Allergan (AGN) Earns “Buy” Rating from Wells Fargo & Company
Allergan (NYSE:AGN)‘s stock had its “buy” rating reaffirmed by stock analysts at Wells Fargo & Company in a report issued on Wednesday.
AGN has been the topic of a number of other reports. TheStreet downgraded shares of Allergan from a “c-” rating to a “d+” rating in a research note on Monday. Cantor Fitzgerald set a $191.00 price target on shares of Allergan and gave the stock a “hold” rating in a research note on Saturday. Morgan Stanley raised shares of Allergan from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $171.92 to $200.00 in a research note on Wednesday, November 29th. Leerink Swann reaffirmed an “outperform” rating and issued a $237.00 price target on shares of Allergan in a research note on Monday, November 27th. Finally, Royal Bank Of Canada decreased their price objective on shares of Allergan from $250.00 to $221.00 and set an “outperform” rating for the company in a report on Thursday, November 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have issued a buy rating to the company’s stock. Allergan presently has a consensus rating of “Buy” and an average price target of $244.47.
Allergan (NYSE AGN) traded up $2.02 during midday trading on Wednesday, hitting $166.30. The company’s stock had a trading volume of 1,127,544 shares, compared to its average volume of 2,931,912. The company has a market capitalization of $55,508.12, a PE ratio of 10.82, a P/E/G ratio of 1.12 and a beta of 1.11. Allergan has a 52 week low of $160.07 and a 52 week high of $256.80. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.18 and a quick ratio of 1.08.
Allergan announced that its board has authorized a stock buyback program on Monday, September 25th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 2.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other Allergan news, insider William Meury sold 11,807 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $173.89, for a total value of $2,053,119.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Christopher J. Coughlin acquired 10,000 shares of Allergan stock in a transaction on Tuesday, December 5th. The stock was 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. Company insiders own 0.36% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Bank of Nova Scotia raised its holdings in shares of Allergan by 77.2% during the first quarter. Bank of Nova Scotia now owns 147,160 shares of the company’s stock worth $35,160,000 after acquiring an additional 64,116 shares during the period. North Star Asset Management Inc. increased its stake in Allergan by 1.9% in the 1st quarter. North Star Asset Management Inc. now owns 26,875 shares of the company’s stock valued at $6,421,000 after buying an additional 503 shares during the last quarter. Community Trust & Investment Co. increased its stake in Allergan by 5.0% in the 1st quarter. Community Trust & Investment Co. now owns 49,518 shares of the company’s stock valued at $11,831,000 after buying an additional 2,339 shares during the last quarter. Achmea Investment Management B.V. acquired a new position in shares of Allergan during the 1st quarter worth about $5,824,000. Finally, Bristlecone Advisors LLC increased its stake in shares of Allergan by 6.6% during the 1st quarter. Bristlecone Advisors LLC now owns 10,566 shares of the company’s stock worth $2,524,000 after purchasing an additional 650 shares during the last quarter. 81.34% of the stock is currently owned by hedge funds and other institutional investors.
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Allergan Company Profile
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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