Jeffrey Kindler, a director at Perrigo Co plc (NYSE:PRGO), recently sold 17,598 ordinary shares of the company, according to a filing with the Securities and Exchange Commission. The shares were sold at an average price of $28.27 each, totaling approximately $497,495. The pharmaceutical company, with a market capitalization of $3.8 billion, has maintained a strong dividend track record, raising payments for 22 consecutive years according to InvestingPro. Following this transaction, Kindler now holds 5,409 shares directly in the company. This sale was executed as part of a pre-arranged trading plan. Perrigo, headquartered in Dublin, Ireland, currently trades at 0.83 times book value and shows good overall financial health. InvestingPro analysis indicates the stock is currently undervalued, with analysts setting price targets ranging from $30 to $42.
In other recent news, Perrigo Company (NYSE:PRGO) plc has announced mixed third-quarter financial results, maintaining its 2024 adjusted EPS guidance despite a 3.2% decrease in net sales year-over-year. The company has seen a 21.3% growth in operating income and a 27% increase in earnings per share (EPS) to $0.81. The earnings call underscored the company's strategic initiatives, including Project Energize and supply chain improvements, which have yielded substantial savings. The infant formula segment, showing signs of recovery, is a focus area for Perrigo, along with growth opportunities in over-the-counter medications.
Year-to-date net sales decreased by 7.5%, impacted by challenges in the infant formula and seasonal demand for cough, cold, and allergy products. In contrast, Perrigo's Supply Chain Reinvention is expected to save $100 million to $120 million annually by 2025. The company's contraceptive product, Opill, is gaining market share and is anticipated to contribute positively to gross margins.
These recent developments underscore Perrigo's commitment to strategic initiatives aimed at long-term growth, margin expansion, and efficiency. The company is navigating a period of transition and remains focused on achieving sustainable growth and enhancing cash efficiency.
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