Clearline Capital LP Has $47.01 Million Stock Position in Perrigo Company plc (NYSE:PRGO)

Clearline Capital LP raised its holdings in Perrigo Company plc (NYSE:PRGO) by 17.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,830,419 shares of the company’s stock after buying an additional 265,960 shares during the quarter. Perrigo comprises 1.3% of Clearline Capital LP’s investment portfolio, making the stock its largest position. Clearline Capital LP owned approximately 1.34% of Perrigo worth $47,005,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Perrigo by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 14,994,309 shares of the company’s stock worth $482,517,000 after buying an additional 91,322 shares during the period. Dimensional Fund Advisors LP grew its position in Perrigo by 3.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,162,656 shares of the company’s stock valued at $183,935,000 after purchasing an additional 249,640 shares during the last quarter. Deprince Race & Zollo Inc. increased its stake in Perrigo by 11.2% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 3,882,438 shares of the company’s stock valued at $99,701,000 after purchasing an additional 391,646 shares in the last quarter. Cooke & Bieler LP raised its holdings in Perrigo by 0.9% in the second quarter. Cooke & Bieler LP now owns 3,501,401 shares of the company’s stock worth $89,916,000 after buying an additional 30,150 shares during the last quarter. Finally, DAVENPORT & Co LLC lifted its stake in shares of Perrigo by 10.1% in the first quarter. DAVENPORT & Co LLC now owns 3,449,352 shares of the company’s stock worth $111,035,000 after buying an additional 317,552 shares in the last quarter. 95.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PRGO. StockNews.com lowered shares of Perrigo from a “buy” rating to a “hold” rating in a report on Tuesday, September 24th. Piper Sandler dropped their price objective on Perrigo from $36.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $30.00 price objective (down from $50.00) on shares of Perrigo in a report on Monday, September 23rd. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Perrigo Trading Up 0.1 %

NYSE:PRGO opened at $25.65 on Friday. The company has a 50 day simple moving average of $27.78 and a two-hundred day simple moving average of $28.67. The company has a market cap of $3.50 billion, a PE ratio of -366.43 and a beta of 0.49. The company has a current ratio of 1.99, a quick ratio of 1.24 and a debt-to-equity ratio of 0.80. Perrigo Company plc has a 12 month low of $24.82 and a 12 month high of $34.60.

Perrigo (NYSE:PRGO) last posted its quarterly earnings data on Friday, August 2nd. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.07. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Perrigo had a positive return on equity of 6.79% and a negative net margin of 2.81%. Perrigo’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.63 earnings per share. Research analysts forecast that Perrigo Company plc will post 2.57 earnings per share for the current year.

Perrigo Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Friday, August 30th were issued a $0.276 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date of this dividend was Friday, August 30th. Perrigo’s payout ratio is -1,571.43%.

Insider Activity at Perrigo

In other Perrigo news, EVP Svend Andersen sold 28,300 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $27.75, for a total value of $785,325.00. Following the transaction, the executive vice president now directly owns 73,553 shares in the company, valued at $2,041,095.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Svend Andersen sold 28,300 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $27.75, for a total value of $785,325.00. Following the transaction, the executive vice president now owns 73,553 shares of the company’s stock, valued at $2,041,095.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ronald Craig Janish sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $29.40, for a total value of $382,200.00. Following the transaction, the executive vice president now owns 20,553 shares of the company’s stock, valued at $604,258.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,254 shares of company stock worth $1,411,969. 0.70% of the stock is owned by company insiders.

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.