Mizuho Downgrades Allergan PLC. (AGN) to Neutral
Allergan PLC. (NYSE:AGN) was downgraded by equities research analysts at Mizuho from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $193.00 price target on the stock. Mizuho’s price target points to a potential upside of 2.51% from the company’s previous close.
AGN has been the subject of several other reports. Citigroup Inc. reissued a “buy” rating and set a $280.00 target price on shares of Allergan PLC. in a research note on Wednesday, September 20th. Piper Jaffray Companies set a $227.00 price target on Allergan PLC. and gave the stock a “hold” rating in a report on Friday, October 6th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $285.00 price target on shares of Allergan PLC. in a report on Wednesday, September 6th. Deutsche Bank AG set a $251.00 price target on Allergan PLC. and gave the stock a “buy” rating in a report on Tuesday, October 17th. Finally, Wells Fargo & Company set a $276.00 price target on Allergan PLC. and gave the stock a “buy” rating in a report on Friday, October 13th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $252.39.
Shares of Allergan PLC. (AGN) traded down 0.52% during midday trading on Thursday, hitting $188.28. The company had a trading volume of 4,755,555 shares. The firm has a market capitalization of $62.94 billion, a PE ratio of 5.74 and a beta of 1.15. Allergan PLC. has a 12 month low of $182.80 and a 12 month high of $256.80. The company has a 50-day moving average of $211.30 and a 200 day moving average of $230.36.
Allergan PLC. (NYSE:AGN) last released its earnings results on Thursday, August 3rd. The company reported $4.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.95 by $0.07. Allergan PLC. had a return on equity of 7.37% and a net margin of 79.17%. The firm had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $3.95 billion. During the same period in the previous year, the firm posted $3.35 EPS. Allergan PLC.’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, analysts expect that Allergan PLC. will post $16.21 EPS for the current fiscal year.
Allergan PLC. declared that its Board of Directors has initiated a stock buyback plan on Monday, September 25th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
A number of hedge funds have recently modified their holdings of the stock. Hudock Capital Group LLC increased its position in Allergan PLC. by 0.4% in the 2nd quarter. Hudock Capital Group LLC now owns 571 shares of the company’s stock valued at $138,000 after acquiring an additional 2 shares during the period. GWM Advisors LLC increased its position in Allergan PLC. by 0.4% in the 1st quarter. GWM Advisors LLC now owns 1,260 shares of the company’s stock valued at $300,000 after acquiring an additional 5 shares during the period. Burns J W & Co. Inc. NY increased its position in Allergan PLC. by 0.7% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 906 shares of the company’s stock valued at $220,000 after acquiring an additional 6 shares during the period. Pacific Center for Financial Services increased its position in Allergan PLC. by 1.3% in the 2nd quarter. Pacific Center for Financial Services now owns 541 shares of the company’s stock valued at $132,000 after acquiring an additional 7 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC increased its position in Allergan PLC. by 0.5% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 1,666 shares of the company’s stock valued at $405,000 after acquiring an additional 9 shares during the period. Hedge funds and other institutional investors own 81.94% of the company’s stock.
About Allergan PLC.
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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