Perrigo (NYSE:PRGO) Posts Earnings Results, Beats Expectations By $0.06 EPS

Perrigo (NYSE:PRGO) issued its quarterly earnings results on Tuesday. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06, RTT News reports. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.09 billion. Perrigo had a positive return on equity of 7.34% and a negative net margin of 0.27%. The business’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 earnings per share. Perrigo updated its FY24 guidance to $2.50-2.65 EPS.

Perrigo Trading Down 9.8 %

NYSE:PRGO opened at $30.15 on Wednesday. The stock’s 50 day moving average price is $30.68 and its 200 day moving average price is $30.93. The company has a market capitalization of $4.09 billion, a PE ratio of -301.50 and a beta of 0.63. The company has a quick ratio of 1.07, a current ratio of 1.79 and a debt-to-equity ratio of 0.76. Perrigo has a 52-week low of $25.77 and a 52-week high of $40.28.

Perrigo Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders 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 dividend yield of 3.66%. Perrigo’s payout ratio is currently -1,100.00%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, CEO Patrick Lockwood-Taylor acquired 9,500 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was 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 owns 20,500 shares of the company’s stock, valued at $544,070. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Perrigo news, EVP Alison Ives purchased 2,490 shares of Perrigo stock in a transaction dated Tuesday, March 5th. The stock was acquired at an average cost of $27.26 per share, with a total value 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 purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Patrick Lockwood-Taylor purchased 9,500 shares of Perrigo stock in a transaction dated Thursday, February 29th. The stock was acquired at an average cost of $26.54 per share, with a total value of $252,130.00. Following the completion of the acquisition, the chief executive officer now directly owns 20,500 shares in the company, valued at $544,070. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 17,990 shares of company stock valued at $475,227. 0.40% of the stock is owned by company insiders.

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.