Barclays Boosts Perrigo (PRGO) Price Target to $93.00

Perrigo (NYSE:PRGO) had its target price boosted by Barclays to $93.00 in a research report report published on Monday morning. Barclays currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the company. Cantor Fitzgerald restated a buy rating on shares of Perrigo in a research report on Monday, August 21st. Canaccord Genuity restated a buy rating and set a $88.00 target price (up from $80.00) on shares of Perrigo in a research report on Thursday, August 10th. Deutsche Bank raised their target price on Perrigo from $88.00 to $95.00 and gave the company a buy rating in a research report on Thursday, September 14th. Oppenheimer started coverage on Perrigo in a research report on Monday, October 2nd. They set a buy rating and a $88.00 target price on the stock. Finally, UBS restated a buy rating and set a $98.00 target price (up from $84.00) on shares of Perrigo in a research report on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. Perrigo currently has an average rating of Hold and a consensus price target of $92.07.

Shares of Perrigo (NYSE PRGO) opened at $82.38 on Monday. Perrigo has a 12-month low of $63.68 and a 12-month high of $91.73. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.24 and a current ratio of 1.72. The company has a market capitalization of $12,154.55, a PE ratio of 17.61, a PEG ratio of 1.84 and a beta of 0.70.

Perrigo (NYSE:PRGO) last posted its earnings results on Thursday, November 9th. The company reported $1.39 EPS for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.28. Perrigo had a positive return on equity of 11.60% and a negative net margin of 26.28%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the firm earned $1.65 EPS. The company’s quarterly revenue was down 2.0% on a year-over-year basis. analysts predict that Perrigo will post 4.88 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Friday, December 1st will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend is Thursday, November 30th. Perrigo’s payout ratio is -6.99%.

In other Perrigo news, EVP John Wesolowski sold 388 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $87.20, for a total value of $33,833.60. Following the transaction, the executive vice president now directly owns 248 shares of the company’s stock, valued at approximately $21,625.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey Needham sold 3,595 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $89.49, for a total transaction of $321,716.55. Following the completion of the transaction, the executive vice president now directly owns 10,118 shares in the company, valued at $905,459.82. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,196 shares of company stock worth $374,137. 6.90% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRGO. Korea Investment CORP lifted its stake in Perrigo by 142.0% in the 2nd quarter. Korea Investment CORP now owns 1,331 shares of the company’s stock worth $101,000 after purchasing an additional 781 shares in the last quarter. Commonwealth Bank of Australia raised its position in shares of Perrigo by 13.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 1,455 shares of the company’s stock valued at $108,000 after buying an additional 176 shares during the period. Bessemer Group Inc. raised its position in shares of Perrigo by 1,046.2% during the 2nd quarter. Bessemer Group Inc. now owns 2,235 shares of the company’s stock valued at $169,000 after buying an additional 2,040 shares during the period. Allianz Asset Management GmbH purchased a new stake in shares of Perrigo during the 3rd quarter valued at approximately $217,000. Finally, Conning Inc. purchased a new stake in shares of Perrigo during the 3rd quarter valued at approximately $219,000. 85.53% of the stock is currently owned by institutional investors and hedge funds.

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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.

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