CIBC initiated coverage on shares of Perrigo Company (NYSE:PRGO) in a research report issued on Thursday, September 7th. The firm set an “outperform” rating and a $88.00 price target on the stock. CIBC’s target price suggests a potential upside of 1.27% from the company’s current price.
A number of other brokerages also recently commented on PRGO. Royal Bank Of Canada set a $60.00 target price on shares of Perrigo and gave the stock a “sell” rating in a research note on Sunday, July 16th. Jefferies Group LLC restated a “hold” rating and issued a $71.00 target price (up from $69.00) on shares of Perrigo in a research note on Friday, August 11th. Wells Fargo & Company reiterated a “market perform” rating and set a $77.00 price objective on shares of Perrigo in a research note on Tuesday, August 15th. Oppenheimer Holdings, Inc. started coverage on shares of Perrigo in a research note on Thursday, September 7th. They set an “outperform” rating and a $88.00 price objective on the stock. Finally, Cantor Fitzgerald set a $85.00 price objective on shares of Perrigo and gave the company a “buy” rating in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $89.36.
Shares of Perrigo (NYSE:PRGO) traded down 2.22% during mid-day trading on Thursday, hitting $86.90. The stock had a trading volume of 3,571,502 shares. The firm’s market cap is $12.39 billion. The stock has a 50 day moving average price of $77.62 and a 200 day moving average price of $73.23. Perrigo has a 52 week low of $63.68 and a 52 week high of $99.14.
Perrigo (NYSE:PRGO) last announced its earnings results on Thursday, August 10th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.28. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Perrigo had a negative net margin of 51.04% and a positive return on equity of 11.55%. The business’s revenue was down 7.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.93 EPS. Equities research analysts expect that Perrigo will post $4.58 EPS for the current fiscal year.
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In related news, EVP Thomas Farrington sold 616 shares of the firm’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $76.90, for a total transaction of $47,370.40. Following the sale, the executive vice president now owns 2,724 shares in the company, valued at $209,475.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Sharon Kochan sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $79.03, for a total transaction of $118,545.00. Following the sale, the executive vice president now owns 10,349 shares in the company, valued at approximately $817,881.47. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,894 shares of company stock worth $581,320. 6.90% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in PRGO. Retirement Systems of Alabama grew its position in shares of Perrigo by 2.0% in the first quarter. Retirement Systems of Alabama now owns 69,305 shares of the company’s stock valued at $4,601,000 after purchasing an additional 1,348 shares during the period. Nationwide Fund Advisors grew its position in shares of Perrigo by 2.3% in the first quarter. Nationwide Fund Advisors now owns 54,999 shares of the company’s stock valued at $3,651,000 after purchasing an additional 1,214 shares during the period. Profund Advisors LLC grew its position in shares of Perrigo by 4.6% in the first quarter. Profund Advisors LLC now owns 8,682 shares of the company’s stock valued at $576,000 after purchasing an additional 380 shares during the period. Sumitomo Mitsui Asset Management Company LTD grew its position in shares of Perrigo by 10.9% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 12,111 shares of the company’s stock valued at $804,000 after purchasing an additional 1,192 shares during the period. Finally, Wells Fargo & Company MN grew its position in shares of Perrigo by 68.9% in the first quarter. Wells Fargo & Company MN now owns 208,021 shares of the company’s stock valued at $13,812,000 after purchasing an additional 84,864 shares during the period. Institutional investors and hedge funds own 80.36% of the company’s stock.
Perrigo Company Profile
Perrigo Company plc is a global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, animal health, dietary supplements, active pharmaceutical ingredients (API), and medical diagnostic products, and Multiple Sclerosis drug Tysabri.
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