M&T Bank Corp increased its stake in Perrigo Co. (NYSE:PRGO) by 628.9% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 63,943 shares of the company’s stock after buying an additional 55,170 shares during the period. M&T Bank Corp’s holdings in Perrigo were worth $5,904,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Parnassus Investments CA boosted its position in Perrigo by 53.7% in the second quarter. Parnassus Investments CA now owns 5,498,887 shares of the company’s stock worth $498,584,000 after buying an additional 1,922,347 shares in the last quarter. Franklin Resources Inc. boosted its position in Perrigo by 1.3% in the second quarter. Franklin Resources Inc. now owns 2,661,431 shares of the company’s stock worth $241,311,000 after buying an additional 33,921 shares in the last quarter. Manning & Napier Advisors LLC boosted its position in Perrigo by 15.2% in the third quarter. Manning & Napier Advisors LLC now owns 2,608,714 shares of the company’s stock worth $240,862,000 after buying an additional 345,080 shares in the last quarter. BlackRock Fund Advisors boosted its position in Perrigo by 1.9% in the second quarter. BlackRock Fund Advisors now owns 2,527,908 shares of the company’s stock worth $229,205,000 after buying an additional 48,129 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in Perrigo during the second quarter worth approximately $210,657,000. 65.78% of the stock is currently owned by institutional investors.
Shares of Perrigo Co. (NYSE:PRGO) traded down 1.67% during trading on Friday, hitting $87.84. The stock had a trading volume of 467,379 shares. Perrigo Co. has a one year low of $79.72 and a one year high of $152.36. The stock’s market cap is $12.59 billion. The stock’s 50 day moving average price is $87.74 and its 200-day moving average price is $91.90.
Perrigo (NYSE:PRGO) last announced its quarterly earnings results on Thursday, November 10th. The company reported $1.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.58 by $0.07. The business earned $1.40 billion during the quarter, compared to the consensus estimate of $1.28 billion. Perrigo had a negative net margin of 26.62% and a positive return on equity of 10.78%. The business’s revenue was up .8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.76 EPS. Analysts expect that Perrigo Co. will post $6.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 13th. Stockholders of record on Friday, November 25th will be issued a dividend of $0.145 per share. The ex-dividend date of this dividend is Tuesday, November 22nd. This represents a $0.58 dividend on an annualized basis and a dividend yield of 0.65%. Perrigo’s dividend payout ratio is currently -5.53%.
A number of research analysts have recently commented on PRGO shares. RBC Capital Markets set a $92.00 target price on Perrigo and gave the company a “hold” rating in a research note on Monday, October 24th. Guggenheim reaffirmed a “buy” rating and set a $125.00 target price on shares of Perrigo in a research note on Monday, August 22nd. Deutsche Bank AG reaffirmed a “buy” rating and set a $105.00 target price on shares of Perrigo in a research note on Tuesday, September 13th. Argus reaffirmed a “hold” rating on shares of Perrigo in a research note on Tuesday, September 27th. Finally, Bank of America Corp. upgraded Perrigo from an “underperform” rating to a “neutral” rating in a report on Friday, November 11th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and four have issued a buy rating to the company’s stock. Perrigo presently has a consensus rating of “Hold” and a consensus price target of $109.45.
In related news, Director Gary K. Kunkle, Jr. sold 5,814 shares of Perrigo stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $89.95, for a total value of $522,969.30. Following the completion of the sale, the director now owns 31,501 shares in the company, valued at approximately $2,833,514.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas Farrington sold 1,110 shares of Perrigo stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $96.76, for a total transaction of $107,403.60. Following the completion of the sale, the executive vice president now owns 2,970 shares of the company’s stock, valued at approximately $287,377.20. The disclosure for this sale can be found here. Insiders own 4.47% of the company’s stock.