Perrigo (NYSE:PRGO) Issues FY24 Earnings Guidance

Perrigo (NYSE:PRGO) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.50-2.65 for the period, compared to the consensus EPS estimate of $2.57. The company issued revenue guidance of flat yr/yr or $4.656 billion, compared to the consensus revenue estimate of $4.66 billion.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PRGO. StockNews.com raised shares of Perrigo from a hold rating to a buy rating in a research note on Wednesday, April 3rd. Canaccord Genuity Group reissued a buy rating and set a $42.00 target price on shares of Perrigo in a research note on Friday, April 12th. JPMorgan Chase & Co. lowered their target price on shares of Perrigo from $48.00 to $41.00 and set an overweight rating on the stock in a research note on Wednesday, February 28th. Finally, Piper Sandler increased their target price on shares of Perrigo from $35.00 to $39.00 and gave the stock an overweight rating in a research note on Monday, April 8th.

Perrigo Price Performance

Shares of PRGO traded down $2.93 during mid-day trading on Tuesday, hitting $30.50. 3,061,408 shares of the company were exchanged, compared to its average volume of 1,791,699. Perrigo has a 1-year low of $25.77 and a 1-year high of $40.28. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.07 and a current ratio of 1.79. The company has a 50 day moving average of $30.62 and a 200-day moving average of $30.93. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of -311.70 and a beta of 0.63.

Perrigo (NYSE:PRGO) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.06. Perrigo had a negative net margin of 0.27% and a positive return on equity of 7.34%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The company’s revenue for the quarter was down 8.4% on a year-over-year basis. Analysts expect that Perrigo will post 2.55 EPS for the current fiscal year.

Perrigo Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be issued a $0.276 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.62%. Perrigo’s payout ratio is -1,100.00%.

Insider Buying and Selling at Perrigo

In other Perrigo news, CEO Patrick Lockwood-Taylor acquired 9,500 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was bought at an average price of $26.54 per share, for a total transaction of $252,130.00. Following the acquisition, the chief executive officer now owns 20,500 shares in the company, valued at $544,070. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Alison Ives purchased 2,490 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was acquired at an average price of $27.26 per share, for a total transaction of $67,877.40. Following the acquisition, the executive vice president now directly owns 16,122 shares of the company’s stock, valued at $439,485.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Patrick Lockwood-Taylor acquired 9,500 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average cost of $26.54 per share, with a total value of $252,130.00. Following the transaction, the chief executive officer now directly owns 20,500 shares in the company, valued at approximately $544,070. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 17,990 shares of company stock worth $475,227. Insiders own 0.40% of the company’s stock.

Perrigo Company Profile

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.