Perrigo Company PLC (PRGO) Shares Bought by Starboard Value LP
Starboard Value LP increased its position in Perrigo Company PLC (NYSE:PRGO) by 4.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,041,425 shares of the company’s stock after buying an additional 400,000 shares during the period. Perrigo accounts for approximately 18.5% of Starboard Value LP’s investment portfolio, making the stock its biggest holding. Starboard Value LP owned about 7.34% of Perrigo worth $732,120,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of PRGO. Analyst IMS Investment Management Services Ltd. lifted its position in Perrigo by 4.5% in the 2nd quarter. Analyst IMS Investment Management Services Ltd. now owns 37,593 shares of the company’s stock valued at $2,749,000 after acquiring an additional 1,635 shares in the last quarter. Parnassus Investments CA lifted its position in Perrigo by 2.3% in the 2nd quarter. Parnassus Investments CA now owns 2,250,000 shares of the company’s stock valued at $164,048,000 after acquiring an additional 50,000 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its position in Perrigo by 96.7% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 512,465 shares of the company’s stock valued at $37,364,000 after acquiring an additional 251,953 shares in the last quarter. BlackRock Inc. lifted its position in Perrigo by 1.7% in the 2nd quarter. BlackRock Inc. now owns 8,831,380 shares of the company’s stock valued at $643,897,000 after acquiring an additional 148,761 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in Perrigo by 2.8% in the 2nd quarter. Rhumbline Advisers now owns 221,375 shares of the company’s stock valued at $16,140,000 after acquiring an additional 6,050 shares in the last quarter. Institutional investors own 82.11% of the company’s stock.
Several equities analysts recently weighed in on the stock. Argus cut shares of Perrigo from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Cantor Fitzgerald set a $107.00 price target on shares of Perrigo and gave the company a “buy” rating in a research report on Thursday, August 9th. ValuEngine raised shares of Perrigo from a “sell” rating to a “hold” rating in a research report on Wednesday, August 8th. Goldman Sachs Group cut shares of Perrigo from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $78.00 to $74.00 in a research report on Thursday, July 12th. Finally, Wells Fargo & Co dropped their target price on shares of Perrigo from $84.00 to $77.00 and set a “market perform” rating on the stock in a research report on Tuesday, August 21st. Three analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. Perrigo has a consensus rating of “Hold” and an average price target of $88.69.
Perrigo (NYSE:PRGO) last announced its quarterly earnings results on Thursday, August 9th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.01. Perrigo had a net margin of 4.77% and a return on equity of 11.92%. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the previous year, the company earned $1.22 earnings per share. Perrigo’s quarterly revenue was down 4.2% on a year-over-year basis. research analysts anticipate that Perrigo Company PLC will post 4.85 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 18th. Shareholders of record on Friday, August 31st will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Thursday, August 30th. Perrigo’s dividend payout ratio (DPR) is presently 15.42%.
In other Perrigo news, EVP Svend Andersen acquired 7,200 shares of the business’s stock in a transaction on Tuesday, August 14th. The shares were acquired at an average price of $69.43 per share, for a total transaction of $499,896.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.90% of the stock is currently owned by corporate insiders.
Perrigo Company Profile
Perrigo Company plc, a healthcare company, manufactures and supplies over-the-counter (OTC) healthcare products, infant formulas, branded OTC products, and generic pharmaceutical products worldwide. The company operates through Consumer Healthcare Americas, Consumer Healthcare International, and Prescription Pharmaceuticals segments.
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