Perrigo Receives Neutral Rating from Zacks (PRGO)

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Perrigo (NASDAQ:PRGO)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued to clients and investors on Friday, American Banking & Market News reports. They currently have a $154.00 price objective on the stock. Zacks‘ target price points to a potential upside of 4.53% from the stock’s previous close.

Zacks‘ analyst wrote, “Perrigo Company’s second quarter fiscal 2014 earnings of $1.87 per share beat the Zacks Consensus Estimate by $0.27. Net sales in the second quarter climbed 11% to $979 million. Newly launched products aided revenues by $53 million. Revenues fell short of the Zacks Consensus Estimate of $996 million. Perrigo expects earnings per share (on an adjusted basis) for fiscal 2014 to be in the range of $6.45-$6.70, up 15%-19%. Perrigo’s acquisition of Elan is expected to boost fiscal 2014 earnings by $0.10 per share and fiscal 2015 earnings by $0.70-$0.80 inclusive of synergies. We expect investor focus to remain on the performance of the combined entity. We maintain our Neutral view on the stock.”

Perrigo (NASDAQ:PRGO) traded down 0.03% on Friday, hitting $147.27. The stock had a trading volume of 239,997 shares. Perrigo has a 1-year low of $111.35 and a 1-year high of $162.35. The stock’s 50-day moving average is $154.3 and its 200-day moving average is $139.4. The company has a market cap of $14.535 billion and a price-to-earnings ratio of 55.09.

Perrigo (NASDAQ:PRGO) last released its earnings data on Thursday, February 6th. The company reported $1.87 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.59 by $0.28. The company had revenue of $979.00 million for the quarter, compared to the consensus estimate of $996.68 million. During the same quarter last year, the company posted $1.36 earnings per share. Perrigo’s revenue was up 10.9% compared to the same quarter last year. Analysts expect that Perrigo will post $6.61 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Tuesday, March 18th. Shareholders of record on Friday, February 28th will be given a dividend of $0.105 per share. This represents a $0.42 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend is Wednesday, February 26th.

PRGO has been the subject of a number of other recent research reports. Analysts at B. Riley downgraded shares of Perrigo from a “buy” rating to a “neutral” rating in a research note on Friday. They noted that the move was a valuation call. Separately, analysts at Argus raised their price target on shares of Perrigo from $160.00 to $175.00 in a research note on Thursday, January 16th. They now have a “buy” rating on the stock. Finally, analysts at Bank of America upgraded shares of Perrigo from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 7th. They now have a $171.00 price target on the stock, up previously from $162.00. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $150.13.

Perrigo Company is a global healthcare supplier that develops, manufactures and distributes over-the-counter (NASDAQ:PRGO) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products and active pharmaceutical ingredients (API).

To view Zacks’ full report, visit www.zacks.com

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