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 annualized dividend and a yield of 4.68%. This is a boost from Perrigo’s previous quarterly dividend of $0.28.

Perrigo has raised its dividend by an average of 4.8% per year over the last three years and has increased its dividend every year for the last 22 years. Perrigo has a payout ratio of 32.7% indicating that its dividend is sufficiently covered by earnings. Equities 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 Performance

Shares of PRGO stock opened at $24.81 on Thursday. The company has a quick ratio of 1.77, a current ratio of 2.56 and a debt-to-equity ratio of 0.94. Perrigo has a 52 week low of $23.14 and a 52 week high of $33.46. The firm’s 50-day simple moving average is $25.06 and its two-hundred day simple moving average is $26.29.

Insiders Place Their Bets

In other news, Director Jeffrey B. Kindler sold 17,598 shares of Perrigo stock in a transaction on Monday, December 9th. The stock was sold at an average price of $28.27, for a total value of $497,495.46. Following the completion of the transaction, the director now directly owns 5,409 shares in the company, valued at approximately $152,912.43. The trade was a 76.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Argus downgraded Perrigo from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. StockNews.com cut Perrigo from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Piper Sandler lowered Perrigo from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $34.00 to $27.00 in a report on Monday, January 6th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $35.00.

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.