The New Jeffrey Smith’s Starboard Value Lp Holding in Perrigo Co Plc
Starboard Value Lp filed with the SEC SC 13D form for Perrigo Co Plc. The form can be accessed here: 000092189516006172. As reported in Jeffrey Smith’s Starboard Value Lp’s form, the filler as of late owns 6.2% or 8,960,000 shares of the Health Care–company.
Perrigo Co Plc stake is a new one for the for the hedge fund and it was filed because of activity on November 3, 2016. We feel this shows Jeffrey Smith’s Starboard Value Lp’s positive view for the stock. For a hedge fund managing $2.57 billion in assets and having 15+ active experts, we at Financialmagazine have no doubt the buy is a bullish signal.
The hedge fund is active investor in the Health Care sector. In the manager’s last 13-F, we saw 12% of Jeffrey Smith’s Starboard Value Lp’s US equities portfolio is in this sector.
Reasons Why Jeffrey Smith’s Starboard Value Lp Bought – Perrigo Co Plc Stock
Purpose of Transaction
The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.
CUSIP NO. G97822103
No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, continuing to engage in communications with management and the Board of Directors of the Issuer, engaging in discussions with stockholders of the Issuer or other third parties about the Issuer and the Reporting Persons’ investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer’s financial and/or operational performance, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.
Perrigo Co Plc Institutional Sentiment
Latest Security and Exchange filings show 489 investors own Perrigo Co Plc. The institutional ownership in Q3 2015 is very high, at 64.15% of the outstanding shares. This is decreased by 9787059 the total institutional shares. 91990556 were the shares owned by these institutional investors. In total 40 funds opened new Perrigo Co Plc stakes, 195 increased stakes. There were 91 that closed positions and 195 reduced them.
25 managers had the stock in their top Ten. Notable investors are: Accipiter Capital Management Llc, North Run Capital Lp, Mivtachim The Workers Social Insurance Fund Ltd. (Under Special Management), Parnassus Investments Ca, Symons Capital Management Inc, Sarissa Capital Management Lp, Menora Mivtachim Holdings Ltd…
Bridges Investment Management Inc is an institutional investor bullish on Perrigo Co Plc, owning 18935 shares as of Q3 2015 for 0.61% of its portfolio. Bridges Investment Counsel Inc owns 18935 shares or 0.61% of its portfolio. MI Azimuth Capital Management Llc have 0.28% of their stock portfolio for 17193 shares. Further, Bp Wealth Management Llc reported stake worth 0.02% of its US stock portfolio. The PA Aris Wealth Services Inc owns 15 shares. Perrigo Co Plc is less than 0.01% of the manager’s US portfolio.
SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.
Jeffrey Smith’s Starboard Value Lp website.
Insitutional Activity: The institutional sentiment decreased to 0.81 in 2016 Q2. Its down 0.38, from 1.19 in 2016Q1. The ratio dropped, as 103 funds sold all Perrigo Company plc Ordinary Shares shares owned while 175 reduced positions. 80 funds bought stakes while 146 increased positions. They now own 96.70 million shares or 9.76% less from 107.16 million shares in 2016Q1.
Hall Laurie J Trustee holds 0.1% of its portfolio in Perrigo Company plc Ordinary Shares (NYSE:PRGO) for 1,670 shares. Stifel Fincl owns 115,808 shares or 0.05% of their US portfolio. Endurant Cap Ltd Partnership holds 0.23% or 7,600 shares in its portfolio. Pub Sector Pension Board accumulated 27,154 shares or 0.03% of the stock. Invesco Ltd holds 0.02% of its portfolio in Perrigo Company plc Ordinary Shares (NYSE:PRGO) for 637,824 shares. Dorsey & Whitney Tru Ltd Company, a South Dakota-based fund reported 4,430 shares. Advsr Asset Mgmt Incorporated holds 1,284 shares or 0% of its portfolio. Delta Asset Lc Tn accumulated 38 shares or 0% of the stock. Broderick Brian C accumulated 0.26% or 6,726 shares. Winslow Evans And Crocker has invested 0% of its portfolio in Perrigo Company plc Ordinary Shares (NYSE:PRGO). Oregon Public Employees Retirement Fund has invested 0.04% of its portfolio in Perrigo Company plc Ordinary Shares (NYSE:PRGO). The Ohio-based Meeder Asset Mgmt Inc has invested 0% in Perrigo Company plc Ordinary Shares (NYSE:PRGO). Trexquant Lp, a Connecticut-based fund reported 7,200 shares. State Street holds 5.64 million shares or 0.05% of its portfolio. Commonwealth Fincl Bank Of owns 782 shares or 0% of their US portfolio.
The stock increased 2.55% or $2.28 during the last trading session, hitting $91.55. About 1.83M shares traded hands. Perrigo Company plc Ordinary Shares (NYSE:PRGO) has declined 29.02% since April 12, 2016 and is downtrending. It has underperformed by 34.00% the S&P500.
Perrigo Company plc Ordinary Shares (NYSE:PRGO) Ratings Coverage
Out of 15 analysts covering Perrigo Company Plc (NYSE:PRGO), 4 rate it a “Buy”, 1 “Sell”, while 10 “Hold”. This means 27% are positive. $241 is the highest target while $84 is the lowest. The $128.45 average target is 40.31% above today’s ($91.55) stock price. Perrigo Company Plc has been the topic of 35 analyst reports since October 23, 2015 according to StockzIntelligence Inc. The firm has “Neutral” rating given on Monday, April 25 by BTIG Research. The firm has “Buy” rating by Argus Research given on Wednesday, April 6. Wells Fargo initiated Perrigo Company plc Ordinary Shares (NYSE:PRGO) on Friday, February 19 with “Outperform” rating. On Friday, October 23 the stock rating was maintained by Deutsche Bank with “Buy”. B. Riley & Co maintained Perrigo Company plc Ordinary Shares (NYSE:PRGO) rating on Friday, November 11. B. Riley & Co has “Neutral” rating and $97 price target. The stock has “Neutral” rating given by JP Morgan on Tuesday, April 26. The firm has “Hold” rating by Argus Research given on Monday, June 20. Goldman Sachs downgraded the shares of PRGO in a report on Monday, February 22 to “Sell” rating. The stock of Perrigo Company plc Ordinary Shares (NYSE:PRGO) earned “Hold” rating by Stifel Nicolaus on Monday, April 25. The stock of Perrigo Company plc Ordinary Shares (NYSE:PRGO) earned “Overweight” rating by Barclays Capital on Thursday, January 21.
More important recent Perrigo Company plc Ordinary Shares (NYSE:PRGO) news were published by: Fool.com which released: “Why Perrigo Company PLC Ordinary Shares Are Dropping Today” on April 25, 2016, also Fool.com published article titled: “Why Perrigo Company PLC Ordinary Shares Are Plummeting Today”, Investorplace.com published: “3 Stocks to Watch Monday: Tesla Motors Inc (TSLA), Perrigo Company plc …” on September 12, 2016. More interesting news about Perrigo Company plc Ordinary Shares (NYSE:PRGO) was released by: Finance.Yahoo.com and their article: “Perrigo Company plc (PRGO)” with publication date: June 24, 2005.
According to Zacks Investment Research, “Perrigo Company plc develops, manufactures and distributes healthcare products. The company operates primarily in four segments: Consumer Healthcare, Nutritionals, Rx Pharmaceutical and Active Pharmaceutical Ingredients. It also provides animal health products. The company operates primarily in the United States, the United Kingdom, Mexico, Israel, Australia, Canada, China and Latin America. Perrigo Company plc formerly known as Perrigo Company is headquartered in Ireland.”
PRGO Company Profile
Perrigo Company plc (Perrigo), formerly Perrigo Company Limited, incorporated on June 28, 2013, is an over-the-counter (OTC) consumer goods and specialty pharmaceutical company. The Company’s divisions include Consumer Healthcare (CHC), Branded Consumer Healthcare (BCH), Prescription Pharmaceuticals (Rx), Specialty Sciences and Other. The Firm makes OTC healthcare products and supplies infant formulas for the store brand market. It is also a well-known provider of generic extended topical prescription products. It provides healthcare products across a range of product categories and geographies, primarily in North America, Europe and Australia, as well as in other markets, including Israel and China.
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