Perrigo (NYSE:PRGO) Issues FY24 Earnings Guidance

Perrigo (NYSE:PRGO) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $2.50 to $2.65 for the period, compared to the consensus EPS estimate of $2.57. Perrigo also updated its FY 2024 guidance to 2.500-2.650 EPS.

Perrigo Price Performance

PRGO stock traded down $0.57 during midday trading on Friday, hitting $26.36. 1,634,316 shares of the company’s stock were exchanged, compared to its average volume of 1,625,353. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.56 and a quick ratio of 1.24. The firm has a 50 day moving average price of $26.19 and a 200-day moving average price of $27.52. Perrigo has a 12-month low of $23.89 and a 12-month high of $34.60.

Perrigo (NYSE:PRGO) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.81 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.81. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Perrigo had a negative net margin of 3.64% and a positive return on equity of 7.38%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.64 earnings per share. Analysts expect that Perrigo will post 2.56 EPS for the current year.

Perrigo Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Friday, November 29th will be issued a $0.276 dividend. This represents a $1.10 annualized dividend and a yield of 4.19%. The ex-dividend date is Friday, November 29th. Perrigo’s dividend payout ratio is currently -94.02%.

Analyst Ratings Changes

Several brokerages have recently commented on PRGO. StockNews.com upgraded Perrigo from a “hold” rating to a “buy” rating in a research report on Thursday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $30.00 price objective (down previously from $50.00) on shares of Perrigo in a report on Monday, September 23rd. Canaccord Genuity Group reissued a “buy” rating and set a $42.00 target price on shares of Perrigo in a report on Monday, September 30th. Finally, Piper Sandler lowered their price objective on shares of Perrigo from $36.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, July 11th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Perrigo currently has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Insider Buying and Selling at Perrigo

In related news, Director Katherine C. Doyle sold 8,954 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $27.30, for a total value of $244,444.20. Following the sale, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Ronald Craig Janish sold 13,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $29.40, for a total transaction of $382,200.00. Following the transaction, the executive vice president now directly owns 20,553 shares of the company’s stock, valued at approximately $604,258.20. This trade 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 accessible through the SEC website. Also, Director Katherine C. Doyle sold 8,954 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $27.30, for a total transaction of $244,444.20. Following the completion of the sale, the director now directly owns 6,009 shares of the company’s stock, valued at $164,045.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,254 shares of company stock worth $1,411,969. 0.70% of the stock is owned by 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.