Allergan PLC. (AGN) Stock Rating Upgraded by Zacks Investment Research
Allergan PLC. (NYSE:AGN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “Allergan boasts dominant growth franchises in several areas and is strengthening its product portfolio through strategic acquisitions. Key products like Botox and Linzess and new products such as Viberzi and Vraylar, are supporting sales growth. It also boasts a strong branded pipeline. Biosimilars also represent significant opportunity. However, while we remain optimistic about the company’s growth prospects, it is facing generic competition for legacy brands like Namenda and Asacol HD as well as patent challenges for some of the other products in its branded portfolio, which concerns us. Also, competition for key growth drivers, Restasis and Linzess, is an investor concern. Though Allergan’s shares have declined this year so far, they have performed better than the industry. Estimates have declined slightly ahead of the Q3 earnings release. The company has a mixed record of earnings surprises in recent quarters.”
A number of other analysts have also recently issued reports on the company. Morgan Stanley cut Allergan PLC. from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $284.00 to $228.00 in a research note on Wednesday, September 20th. Cowen and Company reissued an “outperform” rating and set a $400.00 target price on shares of Allergan PLC. in a research note on Tuesday, August 29th. Wells Fargo & Company reissued an “outperform” rating on shares of Allergan PLC. in a research note on Monday, September 11th. Deutsche Bank AG reissued a “buy” rating and set a $262.00 target price on shares of Allergan PLC. in a research note on Tuesday, September 12th. Finally, Cantor Fitzgerald reissued a “hold” rating on shares of Allergan PLC. in a research note on Tuesday, August 29th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $252.39.
Allergan PLC. (NYSE:AGN) traded up 0.98% during mid-day trading on Monday, hitting $190.13. 1,253,045 shares of the company traded hands. The company has a market capitalization of $63.56 billion, a price-to-earnings ratio of 5.79 and a beta of 1.15. Allergan PLC. has a one year low of $182.80 and a one year high of $256.80. The company’s 50-day moving average price is $211.30 and its 200 day moving average price is $230.36.
Allergan PLC. (NYSE:AGN) last posted its earnings results on Thursday, August 3rd. The company reported $4.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.95 by $0.07. Allergan PLC. had a return on equity of 7.37% and a net margin of 79.17%. The business had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $3.95 billion. During the same period in the prior year, the business earned $3.35 EPS. Allergan PLC.’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, analysts anticipate that Allergan PLC. will post $16.21 earnings per share for the current fiscal year.
Allergan PLC. announced that its Board of Directors has initiated a stock repurchase plan on Monday, September 25th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to buy up to 2.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
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A number of institutional investors have recently made changes to their positions in the business. Whittier Trust Co. lifted its holdings in Allergan PLC. by 3.8% during the 3rd quarter. Whittier Trust Co. now owns 33,033 shares of the company’s stock valued at $6,770,000 after purchasing an additional 1,199 shares during the last quarter. Alta Capital Management LLC lifted its holdings in Allergan PLC. by 1.4% during the 3rd quarter. Alta Capital Management LLC now owns 161,377 shares of the company’s stock valued at $33,074,000 after purchasing an additional 2,151 shares during the last quarter. Edge Wealth Management LLC lifted its holdings in Allergan PLC. by 328.1% during the 3rd quarter. Edge Wealth Management LLC now owns 3,425 shares of the company’s stock valued at $698,000 after purchasing an additional 2,625 shares during the last quarter. Farmers & Merchants Investments Inc. lifted its holdings in Allergan PLC. by 2.8% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 35,299 shares of the company’s stock valued at $7,235,000 after purchasing an additional 951 shares during the last quarter. Finally, Honkamp Krueger Financial Services Inc. lifted its holdings in Allergan PLC. by 11.2% during the 3rd quarter. Honkamp Krueger Financial Services Inc. now owns 4,856 shares of the company’s stock valued at $995,000 after purchasing an additional 490 shares during the last quarter. 81.94% of the stock is owned by institutional investors and hedge funds.
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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