Wed Sep 25 03:18:57 UTC 2024: ## Perrigo Stock Downgraded to “Hold” by StockNews.com

**New York, NY (MarketBeat News) -** Perrigo Company plc (NYSE:PRGO), a leading provider of over-the-counter health and wellness solutions, has been downgraded to a “hold” rating from a “buy” rating by StockNews.com, according to a research note issued Tuesday. This follows a mixed bag of recent analyst opinions on the company.

Piper Sandler maintained an “overweight” rating but lowered their price target from $36.00 to $35.00 on July 11th. Meanwhile, Jefferies Financial Group reiterated a “hold” rating and reduced their price target from $50.00 to $30.00 on Monday.

Despite the downgrade, Perrigo still holds an average rating of “Moderate Buy” with a consensus target price of $37.00 based on data from MarketBeat.

Perrigo’s recent earnings report, released on August 2nd, showed the company exceeded analysts’ expectations on EPS, reporting $0.53 per share against an estimated $0.46. However, the company’s revenue came in at $1.07 billion, falling short of the $1.13 billion estimate. Year-over-year revenue also declined by 10.7%.

Adding to the stock’s mixed signals are insider transactions. Director Katherine C. Doyle sold 8,954 shares of the company’s stock on September 13th, while EVP Svend Andersen sold 28,300 shares on August 20th. Overall, insiders have sold 50,254 shares in the last three months, representing 0.70% of the company’s stock.

Institutional investors have also been active in Perrigo, with several firms adjusting their holdings in recent quarters. M&R Capital Management Inc., Retirement Systems of Alabama, Ridgewood Investments LLC, Park Avenue Securities LLC, and Arizona State Retirement System have all increased their stakes in the company. Hedge funds and institutional investors now own 95.91% of the company’s stock.

Perrigo’s future performance remains uncertain, and the recent downgrade by StockNews.com highlights this volatility. Investors will need to closely monitor the company’s financial performance and any further analyst opinions to assess the long-term viability of Perrigo’s stock.

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