Envestnet Asset Management Inc. Raises Stock Holdings in Perrigo Company plc (NYSE:PRGO)

Posted by Defense World Staff on May 9th, 2023

Envestnet Asset Management Inc. lifted its holdings in shares of Perrigo Company plc (NYSE:PRGO – Get Rating) by 2.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 462,525 shares of the company’s stock after acquiring an additional 9,138 shares during the quarter. Envestnet Asset Management Inc. owned 0.34% of Perrigo worth $15,767,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PRGO. Raymond James & Associates increased its position in shares of Perrigo by 23.6% during the first quarter. Raymond James & Associates now owns 53,302 shares of the company’s stock valued at $2,048,000 after acquiring an additional 10,189 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Perrigo by 222.6% during the first quarter. PNC Financial Services Group Inc. now owns 8,039 shares of the company’s stock valued at $308,000 after acquiring an additional 5,547 shares during the last quarter. Natixis Advisors L.P. increased its position in shares of Perrigo by 135.4% during the first quarter. Natixis Advisors L.P. now owns 24,726 shares of the company’s stock valued at $950,000 after acquiring an additional 14,222 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Perrigo by 10.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 49,027 shares of the company’s stock valued at $1,884,000 after purchasing an additional 4,675 shares during the period. Finally, BlackRock Inc. grew its holdings in Perrigo by 4.8% during the first quarter. BlackRock Inc. now owns 12,112,154 shares of the company’s stock valued at $465,469,000 after purchasing an additional 554,915 shares during the period. 94.09% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Perrigo

In related news, EVP James E. Dillard III sold 9,000 shares of Perrigo stock in a transaction on Friday, March 10th. The stock was sold at an average price of $35.70, for a total transaction of $321,300.00. Following the completion of the sale, the executive vice president now owns 25,130 shares of the company’s stock, valued at $897,141. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Perrigo news, EVP James E. Dillard III sold 9,000 shares of the firm’s stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $35.70, for a total transaction of $321,300.00. Following the sale, the executive vice president now owns 25,130 shares in the company, valued at $897,141. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Geoffrey M. Parker purchased 5,000 shares of the stock in a transaction on Monday, March 6th. The shares were purchased at an average price of $38.05 per share, for a total transaction of $190,250.00. Following the transaction, the director now directly owns 15,879 shares of the company’s stock, valued at $604,195.95. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 17,223 shares of company stock valued at $619,867. Company insiders own 0.80% of the company’s stock.

Perrigo Price Performance

Perrigo stock opened at $36.00 on Tuesday. Perrigo Company plc has a one year low of $30.78 and a one year high of $43.90. The business has a fifty day moving average price of $36.18 and a 200-day moving average price of $35.51. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.44 and a quick ratio of 1.41. The firm has a market capitalization of $4.86 billion, a P/E ratio of -37.50 and a beta of 0.79.

Perrigo (NYSE:PRGO – Get Rating) last posted its quarterly earnings results on Monday, February 27th. The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Perrigo had a positive return on equity of 5.79% and a negative net margin of 2.91%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the company earned $0.60 earnings per share. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. As a group, equities research analysts forecast that Perrigo Company plc will post 2.56 EPS for the current year.

Perrigo Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 20th. Investors of record on Friday, June 2nd will be paid a dividend of $0.273 per share. This represents a $1.09 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend is Thursday, June 1st. Perrigo’s dividend payout ratio is -113.54%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PRGO shares. StockNews.com raised Perrigo from a “hold” rating to a “buy” rating in a report on Sunday, April 16th. Canaccord Genuity Group started coverage on Perrigo in a report on Tuesday, March 7th. They set a “buy” rating and a $49.00 price objective for the company. Finally, 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, March 5th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Perrigo currently has an average rating of “Buy” and a consensus target price of $48.00.

Perrigo 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).