Perrigo Company plc (NYSE:PRGO) Short Interest Update

Perrigo Company plc (NYSE:PRGO) saw a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 3,790,000 shares, a decline of 17.1% from the February 28th total of 4,570,000 shares. Based on an average daily trading volume, of 1,620,000 shares, the short-interest ratio is currently 2.3 days. Approximately 2.8% of the shares of the company are short sold.

Perrigo Price Performance

PRGO traded up $0.21 during midday trading on Wednesday, reaching $27.91. 840,290 shares of the company’s stock were exchanged, compared to its average volume of 1,498,132. The company has a quick ratio of 1.77, a current ratio of 2.56 and a debt-to-equity ratio of 0.94. The business has a 50-day simple moving average of $26.34 and a two-hundred day simple moving average of $26.17. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of -23.85 and a beta of 0.48. Perrigo has a one year low of $23.14 and a one year high of $33.46.

Perrigo (NYSE:PRGO) last posted its earnings results on Thursday, February 27th. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.92 by $0.01. Perrigo had a positive return on equity of 7.38% and a negative net margin of 3.64%. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.20 billion. As a group, research analysts predict that Perrigo will post 2.56 EPS for the current year.

Perrigo Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 4.16%. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Perrigo’s previous quarterly dividend of $0.28. Perrigo’s payout ratio is currently -92.80%.

Wall Street Analyst Weigh In

Several research firms have commented on PRGO. Argus cut Perrigo from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. StockNews.com cut Perrigo from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Finally, Piper Sandler cut Perrigo from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $34.00 to $27.00 in a research report on Monday, January 6th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $33.00.

Insiders Place Their Bets

In other Perrigo news, EVP Ronald Craig Janish sold 7,800 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $27.44, for a total value of $214,032.00. Following the sale, the executive vice president now directly owns 33,666 shares in the company, valued at $923,795.04. This trade represents a 18.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On Perrigo

A number of hedge funds have recently made changes to their positions in PRGO. Headlands Technologies LLC grew its stake in Perrigo by 1,942.0% during the fourth quarter. Headlands Technologies LLC now owns 1,409 shares of the company’s stock worth $36,000 after buying an additional 1,340 shares during the last quarter. Versant Capital Management Inc acquired a new position in Perrigo in the fourth quarter worth $45,000. GAMMA Investing LLC grew its holdings in shares of Perrigo by 93.7% during the fourth quarter. GAMMA Investing LLC now owns 1,920 shares of the company’s stock worth $49,000 after purchasing an additional 929 shares during the last quarter. Central Pacific Bank Trust Division increased its stake in shares of Perrigo by 33.3% in the fourth quarter. Central Pacific Bank Trust Division now owns 2,000 shares of the company’s stock valued at $51,000 after buying an additional 500 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its stake in shares of Perrigo by 97.8% in the fourth quarter. Venturi Wealth Management LLC now owns 4,215 shares of the company’s stock valued at $108,000 after buying an additional 2,084 shares in the last quarter. Institutional investors and hedge funds own 95.91% 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.