Perrigo (NYSE:PRGO) Stock Rating Reaffirmed by Canaccord Genuity Group

Perrigo (NYSE:PRGO)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity Group in a research note issued on Friday, Benzinga reports. They currently have a $42.00 price objective on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 38.52% from the company’s current price.

Several other analysts also recently weighed in on the company. JPMorgan Chase & Co. lowered their price objective on Perrigo from $48.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, February 28th. Piper Sandler increased their target price on Perrigo from $35.00 to $39.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Finally, StockNews.com raised shares of Perrigo from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd.

Perrigo Stock Performance

NYSE PRGO opened at $30.32 on Friday. The company’s 50 day simple moving average is $30.80 and its two-hundred day simple moving average is $30.82. The stock has a market capitalization of $4.11 billion, a PE ratio of -303.20 and a beta of 0.64. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.79 and a quick ratio of 1.07. Perrigo has a 1 year low of $25.77 and a 1 year high of $40.28.

Perrigo (NYSE:PRGO) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Perrigo had a positive return on equity of 7.34% and a negative net margin of 0.27%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the company posted $0.75 EPS. Analysts predict that Perrigo will post 2.55 earnings per share for the current fiscal year.

Insider Activity at Perrigo

In related news, EVP Alison Ives purchased 2,490 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were acquired 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 $439,485.72. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other Perrigo news, EVP Alison Ives acquired 2,490 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was acquired at an average cost of $27.26 per share, with a total value of $67,877.40. Following the purchase, the executive vice president now directly owns 16,122 shares of the company’s stock, valued at approximately $439,485.72. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Patrick Lockwood-Taylor bought 9,500 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was bought at an average price of $26.54 per share, with a total value of $252,130.00. Following the acquisition, the chief executive officer now owns 20,500 shares in the company, valued at approximately $544,070. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 17,990 shares of company stock worth $475,227. 0.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PRGO. Wolf Hill Capital Management LP increased its holdings in shares of Perrigo by 168.9% in the 1st quarter. Wolf Hill Capital Management LP now owns 3,959,634 shares of the company’s stock valued at $142,032,000 after acquiring an additional 2,486,987 shares during the period. Boston Partners purchased a new position in Perrigo in the fourth quarter valued at about $74,255,000. Cooper Creek Partners Management LLC raised its holdings in Perrigo by 1,080.0% in the third quarter. Cooper Creek Partners Management LLC now owns 1,872,508 shares of the company’s stock worth $59,827,000 after purchasing an additional 1,713,827 shares in the last quarter. Norges Bank purchased a new stake in shares of Perrigo during the fourth quarter valued at about $45,075,000. Finally, Millennium Management LLC boosted its holdings in shares of Perrigo by 256.1% in the 4th quarter. Millennium Management LLC now owns 1,420,648 shares of the company’s stock valued at $48,430,000 after buying an additional 1,021,709 shares in the last quarter. Hedge funds and other institutional investors own 95.91% of the company’s stock.

Perrigo Company Profile

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.