Allergan (AGN) Downgraded by Vetr
Vetr downgraded shares of Allergan (NYSE:AGN) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning. The firm currently has $180.97 target price on the stock.
AGN has been the subject of several other research reports. Royal Bank of Canada reiterated an outperform rating and issued a $250.00 target price (down previously from $277.00) on shares of Allergan in a research note on Thursday, October 19th. They noted that the move was a valuation call. JPMorgan Chase & Co. set a $275.00 target price on shares of Allergan and gave the stock a buy rating in a research note on Sunday, October 22nd. Wells Fargo & Co set a $245.00 target price on shares of Allergan and gave the stock a buy rating in a research note on Friday, January 5th. Credit Suisse Group set a $214.00 price target on shares of Allergan and gave the company a buy rating in a research report on Tuesday, December 19th. They noted that the move was a valuation call. Finally, Mizuho restated a buy rating and set a $267.00 price target on shares of Allergan in a research report on Monday, September 25th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have assigned a buy rating to the stock. Allergan presently has a consensus rating of Hold and a consensus target price of $226.95.
Allergan (AGN) traded down $1.07 during midday trading on Wednesday, hitting $176.05. 2,802,192 shares of the stock traded hands, compared to its average volume of 2,980,000. Allergan has a 12-month low of $160.07 and a 12-month high of $256.80. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.08 and a current ratio of 1.18. The company has a market cap of $58,910.00, a price-to-earnings ratio of -7.79, a price-to-earnings-growth ratio of 1.27 and a beta of 1.11.
The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, November 17th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 1.59%. Allergan’s payout ratio is currently -12.39%.
Allergan announced that its board has approved a stock buyback plan on Monday, September 25th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 2.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
In other Allergan news, insider William Meury sold 11,807 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $173.89, for a total transaction of $2,053,119.23. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Christopher J. Coughlin acquired 10,000 shares of the company’s stock in a transaction on Tuesday, December 5th. The shares were acquired at an average cost of $163.30 per share, for a total transaction of $1,633,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 17,630 shares of company stock worth $2,890,057. Insiders own 0.36% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pathstone Family Office LLC lifted its holdings in Allergan by 3,327.3% during the second quarter. Pathstone Family Office LLC now owns 377 shares of the company’s stock valued at $2,035,000 after purchasing an additional 366 shares during the last quarter. Howard Hughes Medical Institute purchased a new stake in Allergan during the second quarter valued at about $103,000. Massey Quick & Co. LLC lifted its holdings in Allergan by 334.8% during the second quarter. Massey Quick & Co. LLC now owns 500 shares of the company’s stock valued at $122,000 after purchasing an additional 385 shares during the last quarter. Cable Hill Partners LLC lifted its holdings in Allergan by 255.2% during the third quarter. Cable Hill Partners LLC now owns 515 shares of the company’s stock valued at $106,000 after purchasing an additional 370 shares during the last quarter. Finally, Pacific Center for Financial Services lifted its holdings in Allergan by 1.3% during the second quarter. Pacific Center for Financial Services now owns 541 shares of the company’s stock valued at $132,000 after purchasing an additional 7 shares during the last quarter. 81.14% of the stock is currently owned by institutional investors and hedge funds.
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Allergan, Inc is a multi-specialty healthcare company. The Company focuses on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter (OTC) products. It discovers, develops and commercializes a range of products for the ophthalmic, neurological, medical aesthetics, medical dermatology, breast aesthetics, urological and other specialty markets.
To view Vetr’s full report, visit Vetr’s official website.
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