Allergan’s (AGN) “Buy” Rating Reiterated at Deutsche Bank
Allergan (NYSE:AGN)‘s stock had its “buy” rating restated by Deutsche Bank in a report released on Tuesday. They currently have a $215.00 target price on the stock. Deutsche Bank’s target price points to a potential upside of 23.57% from the company’s current price.
Several other research analysts also recently commented on the stock. Argus downgraded shares of Allergan from a “buy” rating to a “hold” rating and cut their price objective for the stock from $256.80 to $160.07 in a report on Thursday, December 7th. JPMorgan Chase & Co. set a $275.00 price objective on shares of Allergan and gave the stock a “buy” rating in a report on Sunday, October 22nd. Morgan Stanley downgraded shares of Allergan from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $284.00 to $228.00 in a report on Wednesday, September 20th. Zacks Investment Research downgraded shares of Allergan from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Finally, Vetr downgraded shares of Allergan from a “strong-buy” rating to a “buy” rating and set a $187.73 price objective for the company. in a report on Wednesday, December 6th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $227.22.
Allergan (NYSE:AGN) traded down $1.66 during trading on Tuesday, hitting $173.99. 2,118,800 shares of the stock were exchanged, compared to its average volume of 3,020,000. Allergan has a 1 year low of $160.07 and a 1 year high of $256.80. The company has a market cap of $58,420.00, a P/E ratio of -7.70, a P/E/G ratio of 1.18 and a beta of 1.11. The company has a quick ratio of 1.08, a current ratio of 1.18 and a debt-to-equity ratio of 0.40.
Allergan announced that its board has initiated a stock buyback program on Monday, September 25th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, Director Chris W. Bodine bought 3,030 shares of the stock in a transaction on Thursday, December 7th. The shares were acquired at an average cost of $164.77 per share, for a total transaction of $499,253.10. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider William Meury sold 11,807 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $173.89, for a total transaction of $2,053,119.23. The disclosure for this sale can be found here. Insiders acquired a total of 17,630 shares of company stock worth $2,890,057 over the last quarter. Corporate insiders own 0.36% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of AGN. Beach Investment Management LLC. raised its position in shares of Allergan by 845.2% during the 2nd quarter. Beach Investment Management LLC. now owns 93,195 shares of the company’s stock valued at $22,655,000 after buying an additional 83,335 shares in the last quarter. Peddock Capital Advisors LLC purchased a new stake in shares of Allergan during the 2nd quarter valued at $1,718,000. iAB Financial Bank raised its position in shares of Allergan by 77.3% during the 2nd quarter. iAB Financial Bank now owns 1,775 shares of the company’s stock valued at $431,000 after buying an additional 774 shares in the last quarter. Graybill Bartz & Assoc Ltd. raised its position in shares of Allergan by 1.4% during the 2nd quarter. Graybill Bartz & Assoc Ltd. now owns 17,886 shares of the company’s stock valued at $4,348,000 after buying an additional 251 shares in the last quarter. Finally, Boston Private Wealth LLC raised its position in shares of Allergan by 7.3% during the 2nd quarter. Boston Private Wealth LLC now owns 92,663 shares of the company’s stock valued at $22,525,000 after buying an additional 6,344 shares in the last quarter. Institutional investors and hedge funds own 81.14% of the company’s stock.
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.
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