Perrigo (NYSE:PRGO) Announces Earnings Results, Meets Expectations

Perrigo (NYSE:PRGO) announced its earnings results on Wednesday. The company reported $0.81 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.81, Briefing.com reports. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.12 billion. Perrigo had a negative net margin of 2.81% and a positive return on equity of 6.79%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.64 earnings per share. Perrigo updated its FY 2024 guidance to 2.500-2.650 EPS and its FY24 guidance to $2.50 to $2.65 EPS.

Perrigo Price Performance

NYSE PRGO traded down $0.59 during mid-day trading on Friday, hitting $26.34. The stock had a trading volume of 239,083 shares, compared to its average volume of 1,618,630. Perrigo has a twelve month low of $23.89 and a twelve month high of $34.60. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.99 and a quick ratio of 1.24. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of -29.27 and a beta of 0.48. The firm’s 50 day moving average is $26.19 and its 200 day moving average is $27.52.

Perrigo Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Friday, November 29th will be given a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Friday, November 29th. Perrigo’s dividend payout ratio is presently -119.57%.

Insider Activity

In other Perrigo news, EVP Svend Andersen sold 28,300 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $27.75, for a total transaction of $785,325.00. Following the sale, the executive vice president now directly owns 73,553 shares in the company, valued at $2,041,095.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Svend Andersen sold 28,300 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $27.75, for a total value of $785,325.00. Following the completion of the sale, the executive vice president now directly owns 73,553 shares of the company’s stock, valued at $2,041,095.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Katherine C. Doyle sold 8,954 shares of Perrigo stock in a transaction on Friday, September 13th. The stock was sold at an average price of $27.30, for a total value of $244,444.20. Following the transaction, the director now directly owns 6,009 shares of the company’s stock, valued at $164,045.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,254 shares of company stock valued at $1,411,969. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PRGO. Jefferies Financial Group restated a “hold” rating and issued a $30.00 price objective (down previously from $50.00) on shares of Perrigo in a research report on Monday, September 23rd. StockNews.com raised Perrigo from a “hold” rating to a “buy” rating in a report on Thursday. Piper Sandler cut their price target on Perrigo from $36.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, July 11th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $42.00 price target on shares of Perrigo in a report on Monday, September 30th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.00.

About Perrigo

Perrigo Company plc provides over-the-counter health and wellness solutions to enhance individual well-being in the United States, Europe, and internationally. It operates through Consumer Self-Care Americas and Consumer Self-Care International segments. The company develops, manufactures, markets, and distributes self-care consumer products, such as upper respiratory products, including cough suppressants, expectorants, and sinus and allergy relief; nutrition products consisting of infant formulas and nutritional beverages; digestive health products, including antacids, anti-diarrheal, and anti-heartburn; pain and sleep-aids products comprising pain relievers and fever reducers; and oral care products, which include toothbrushes, toothbrush replacement heads, floss, flossers, whitening products, and toothbrush covers.