Pinnacle Associates Ltd. trimmed its holdings in shares of Perrigo Company (NYSE:PRGO) by 51.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,299 shares of the company’s stock after selling 7,867 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Perrigo were worth $618,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the stock. Franklin Resources Inc. boosted its stake in Perrigo by 117.7% in the second quarter. Franklin Resources Inc. now owns 8,109,742 shares of the company’s stock valued at $612,448,000 after acquiring an additional 4,383,903 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Perrigo by 3,286.6% during the third quarter. Victory Capital Management Inc. now owns 1,074,770 shares of the company’s stock worth $90,979,000 after buying an additional 1,043,034 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Perrigo by 50.9% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,846,993 shares of the company’s stock worth $139,485,000 after buying an additional 623,370 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Perrigo during the second quarter worth $27,377,000. Finally, Gotham Asset Management LLC purchased a new position in shares of Perrigo during the second quarter worth $24,950,000. 85.53% of the stock is currently owned by institutional investors.
Several research analysts recently issued reports on the stock. Cantor Fitzgerald set a $107.00 target price on shares of Perrigo and gave the stock a “buy” rating in a report on Monday. Barclays raised their target price on shares of Perrigo to $93.00 and gave the stock an “overweight” rating in a report on Monday. Goldman Sachs Group raised shares of Perrigo from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $66.00 to $79.00 in a report on Friday, August 11th. Jefferies Group reaffirmed a “hold” rating and issued a $71.00 price objective (up previously from $69.00) on shares of Perrigo in a report on Friday, August 11th. Finally, Stifel Nicolaus reaffirmed a “hold” rating on shares of Perrigo in a report on Friday, August 11th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Perrigo has a consensus rating of “Hold” and a consensus price target of $92.07.
Perrigo (NYSE:PRGO) last released its quarterly earnings data on Thursday, November 9th. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.28. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Perrigo had a negative net margin of 26.28% and a positive return on equity of 11.60%. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.65 earnings per share. analysts predict that Perrigo Company will post 4.88 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.16 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.74%. Perrigo’s dividend payout ratio is currently -6.99%.
In other news, EVP John Wesolowski sold 388 shares of the business’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $87.20, for a total transaction of $33,833.60. Following the completion of the sale, the executive vice president now owns 248 shares of the company’s stock, valued at $21,625.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey Needham sold 3,595 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $89.49, for a total transaction of $321,716.55. Following the sale, the executive vice president now directly owns 10,118 shares of the company’s stock, valued at approximately $905,459.82. The disclosure for this sale can be found here. Insiders have sold 4,514 shares of company stock valued at $400,009 in the last three months. Corporate insiders own 6.90% of the company’s stock.
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Perrigo Company plc is a global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, animal health, dietary supplements, active pharmaceutical ingredients (API), and medical diagnostic products, and Multiple Sclerosis drug Tysabri.
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