Geode Capital Management LLC Has $65.60 Million Position in Perrigo Company plc $PRGO

Geode Capital Management LLC lowered its holdings in shares of Perrigo Company plc (NYSE:PRGO) by 2.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,454,720 shares of the company’s stock after selling 67,414 shares during the quarter. Geode Capital Management LLC owned about 1.79% of Perrigo worth $65,601,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Access Investment Management LLC acquired a new position in Perrigo during the 2nd quarter worth $8,931,000. TD Asset Management Inc bought a new position in shares of Perrigo in the second quarter worth about $965,000. Jefferies Financial Group Inc. acquired a new position in shares of Perrigo during the 1st quarter worth about $365,000. Royal Bank of Canada boosted its stake in Perrigo by 21.5% during the 1st quarter. Royal Bank of Canada now owns 414,232 shares of the company’s stock valued at $11,615,000 after purchasing an additional 73,264 shares during the period. Finally, Bahl & Gaynor Inc. grew its holdings in Perrigo by 40.7% in the 1st quarter. Bahl & Gaynor Inc. now owns 2,146,352 shares of the company’s stock valued at $60,184,000 after buying an additional 621,155 shares during the last quarter. Institutional investors and hedge funds own 95.91% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Canaccord Genuity Group reduced their target price on shares of Perrigo from $40.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $20.00 price target (down previously from $32.00) on shares of Perrigo in a report on Thursday, November 6th. Zacks Research lowered Perrigo from a “hold” rating to a “strong sell” rating in a report on Friday, November 7th. Jefferies Financial Group lowered their price target on shares of Perrigo from $27.00 to $23.00 and set a “hold” rating on the stock in a report on Monday, October 27th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Perrigo in a report on Wednesday. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Perrigo presently has an average rating of “Reduce” and a consensus target price of $22.50.

Perrigo Stock Up 3.2%

NYSE PRGO opened at $12.65 on Monday. The stock’s 50 day simple moving average is $19.48 and its 200 day simple moving average is $23.57. Perrigo Company plc has a one year low of $12.17 and a one year high of $30.93. The firm has a market cap of $1.74 billion, a PE ratio of -21.81 and a beta of 0.42. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.32 and a quick ratio of 1.24.

Perrigo (NYSE:PRGO) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.05. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.10 billion. Perrigo had a positive return on equity of 9.09% and a negative net margin of 1.86%.The business’s revenue was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share. Perrigo has set its FY 2025 guidance at 2.700-2.80 EPS. As a group, sell-side analysts forecast that Perrigo Company plc will post 2.56 earnings per share for the current fiscal year.

Perrigo Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 16th. Shareholders of record on Friday, November 28th will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, November 28th. This represents a $1.16 dividend on an annualized basis and a yield of 9.2%. Perrigo’s dividend payout ratio is currently -305.26%.

Insider Activity

In related news, Director Geoffrey M. Parker purchased 7,500 shares of the stock in a transaction that occurred on Wednesday, November 12th. The stock was acquired at an average price of $14.18 per share, with a total value of $106,350.00. Following the completion of the acquisition, the director directly owned 17,375 shares in the company, valued at approximately $246,377.50. This trade represents a 75.95% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Abigail Lennox acquired 1,255 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was bought at an average price of $22.41 per share, with a total value of $28,124.55. Following the transaction, the executive vice president directly owned 1,255 shares in the company, valued at $28,124.55. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 0.70% 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.