The largest Insider Buys this week were for Perrigo Co. PLC, PennyMac Financial Services Inc., Biohaven Pharmaceutical Holding Co. Ltd. and Olo Inc.
Rating Action: Moody's assigns first time B3 CFR to PetIQ, LLC; outlook stableGlobal Credit Research - 23 Mar 2021New York, March 23, 2021 -- Moody's Investors Service, ("Moody's") assigned first time ratings for PetIQ, LLC ("PetIQ") including a B3 Corporate Family Rating (CFR), a B3-PD Probability of Default Rating, a Speculative Grade Level of SGL-2, and a B3 rating on the proposed $300 million senior secured first lien term loan. The outlook is stable.The rating assignments reflect PetIQ's small scale with revenues of $780 million, a low EBITDA margin and free cash flow, and elevated Moody's adjusted debt to EBITDA leverage (pro-forma for the new term loan and a full year of EBITDA from Capstar) of 7.6x as of the twelve months ended December 31, 2020.
On February 23, 2021, Perrigo (NYSE:PRGO) declared a dividend payable on March 30, 2021 to its shareholders. Perrigo also announced that shareholders on the company's books on or before March 12, 2021 are entitled to the dividend. The stock will then go ex-dividend 1 business day(s) before the record date. Perrigo has an ex-dividend date planned for March 11, 2021. The company's current dividend payout sits at $0.24. That equates to a dividend yield of 2.28% at current price levels. The Significance Of Ex-Dividend Dates An ex-dividend date signals when a company's shares cease to trade with its current dividend payout. There is a small intermission period before the company announces a new dividend. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Typically, companies will announce and implement new dividend yields on a quarterly basis. Perrigo's Dividend Payouts And Yields Over the past year, Perrigo has seen its dividend payouts and yields climb upward overall. Last year (February 27, 2020), the company's payout sat at $0.23, which has since increased by $0.01. Perrigo's dividend yield last year was 1.56%, which has since grown by 0.72%. Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market. Click here to find details on Perrigo's previous dividends. See more from BenzingaClick here for options trades from BenzingaPerrigo: Q4 Earnings InsightsEarnings Scheduled For March 1, 2021© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.