BlackRock Inc. Sells 556,840 Shares of Perrigo Company plc (NYSE:PRGO)

Posted by Defense World Staff on Mar 9th, 2023

BlackRock Inc. lessened its holdings in Perrigo Company plc (NYSE:PRGO – Get Rating) by 4.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,547,006 shares of the company’s stock after selling 556,840 shares during the quarter. BlackRock Inc. owned 9.32% of Perrigo worth $447,424,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Private Trust Co. NA increased its stake in Perrigo by 228.5% in the 3rd quarter. Private Trust Co. NA now owns 910 shares of the company’s stock valued at $32,000 after buying an additional 633 shares during the last quarter. Wipfli Financial Advisors LLC bought a new stake in Perrigo during the third quarter worth about $34,000. CWM LLC raised its holdings in Perrigo by 315.2% during the third quarter. CWM LLC now owns 1,009 shares of the company’s stock worth $36,000 after acquiring an additional 766 shares in the last quarter. Fifth Third Bancorp boosted its position in Perrigo by 117.0% during the third quarter. Fifth Third Bancorp now owns 1,274 shares of the company’s stock valued at $45,000 after purchasing an additional 687 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake in Perrigo by 70.9% in the third quarter. Rockefeller Capital Management L.P. now owns 1,282 shares of the company’s stock valued at $45,000 after purchasing an additional 532 shares in the last quarter. Institutional investors and hedge funds own 94.09% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on PRGO shares. Raymond James increased their price objective on Perrigo from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Sunday. Canaccord Genuity Group started coverage on shares of Perrigo in a research note on Tuesday. They issued a “buy” rating and a $49.00 price target for the company. Finally, StockNews.com lowered shares of Perrigo from a “buy” rating to a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.00.

Perrigo Price Performance

PRGO stock opened at $37.06 on Thursday. The business’s 50 day simple moving average is $36.44 and its 200 day simple moving average is $36.32. Perrigo Company plc has a 1-year low of $30.78 and a 1-year high of $43.90. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.44 and a quick ratio of 1.41.

Perrigo (NYSE:PRGO – Get Rating) last released its quarterly earnings data on Monday, February 27th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.20 billion. Perrigo had a negative net margin of 2.91% and a positive return on equity of 5.79%. The company’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 earnings per share. As a group, analysts expect that Perrigo Company plc will post 2.61 EPS for the current fiscal year.

Perrigo Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 28th. Stockholders of record on Friday, March 10th will be issued a dividend of $0.273 per share. This represents a $1.09 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date is Thursday, March 9th. This is a boost from Perrigo’s previous quarterly dividend of $0.26. Perrigo’s payout ratio is currently -108.33%.

Insider Activity

In other news, Director Geoffrey M. Parker purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 6th. The stock was acquired at an average cost of $38.05 per share, with a total value of $190,250.00. Following the acquisition, the director now owns 15,879 shares in the company, valued at approximately $604,195.95. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Perrigo news, Director Geoffrey M. Parker acquired 5,000 shares of the company’s stock in a transaction on Monday, March 6th. The stock was acquired at an average price of $38.05 per share, for a total transaction of $190,250.00. Following the purchase, the director now directly owns 15,879 shares of the company’s stock, valued at $604,195.95. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Grainne Quinn sold 2,368 shares of the stock in a transaction that occurred on Friday, December 16th. The stock was sold at an average price of $31.65, for a total transaction of $74,947.20. Following the transaction, the executive vice president now owns 9,118 shares in the company, valued at approximately $288,584.70. The disclosure for this sale can be found here. 0.80% of the stock is owned by company insiders.

Perrigo Company Profile

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Perrigo Co Plc engages in the provision of self-care products and over-the-counter (OTC) health and wellness solutions. It enhances individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. It operates through the following segments: Consumer Self-Care Americas (CSCA) and Consumer Self-Care International (CSCI).