Perrigo Company plc (NYSE:PRGO) Declares Dividend Increase – $0.29 Per Share

Perrigo Company plc (NYSE:PRGO) declared a quarterly dividend on Wednesday, February 19th,RTT News reports. Investors of record on Friday, March 7th will be given a dividend of 0.29 per share on Tuesday, March 25th. This represents a $1.16 dividend on an annualized basis and a yield of 4.68%. This is an increase from Perrigo’s previous quarterly dividend of $0.28.

Perrigo has raised its dividend by an average of 4.8% annually over the last three years and has raised its dividend every year for the last 22 years. Perrigo has a payout ratio of 32.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Perrigo to earn $3.06 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 35.9%.

Perrigo Stock Up 2.8 %

Perrigo stock traded up $0.67 during mid-day trading on Wednesday, reaching $24.81. The company’s stock had a trading volume of 1,480,463 shares, compared to its average volume of 1,278,541. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of -21.20 and a beta of 0.54. Perrigo has a 12 month low of $23.14 and a 12 month high of $33.46. The business’s 50 day simple moving average is $25.11 and its 200 day simple moving average is $26.30. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.77 and a current ratio of 2.56.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Piper Sandler downgraded shares of Perrigo from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $34.00 to $27.00 in a research report on Monday, January 6th. Argus downgraded shares of Perrigo from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Finally, StockNews.com raised shares of Perrigo from a “hold” rating to a “buy” rating in a research report on Monday, February 10th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Insider Transactions at Perrigo

In other Perrigo news, Director Jeffrey B. Kindler sold 17,598 shares of Perrigo stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $28.27, for a total value of $497,495.46. Following the completion of the sale, the director now owns 5,409 shares in the company, valued at $152,912.43. The trade was a 76.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.40% of the stock is currently owned by corporate 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.