Wells Fargo Lowers Perrigo (PRGO) Price Target to $84.00

Perrigo (NYSE:PRGO) had its price target cut by Wells Fargo from $90.00 to $84.00 in a research report released on Monday, Marketbeat Ratings reports. They currently have a market perform rating on the stock.

PRGO has been the subject of several other research reports. Canaccord Genuity set a $105.00 price objective on Perrigo and gave the stock a buy rating in a report on Monday, March 26th. Oppenheimer set a $98.00 price objective on Perrigo and gave the stock a buy rating in a report on Monday, March 5th. Cantor Fitzgerald set a $107.00 price objective on Perrigo and gave the stock a buy rating in a report on Friday, January 19th. Finally, ValuEngine lowered Perrigo from a hold rating to a sell rating in a research note on Wednesday, May 9th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Perrigo presently has an average rating of Hold and an average target price of $93.06.

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Shares of NYSE PRGO opened at $75.86 on Monday. Perrigo has a 12 month low of $75.66 and a 12 month high of $76.20. The company has a quick ratio of 1.48, a current ratio of 2.08 and a debt-to-equity ratio of 0.53. The stock has a market cap of $10.46 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 1.77 and a beta of 0.77.

Perrigo (NYSE:PRGO) last issued its quarterly earnings data on Tuesday, May 8th. The company reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.12. Perrigo had a return on equity of 11.93% and a net margin of 2.59%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the previous year, the firm earned $1.05 earnings per share. Perrigo’s revenue was up 1.9% on a year-over-year basis. sell-side analysts anticipate that Perrigo will post 5.25 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 19th. Shareholders of record on Friday, June 1st will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend is Thursday, May 31st. Perrigo’s dividend payout ratio is currently 15.42%.

In related news, CEO Uwe Roehrhoff acquired 7,500 shares of the stock in a transaction on Monday, March 5th. The stock was purchased at an average price of $81.85 per share, for a total transaction of $613,875.00. Following the completion of the transaction, the chief executive officer now owns 4,900 shares of the company’s stock, valued at approximately $401,065. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jeffrey C. Smith acquired 50,000 shares of the stock in a transaction on Thursday, May 17th. The stock was bought at an average price of $75.89 per share, with a total value of $3,794,500.00. Following the transaction, the director now directly owns 528 shares of the company’s stock, valued at approximately $40,069.92. The disclosure for this purchase can be found here. Insiders acquired 307,500 shares of company stock valued at $23,210,875 in the last quarter. Corporate insiders own 6.90% of the company’s stock.

A number of hedge funds have recently made changes to their positions in PRGO. Nisa Investment Advisors LLC lifted its position in Perrigo by 19.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 12,300 shares of the company’s stock valued at $1,072,000 after purchasing an additional 2,000 shares during the last quarter. Bank of Montreal Can lifted its position in Perrigo by 140.1% in the fourth quarter. Bank of Montreal Can now owns 225,504 shares of the company’s stock valued at $19,655,000 after purchasing an additional 131,570 shares during the last quarter. E&G Advisors LP bought a new stake in Perrigo in the fourth quarter valued at approximately $288,000. Schwab Charles Investment Management Inc. lifted its position in Perrigo by 9.6% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 506,255 shares of the company’s stock valued at $44,126,000 after purchasing an additional 44,203 shares during the last quarter. Finally, Oakbrook Investments LLC bought a new stake in Perrigo in the fourth quarter valued at approximately $436,000. Hedge funds and other institutional investors own 79.52% of the company’s stock.

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.

Analyst Recommendations for Perrigo (NYSE:PRGO)