We are maintaining our HOLD rating to see if these targets are on track. PRGO shares are trading at low valuations, which, in our view, reflect the sales challenges faced by the company. Perrigo does offer an attractive dividend, now around 11%. RECENT DEVELOPMENTS The PRGO shares have underperformed over the past quarter, losing 27% compared to a loss of 7% for the S&P 500. The shares also underperformed over the past year, falling 60% compared to an advance of 23% for the index and 10% for the Healthcare sector ETF IYH. Over the past five years, the shares have underperformed both the broad market and peer-group benchmarks. The beta on PRGO is 0.84.