Perrigo (NYSE:PRGO) Issues FY24 Earnings Guidance

Perrigo (NYSE:PRGO) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.50-2.65 for the period, compared to the consensus estimate of $2.57. The company issued revenue guidance of flat yr/yr or $4.656 billion, compared to the consensus revenue estimate of $4.66 billion.

Analysts Set New Price Targets

PRGO has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their price objective on Perrigo from $48.00 to $41.00 and set an overweight rating for the company in a research note on Wednesday, February 28th. Piper Sandler boosted their price objective on Perrigo from $35.00 to $39.00 and gave the company an overweight rating in a research note on Monday, April 8th. StockNews.com upgraded Perrigo from a hold rating to a buy rating in a research note on Wednesday, April 3rd. Finally, Canaccord Genuity Group restated a buy rating and issued a $42.00 price target on shares of Perrigo in a research note on Friday, April 12th.

Perrigo Price Performance

Shares of NYSE PRGO traded up $0.96 during midday trading on Wednesday, reaching $31.11. 1,622,328 shares of the stock traded hands, compared to its average volume of 1,802,604. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.79 and a quick ratio of 1.07. The stock has a market capitalization of $4.22 billion, a PE ratio of -306.90 and a beta of 0.63. Perrigo has a one year low of $25.77 and a one year high of $40.28. The company’s 50 day moving average is $30.68 and its 200 day moving average is $30.93.

Perrigo (NYSE:PRGO) last posted its earnings results on Saturday, May 4th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.09 billion. Perrigo had a positive return on equity of 7.34% and a negative net margin of 0.27%. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.45 EPS. On average, equities research analysts anticipate that Perrigo will post 2.55 earnings per share for the current year.

Perrigo Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be issued a dividend of $0.276 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.10 annualized dividend and a yield of 3.55%. Perrigo’s payout ratio is presently -1,100.00%.

Insider Activity at Perrigo

In other Perrigo news, EVP Robert Willis bought 6,000 shares of Perrigo stock in a transaction on Thursday, February 29th. The shares were acquired at an average price of $25.87 per share, for a total transaction of $155,220.00. Following the completion of the purchase, the executive vice president now directly owns 25,105 shares in the company, valued at approximately $649,466.35. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Patrick Lockwood-Taylor purchased 9,500 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were purchased at an average price of $26.54 per share, for a total transaction of $252,130.00. Following the completion of the purchase, the chief executive officer now owns 20,500 shares in the company, valued at approximately $544,070. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Robert Willis purchased 6,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were purchased at an average price of $25.87 per share, for a total transaction of $155,220.00. Following the purchase, the executive vice president now owns 25,105 shares of the company’s stock, valued at approximately $649,466.35. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 17,990 shares of company stock worth $475,227. Company insiders own 0.40% of the company’s stock.

Perrigo Company Profile

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.