Pinnacle Associates Ltd. Cuts Position in Perrigo Company (PRGO)

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 Company (NYSE:PRGO) traded down $0.70 on Tuesday, reaching $86.30. 870,500 shares of the company’s stock were exchanged, compared to its average volume of 1,697,889. Perrigo Company has a one year low of $63.68 and a one year high of $91.73. The company has a quick ratio of 1.24, a current ratio of 1.72 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $12,150.00, a PE ratio of 17.75, a price-to-earnings-growth ratio of 1.85 and a beta of 0.64.

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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About Perrigo

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.

Institutional Ownership by Quarter for Perrigo (NYSE:PRGO)

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