Perrigo (PRGO) Raised to Hold at ValuEngine

Perrigo (NYSE:PRGO) was upgraded by equities researchers at ValuEngine from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

A number of other equities research analysts also recently issued reports on PRGO. Cantor Fitzgerald set a $107.00 price objective on shares of Perrigo and gave the company a “buy” rating in a research report on Thursday, August 9th. Deutsche Bank downgraded shares of Perrigo from a “buy” rating to a “hold” rating and cut their price objective for the company from $93.00 to $78.00 in a research report on Friday, August 10th. Stifel Nicolaus cut their price objective on shares of Perrigo from $92.00 to $87.00 and set a “hold” rating for the company in a research report on Friday, August 10th. Royal Bank of Canada dropped their target price on shares of Perrigo from $89.00 to $67.00 and set a “hold” rating for the company in a report on Friday, August 10th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Perrigo from $83.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, August 10th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $82.73.

Shares of PRGO stock opened at $62.62 on Wednesday. Perrigo has a 1 year low of $59.88 and a 1 year high of $95.93. The company has a quick ratio of 1.26, a current ratio of 1.85 and a debt-to-equity ratio of 0.54. The firm has a market cap of $8.54 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 2.26 and a beta of 0.58.

Perrigo (NYSE:PRGO) last issued its quarterly earnings data on Thursday, November 8th. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.04. Perrigo had a net margin of 2.54% and a return on equity of 11.32%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the firm posted $1.39 EPS. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, sell-side analysts forecast that Perrigo will post 4.55 earnings per share for the current fiscal year.

In other news, EVP Svend Andersen bought 3,900 shares of the company’s stock in a transaction that occurred on Friday, November 9th. The stock was bought at an average price of $63.01 per share, with a total value of $245,739.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Murray S. Kessler bought 15,683 shares of the company’s stock in a transaction that occurred on Friday, November 9th. The stock was purchased at an average cost of $63.79 per share, with a total value of $1,000,418.57. Following the acquisition, the chief executive officer now directly owns 13,416 shares in the company, valued at approximately $855,806.64. The disclosure for this purchase can be found here. Insiders purchased a total of 25,783 shares of company stock valued at $1,646,976 in the last ninety days. 6.90% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRGO. FMR LLC boosted its holdings in shares of Perrigo by 114.3% during the 3rd quarter. FMR LLC now owns 11,080,094 shares of the company’s stock valued at $784,471,000 after purchasing an additional 5,909,969 shares during the last quarter. Iridian Asset Management LLC CT bought a new position in shares of Perrigo during the 3rd quarter valued at about $136,248,000. Ceredex Value Advisors LLC boosted its holdings in shares of Perrigo by 132.0% during the 3rd quarter. Ceredex Value Advisors LLC now owns 2,828,159 shares of the company’s stock valued at $200,234,000 after purchasing an additional 1,609,009 shares during the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management boosted its holdings in shares of Perrigo by 457.8% during the 3rd quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management now owns 1,677,199 shares of the company’s stock valued at $118,746,000 after purchasing an additional 1,376,543 shares during the last quarter. Finally, First Eagle Investment Management LLC bought a new position in shares of Perrigo during the 3rd quarter valued at about $47,818,000. 87.50% of the stock is owned by institutional investors and hedge funds.

About Perrigo

Perrigo Company plc, a healthcare company, manufactures and supplies over-the-counter (OTC) healthcare products, infant formulas, branded OTC products, and generic pharmaceutical products worldwide. The company operates through Consumer Healthcare Americas, Consumer Healthcare International, and Prescription Pharmaceuticals segments.

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Analyst Recommendations for Perrigo (NYSE:PRGO)

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