Perrigo (NYSE:PRGO) Posts Earnings Results, Beats Expectations By $0.03 EPS

Perrigo (NYSE:PRGOGet Free Report) announced its earnings results on Tuesday. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.03, MarketWatch Earnings reports. Perrigo had a positive return on equity of 7.34% and a negative net margin of 0.27%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the business posted $0.75 earnings per share. The company’s quarterly revenue was up .1% on a year-over-year basis. Perrigo updated its FY 2024 guidance to 2.500-2.650 EPS and its FY24 guidance to $2.50 to $2.65 EPS.

Perrigo Stock Down 2.0 %

Perrigo stock traded down $0.52 during trading hours on Thursday, hitting $25.89. The company had a trading volume of 1,695,322 shares, compared to its average volume of 1,673,498. The firm’s fifty day moving average is $32.32 and its 200-day moving average is $31.93. The firm has a market capitalization of $3.51 billion, a P/E ratio of -264.10 and a beta of 0.67. Perrigo has a fifty-two week low of $25.77 and a fifty-two week high of $40.28. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.79 and a quick ratio of 1.60.

Perrigo Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 26th. Investors of record on Friday, March 8th will be issued a dividend of $0.276 per share. This is a boost from Perrigo’s previous quarterly dividend of $0.27. This represents a $1.10 annualized dividend and a dividend yield of 4.26%. The ex-dividend date of this dividend is Thursday, March 7th. Perrigo’s dividend payout ratio (DPR) is currently -1,090.00%.

Analyst Upgrades and Downgrades

PRGO has been the topic of a number of recent research reports. JPMorgan Chase & Co. decreased their target price on Perrigo from $48.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday. Piper Sandler began coverage on Perrigo in a research note on Friday, November 17th. They issued an “overweight” rating and a $37.00 price target on the stock. Finally, StockNews.com cut shares of Perrigo from a “buy” rating to a “hold” rating in a report on Tuesday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Perrigo currently has a consensus rating of “Moderate Buy” and an average price target of $42.50.

Read Our Latest Stock Analysis on PRGO

Institutional Trading of Perrigo

Several large investors have recently added to or reduced their stakes in PRGO. Price T Rowe Associates Inc. MD increased its holdings in shares of Perrigo by 3.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,770 shares of the company’s stock valued at $3,148,000 after acquiring an additional 3,314 shares during the last quarter. GTS Securities LLC grew its holdings in Perrigo by 121.0% during the fourth quarter. GTS Securities LLC now owns 19,002 shares of the company’s stock valued at $611,000 after purchasing an additional 10,402 shares during the last quarter. Virtus Fund Advisers LLC raised its position in shares of Perrigo by 55.5% in the fourth quarter. Virtus Fund Advisers LLC now owns 2,405 shares of the company’s stock valued at $77,000 after purchasing an additional 858 shares during the period. Barclays PLC lifted its stake in shares of Perrigo by 31.9% in the fourth quarter. Barclays PLC now owns 198,347 shares of the company’s stock worth $6,382,000 after buying an additional 47,925 shares during the last quarter. Finally, Perpetual Ltd boosted its holdings in shares of Perrigo by 23.0% during the 4th quarter. Perpetual Ltd now owns 2,308,739 shares of the company’s stock worth $74,295,000 after buying an additional 432,233 shares during the period. 95.74% of the stock is owned by institutional investors.

About Perrigo

(Get Free Report)

Perrigo Company plc provides over-the-counter health and wellness solutions to enhance individual well-being in the United States, Europe, and internationally. The company operates through Consumer Self-Care Americas and Consumer Self-Care International segments. It develops, manufactures, markets, and distributes self-care consumer products, such as upper respiratory products; infant formulas and nutritional beverages; digestive health products; pain and sleep-aids; oral care products; healthy lifestyle products, which includes weight management; skin care products; women's health products comprising feminine hygiene and contraceptives; vitamins, minerals, and supplements; rare diseases business; and other miscellaneous self-care products.

Further Reading

Earnings History for Perrigo (NYSE:PRGO)

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