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Perrigo Company plc ($PRGO) Stock Forecast: Down 7.0% Today

Morpher AI identified a bearish signal. The stock price may continue to fall based on the momentum of the negative news.

What is Perrigo Company plc?

Perrigo (NYSE: PRGO) is a company that provides consumer self-care products. Today, the stock had a strong bearish movement.

Why is Perrigo Company plc going down?

PRGO stock is down 7.0% on May 7, 2024 17:06

  • Perrigo beat earnings per share (EPS) estimates but missed revenue expectations for Q1 2024, indicating a mixed performance.
  • The reaffirmation of the company's fiscal 2024 outlook for sales growth might not have been strong enough to offset concerns about revenue miss.
  • The executive transition in the Consumer Self-Care International business could have raised uncertainties among investors about the company's future leadership and strategic direction.
  • The market reaction to the earnings report and executive transition news likely contributed to the bearish movement in PRGO stock today.

PRGO Price Chart

PRGO News

PRGO Stock Earnings: Perrigo Beats EPS, Misses Revenue for Q1 2024

Perrigo (NYSE:PRGO) just reported results for the first quarter of 2024. Perrigo reported earnings per share of 29 cents. This was above the analyst estimate for EPS of 23 cents. The company reported revenue of $1.08 billion. This was 0.73% worse than the analyst estimate for revenue of $1.09 billion. InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.

https://investorplace.com/earning-results/2024/05/prgo-stock-earnings-perrigo-for-q1-of-2024/

News Article Image PRGO Stock Earnings: Perrigo Beats EPS, Misses Revenue for Q1 2024

ROUNDUP: Perrigo Reaffirms 2024 Outlook

WASHINGTON (dpa-AFX) - Perrigo Company plc (PRGO) reaffirmed its fiscal 2024 organic net sales and total net sales growth outlook of 1.0%-3.0% and flat, respectively, versus the prior year. The co…

https://www.finanznachrichten.de/nachrichten-2024-05/62159443-roundup-perrigo-reaffirms-2024-outlook-020.htm

News Article Image ROUNDUP: Perrigo Reaffirms 2024 Outlook

Perrigo Company plc Q1 Earnings Summary

WASHINGTON (dpa-AFX) - Below are the earnings highlights for Perrigo Company plc (PRGO):Earnings: $2.0 million in Q1 vs. -$3.0 million in the same period last year. EPS: $0.01 in Q1 vs. -$0.02 in …

https://www.finanznachrichten.de/nachrichten-2024-05/62159144-perrigo-company-plc-q1-earnings-summary-020.htm

News Article Image Perrigo Company plc Q1 Earnings Summary

Perrigo Reports First Quarter 2024 Financial Results From Continuing Operations

Delivered Adjusted Diluted Earnings Per Share Results Above Projection, Due Primarily to Timing of Infant Formula Shipments; Reaffirm 2024 Financial Outlook Advanced Augmenting and Strengthening of Infant Formula Facilities, Recovery of Manufacturing Volumes Underway Progressed Blueprint…

https://www.prnewswire.com/news-releases/perrigo-reports-first-quarter-2024-financial-results-from-continuing-operations-302137981.html

News Article Image Perrigo Reports First Quarter 2024 Financial Results From Continuing Operations

Perrigo Announces Executive Transition for its Consumer Self-Care International ( CSCI ) Business

DUBLIN, May 7, 2024 /PRNewswire/ -- Perrigo Company plc ( NYSE: PRGO ) , a leading provider of Consumer Self-Care Products, today announced that Svend Andersen, Executive Vice President and President, Consumer Self-Care International ( CSCI ) , intends to retire from the Company in December of ...

https://www.prnewswire.com/news-releases/perrigo-announces-executive-transition-for-its-consumer-self-care-international-csci-business-302138020.html

News Article Image Perrigo Announces Executive Transition for its Consumer Self-Care International  ( CSCI )  Business

Perrigo Company plc Price History

07.04.2024 - PRGO Stock was down 7.0%

  • Perrigo beat earnings per share (EPS) estimates but missed revenue expectations for Q1 2024, indicating a mixed performance.
  • The reaffirmation of the company's fiscal 2024 outlook for sales growth might not have been strong enough to offset concerns about revenue miss.
  • The executive transition in the Consumer Self-Care International business could have raised uncertainties among investors about the company's future leadership and strategic direction.
  • The market reaction to the earnings report and executive transition news likely contributed to the bearish movement in PRGO stock today.

07.04.2024 - PRGO Stock was down 6.1%

  • Perrigo reaffirmed its fiscal 2024 outlook with modest growth projections that did not meet investor expectations, leading to a negative sentiment.
  • Despite reporting improved earnings in Q1 compared to the previous year, the market may have been expecting more substantial growth figures.
  • The announcement of an executive transition in the Consumer Self-Care International business could have raised concerns about potential disruptions or changes in strategic direction, impacting investor confidence.
  • The retirement of an executive like Svend Andersen might have added to the uncertainty surrounding the company's future leadership and operational stability, contributing to the bearish market movement.

08.02.2024 - PRGO Stock was up 6.2%

  • The retirement of Erica L. Mann, a distinguished independent director, from Perrigo's board may have been viewed positively by investors, signaling potential positive changes within the company.
  • The announcement of Perrigo starting shipments of the first over-the-counter birth control pill could have boosted investor confidence in the company's product pipeline and revenue potential.
  • The news about the smoking cessation market expected to reach a significant value by 2030 might have created a positive outlook for Perrigo, especially if they have a strong presence in this market segment.
  • Despite the challenging job market with numerous layoff announcements, Perrigo's innovative product offerings and market expansion seem to have driven investor optimism, leading to the bullish movement in the stock price.

07.02.2024 - PRGO Stock was up 5.3%

  • PRGO shares saw a notable increase in value following the announcement of the rollout of Opill, the first over-the-counter birth control pill, to various retailers.
  • The affordability and effectiveness of Opill, endorsed by the FDA, likely drove positive investor sentiment.
  • The retirement of Erica L. Mann, a key board member, may have further boosted market confidence in the company's stability and leadership.
  • PRGO managed to attract investor interest despite prevailing labor market challenges, showcasing the impact of its new product launch and strategic moves on market dynamics.

06.02.2024 - PRGO Stock was up 5.3%

  • The bullish movement in PRGO stock is likely due to the company's positive step in shipping Opill to retailers nationwide, which is a significant development in the reproductive health market.
  • The competitive pricing of Opill at $19.99 for a one-month supply and $49.99 for a three-month supply, along with its online availability, is thought to have contributed to investor optimism.
  • The insider buying activity by EVP & CHRO Robert Willis, who acquired a substantial number of shares, could have also boosted confidence in the company's future.
  • The innovative launch of Opill, its strategic pricing, and the positive market sentiment towards Perrigo's reproductive health advancements are believed to be the main factors behind the stock's bullish movement.

27.01.2024 - PRGO Stock was down 15.2%

  • Fourth-quarter 2023 net sales were slightly below expectations.
  • Despite beating earnings in Q4, the stock price dropped 10% due to sales lagging estimates and a less favorable financial outlook for 2024.
  • The introduction of Project Energize, aimed at boosting efficiency and reducing costs, did not calm investor concerns.
  • The bearish trend in Perrigo's stock price can be attributed to disappointing financial results, lower sales, and cost-cutting initiatives.

27.01.2024 - PRGO Stock was down 14.4%

  • Reporting record net sales for both Q4 and FY 2023 and initiating an efficiency program.
  • Introducing Project Energize to enhance efficiency and reduce expenses, including a 6% reduction in jobs.
  • Providing a lower-than-expected guidance for FY24, resulting in a decline in stock performance.
  • Posting disappointing Q4 earnings with a loss of $32.3 million, a decline from -$23.6 million in the previous year, impacting PRGO shares negatively.

27.01.2024 - PRGO Stock was down 14.5%

  • The launch of Project Energize aimed to enhance efficiency and reduce costs, which was received positively by investors.
  • Despite recording record net sales in Q4 and FY 2023, the company decided to implement a major workforce reduction as part of an efficiency program.
  • Perrigo's guidance for FY24 was below expectations, raising concerns about future performance.
  • Despite exceeding earnings and revenue estimates, market sentiment may have been impacted by the cautious outlook for the upcoming fiscal year.

15.10.2023 - PRGO Stock was up 5.3%

  • Perrigo's bold turnaround plan and focus on the consumer self-care market have likely contributed to the bullish movement in its stock.
  • The growing trend of investing in well-being products has also played a role in boosting investor confidence in Perrigo.
  • The positive assessment of PRGO stock as a buy in the article further supports the notion that the company's strategic direction is resonating with investors.

08.10.2023 - PRGO Stock was up 6.0%

  • Despite reporting lower-than-expected sales, Perrigo's stock had a strong bullish movement.
  • The market may have reacted positively to the double-digit growth in gross profit, operating income, and EPS reported in Q3.
  • The stock's bullish movement could also be attributed to the fact that the company's earnings call did not reveal any major negative surprises.
  • Investors may have been encouraged by the company's acquisition of the Gateway infant formula facility and the U.S. and Canadian Good Start infant formula brand.

27.09.2023 - PRGO Stock was down 5.0%

  • The bearish movement in PRGO today could be attributed to the following factors:
  • 1. Lackluster financial results: The upcoming release of Perrigo's third-quarter 2023 financial results might have created uncertainty among investors. If the results are expected to be below expectations, it could have contributed to the bearish sentiment.
  • 2. Market competition: The article mentioning the increasing demand for oral care products, including dental floss picks, might have highlighted the intense competition faced by Perrigo in the consumer self-care industry. This could have raised concerns about the company's ability to maintain market share and profitability.
  • 3. Dividend growth comparison: The article comparing dividend growth between companies, including Perrigo, might have indirectly highlighted a potential weakness in PRGO's dividend growth outlook. This could have influenced investors to shift their focus towards other companies with stronger dividend prospects, leading to the bearish movement.
  • 4. Overall market sentiment: It's important to consider that market movements can also be influenced by broader market trends and investor sentiment. If the overall market experienced a bearish sentiment, it could have contributed to the decline in PRGO's stock price.

08.07.2023 - PRGO Stock was up 6.5%

  • The bullish movement in PRGO today can be attributed to the following factors:
  • 1. Strong Q2 Earnings: Perrigo reported net income of $8.4 million in its second quarter, a significant improvement compared to the same period last year. The positive earnings results, with earnings per share (EPS) of $0.06, indicate improved financial performance and investor confidence.
  • 2. Beat on Revenue and EPS Estimates: Perrigo exceeded expectations with its Q2 revenue of $1.2 billion, which grew by 9.1% year-over-year. Additionally, the company's non-GAAP EPS of $0.63 beat estimates by $0.12. These positive figures suggest strong sales growth and operational efficiency.
  • 3. Margin Expansion and Growth Outlook: Perrigo achieved year-over-year and sequential gross and operating margin expansion, demonstrating effective cost management and profitability. The company also reaffirmed its 2023 outlook, instilling further confidence in investors regarding its future growth prospects.
  • In summary, Perrigo's bullish market movement today can be attributed to its strong Q2 earnings, beating revenue and EPS estimates, as well as demonstrating margin expansion and a positive growth outlook.

17.06.2023 - PRGO Stock was down 1.7%

  • The bearish movement in PRGO's stock could be attributed to the following factors:
  • 1. Concerns over potential health complications: Pro-life groups expressing concerns about the availability of the birth control pill without a doctor's prescription and without age restrictions may have caused uncertainty among investors.
  • 2. Moral implications and controversy: The availability of an over-the-counter birth control pill without limitations on age raises moral questions and may have sparked controversy, leading to a negative sentiment among investors.
  • 3. Uncertainty regarding insurance coverage and affordability: While the FDA approval is a significant milestone, questions remain about the affordability of the pill and insurance coverage. This uncertainty could have contributed to the bearish movement in PRGO's stock.
  • 4. Market reaction: Investors may have reacted to the news of the FDA approval by selling off their holdings, leading to a decline in the stock price. This could be a short-term reaction as the market adjusts to the potential impact of the new product.
  • Overall, the bearish movement in PRGO's stock could be attributed to concerns over potential health complications, moral implications, uncertainty regarding insurance coverage and affordability, and market reaction to the news of the FDA approval.
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Disclaimer
Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.