Envestnet Asset Management Inc. Sells 136,414 Shares of Perrigo Company plc (NYSE:PRGO)

Envestnet Asset Management Inc. lowered its holdings in shares of Perrigo Company plc (NYSE:PRGO) by 26.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 382,430 shares of the company’s stock after selling 136,414 shares during the quarter. Envestnet Asset Management Inc. owned 0.28% of Perrigo worth $9,832,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Franklin Resources Inc. purchased a new position in Perrigo in the third quarter valued at about $3,717,000. Barclays PLC raised its stake in shares of Perrigo by 44.8% during the 3rd quarter. Barclays PLC now owns 120,502 shares of the company’s stock worth $3,160,000 after acquiring an additional 37,268 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Perrigo by 65.1% in the third quarter. JPMorgan Chase & Co. now owns 541,000 shares of the company’s stock valued at $14,190,000 after acquiring an additional 213,221 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Perrigo during the 3rd quarter valued at $909,000. Finally, Access Investment Management LLC acquired a new position in Perrigo during the 4th quarter valued at about $7,989,000. 95.91% of the stock is currently owned by institutional investors.

Insider Activity at Perrigo

In other Perrigo news, EVP Ronald Craig Janish sold 7,800 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $27.44, for a total value of $214,032.00. Following the sale, the executive vice president now directly owns 33,666 shares of the company’s stock, valued at approximately $923,795.04. This trade represents a 18.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.70% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on PRGO. Argus downgraded Perrigo from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. StockNews.com downgraded shares of Perrigo from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Finally, Piper Sandler cut shares of Perrigo from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $34.00 to $27.00 in a report on Monday, January 6th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $33.00.

Perrigo Price Performance

Shares of NYSE PRGO opened at $25.35 on Friday. Perrigo Company plc has a 52 week low of $23.14 and a 52 week high of $33.46. The business’s 50 day moving average price is $26.49 and its 200 day moving average price is $26.04. The company has a quick ratio of 1.77, a current ratio of 2.56 and a debt-to-equity ratio of 0.94. The firm has a market cap of $3.46 billion, a P/E ratio of -21.66 and a beta of 0.49.

Perrigo (NYSE:PRGO) last posted its earnings results on Thursday, February 27th. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.20 billion. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. On average, sell-side analysts expect that Perrigo Company plc will post 2.56 earnings per share for the current year.

Perrigo Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.58%. This is a positive change from Perrigo’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, March 7th. Perrigo’s payout ratio is -92.80%.

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.