Perrigo Co PLC (NYSE:PRGO) Declined on Trading Boards

[Reuters] Perrigo Co PLC (NYSE:PRGO)(TREND ANALYSIS) countersued Perrigo Company Plc on Tuesday over “serious misstatements” it made related to the generic and over-the-counter drugmaker’s unsolicited $27 billion tender offer.

In a filing in Manhattan federal court, Mylan sought a court order requiring Perrigo to correct “false and misleading statements” it made as part of an effort to prevent any merger.

The counterclaims were in a lawsuit that Perrigo filed last Thursday, which sought an injunction to block the closing of any tender offer unless Mylan corrected its alleged misleading statements to Perrigo shareholders about a potential merger.

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Perrigo Co PLC (NYSE:PRGO) stock is currently trading 25.42% below its 52-week-high, 13.01% above its 52-week-low. The 1-year stock price history is in the range of $142.38 – $215.73. Perrigo Co PLC (PRGO) has a price to earnings ratio of 175.08 versus Healthcare sector average of 54.18. PRGO stock price has outperformed the S&P 500 by 1.3%. The Generic Drugs company is currently valued at $23.54 billion and its share price closed the last trading session at $160.9. The stock has a 50-day moving average of $182.97 and a 200-day moving average of $185.41.

Perrigo Co PLC (PRGO) current short interest stands at 2.12 million shares. It has increased by 7% from the same period of last month. Around 2% of the company’s shares, which are float, are short sold. With a 10-days average volume of 1.05 million shares, the number of days required to cover the short positions stand at 2.1 days.

The company is expected to announce next quarter earnings on November 05, at consensus estimate of $1.74. Perrigo Co PLC (PRGO) reported last quarter earnings on August 05. The Generic Drugs company announced earnings per share of $2.18 against a consensus Street estimate of $1.97, beating the average estimate by $0.21. This corresponds to an increase of $0.23 compared to the same quarter of the previous fiscal year.

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There are currently sixteen analysts that cover Perrigo Co PLC stock. Of those sixteen, six have a Buy rating, ten have a Hold rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $784.91.

A recent analyst activity consisted of BMO Capital who initiated their coverage on the stock with Outperform rating on June 23. BMO Capital fixed their price target at $246. This corresponds to a 52.89% upside from the last closing price. On the date of report, the stock closed at $189.26.

BTIG Research initiated their coverage on the stock with Buy rating on June 4, and fixed their price target at $223. This corresponds to a 38.6% upside from the last closing price. On the date of report, the stock closed at $192.74.

Another research firm was Raymond James who initiated their coverage on the stock with Market Perform rating on June 3. On the date of report, the stock closed at $195.74.

Company profile

Perrigo Company PLC is a global healthcare supplier that develops, manufactures and distributes OTC and generic prescription pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products. The Company’s primary markets and locations of manufacturing and logistics operations are the US, UK, Mexico, and Australia.

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