NEW YORK - Perrigo Co . (NYSE:PRGO) saw its shares decline by 1.43% to close at $30.91 on Tuesday, halting a three-day run of advances. The pharmaceutical company's stock is currently below its August high by $9.37 when it reached $40.28.
The broader market experienced modest losses during the same session, with both the S&P 500 and Dow Jones Industrial Average recording slight declines. In tandem with the general market trend, other healthcare giants including Johnson & Johnson (NYSE:JNJ), Procter & Gamble (NYSE:PG), and Abbott Laboratories (NYSE:NYSE:ABT) also witnessed their stock prices fall on Tuesday.
Perrigo's trading activity was notably subdued, with only 1.1 million shares changing hands compared to its average volume of around 1.6 million. The lower trading volume accompanied the stock's price drop, reflecting a quieter day on the market for Perrigo amid an overall downturn in the sector.
InvestingPro Insights
As Perrigo Co. navigates the market's fluctuations, InvestingPro data provides a deeper look into the company's financial health and performance. With a market capitalization of approximately $4.19 billion, Perrigo's valuation metrics show a negative P/E ratio of -21.91 for the last twelve months as of Q3 2023, indicating challenges in profitability. However, the company's revenue has seen a growth of 5.74% during the same period, suggesting some underlying strengths in its business operations.
InvestingPro Tips highlight that Perrigo has a commendable track record of raising its dividend for 21 consecutive years, underscoring its commitment to shareholder returns. Moreover, analysts predict that the company will be profitable this year, which could signal a turnaround from the current negative earnings multiple. Nevertheless, it's important to note that two analysts have revised their earnings estimates downwards for the upcoming period, which investors should consider as they assess the company's outlook.
For those interested in a comprehensive analysis of Perrigo and other healthcare giants, InvestingPro offers additional tips and insights. Currently, there are 9 more InvestingPro Tips available for Perrigo, which can be accessed by subscribing to InvestingPro. With a special Cyber Monday sale, new subscribers can enjoy a discount of up to 60%, and by using the coupon code sfy23, an additional 10% off a 2-year InvestingPro+ subscription can be claimed. These tips and data points could be crucial for investors looking to make informed decisions in a volatile market.
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