company posted $0.45 earnings per share. Perrigo’s revenue was down 8.4% compared to the same quarter last year. Analysts expect that Perrigo will post 2.55 EPS for the current year.

Perrigo Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.276 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.58%. Perrigo’s payout ratio is -1,100.00%.

Analyst Ratings Changes

PRGO has been the subject of a number of research reports. Canaccord Genuity Group reissued a buy rating and issued a $42.00 target price on shares of Perrigo in a report on Friday, April 12th. StockNews.com lowered shares of Perrigo from a buy rating to a hold rating in a report on Wednesday. Piper Sandler raised their price objective on shares of Perrigo from $35.00 to $39.00 and gave the stock an overweight rating in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Perrigo from $48.00 to $41.00 and set an overweight rating for the company in a research report on Wednesday, February 28th.

Insider Transactions at Perrigo

In related news, EVP Alison Ives purchased 2,490 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was bought at an average price of $27.26 per share, for a total transaction of $67,877.40. Following the purchase, the executive vice president now directly owns 16,122 shares in the company, valued at approximately $439,485.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Perrigo news, EVP Alison Ives acquired 2,490 shares of Perrigo stock in a transaction that occurred on Tuesday, March 5th. The stock was acquired at an average cost of $27.26 per share, for a total transaction of $67,877.40. Following the purchase, the executive vice president now owns 16,122 shares of the company’s stock, valued at $439,485.72. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Patrick Lockwood-Taylor acquired 9,500 shares of Perrigo stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average price of $26.54 per share, with a total value of $252,130.00. Following the completion of the purchase, the chief executive officer now directly owns 20,500 shares in the company, valued at approximately $544,070. The disclosure for this purchase can be found here. Insiders purchased a total of 17,990 shares of company stock worth $475,227 in the last quarter. Insiders own 0.40% of the company’s stock.

About Perrigo

Perrigo Company plc provides over-the-counter health and wellness solutions to enhance individual well-being in the United States, Europe, and internationally. It operates through Consumer Self-Care Americas and Consumer Self-Care International segments. The company develops, manufactures, markets, and distributes self-care consumer products, such as upper respiratory products, including cough suppressants, expectorants, and sinus and allergy relief; nutrition products consisting of infant formulas and nutritional beverages; digestive health products, including antacids, anti-diarrheal, and anti-heartburn; pain and sleep-aids products comprising pain relievers and fever reducers; and oral care products, which include toothbrushes, toothbrush replacement heads, floss, flossers, whitening products, and toothbrush covers.