Allergan (AGN) Lowered to Buy at Vetr
Allergan (NYSE:AGN) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Wednesday. They currently have a $187.73 price target on the stock. Vetr‘s target price suggests a potential upside of 11.74% from the stock’s current price.
Several other analysts have also recently issued reports on the company. J P Morgan Chase & Co set a $275.00 price objective on Allergan and gave the company a “buy” rating in a research note on Sunday, October 22nd. Morgan Stanley cut Allergan from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $284.00 to $228.00 in a research note on Wednesday, September 20th. Cowen reiterated an “outperform” rating and issued a $400.00 price objective on shares of Allergan in a research note on Tuesday, August 29th. Zacks Investment Research cut Allergan from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Finally, Cantor Fitzgerald reduced their price objective on Allergan to $191.00 and set a “neutral” rating on the stock in a research note on Thursday, November 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have assigned a buy rating to the stock. Allergan currently has a consensus rating of “Buy” and a consensus price target of $241.56.
Shares of Allergan (NYSE:AGN) traded up $3.72 during midday trading on Wednesday, hitting $168.00. The stock had a trading volume of 3,659,477 shares, compared to its average volume of 2,935,006. The firm has a market capitalization of $54,640.00, a PE ratio of 10.82, a P/E/G ratio of 1.12 and a beta of 1.11. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.08 and a current ratio of 1.18. Allergan has a twelve month low of $160.07 and a twelve month high of $256.80.
Allergan declared that its board has approved a stock repurchase plan on Monday, September 25th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 2.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
In related news, insider William Meury sold 11,807 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $173.89, for a total value of $2,053,119.23. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Christopher J. Coughlin bought 10,000 shares of the company’s stock in a transaction that occurred 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. Corporate insiders own 0.36% of the company’s stock.
Several hedge funds have recently modified their holdings of the business. Hudock Capital Group LLC grew its holdings in shares of Allergan by 0.4% during the second quarter. Hudock Capital Group LLC now owns 571 shares of the company’s stock worth $138,000 after purchasing an additional 2 shares during the last quarter. Burns J W & Co. Inc. NY grew its holdings in shares of Allergan by 0.7% during the second quarter. Burns J W & Co. Inc. NY now owns 906 shares of the company’s stock worth $220,000 after purchasing an additional 6 shares during the last quarter. Pacific Center for Financial Services grew its holdings in shares of Allergan by 1.3% during the second quarter. Pacific Center for Financial Services now owns 541 shares of the company’s stock worth $132,000 after purchasing an additional 7 shares during the last quarter. Gilder Gagnon Howe & Co. LLC grew its holdings in shares of Allergan by 0.5% during the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,666 shares of the company’s stock worth $405,000 after purchasing an additional 9 shares during the last quarter. Finally, Trust Co grew its holdings in shares of Allergan by 0.8% during the first quarter. Trust Co now owns 1,224 shares of the company’s stock worth $292,000 after purchasing an additional 10 shares during the last quarter. 81.34% of the stock is currently owned by institutional investors.
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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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