TheStreet Downgrades Allergan (AGN) to D+
Allergan (NYSE:AGN) was downgraded by investment analysts at TheStreet from a “c-” rating to a “d+” rating in a note issued to investors on Monday.
A number of other equities research analysts have also recently issued reports on the stock. J P Morgan 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 cut shares of Allergan from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $284.00 to $228.00 in a report on Wednesday, September 20th. Cowen reiterated an “outperform” rating and issued a $400.00 price objective on shares of Allergan in a report on Tuesday, August 29th. Zacks Investment Research cut shares of Allergan from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Finally, Cantor Fitzgerald decreased their price objective on shares of Allergan to $191.00 and set a “neutral” rating for the company in a report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $244.47.
Shares of Allergan (NYSE AGN) traded up $3.72 during trading hours on Monday, reaching $168.00. 3,659,477 shares of the company were exchanged, compared to its average volume of 2,935,006. The company has a market capitalization of $54,640.00, a PE ratio of 10.82, a PEG ratio of 1.12 and a beta of 1.11. Allergan has a 12-month low of $160.07 and a 12-month 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 initiated a share buyback plan on Monday, September 25th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 2.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider William Meury sold 11,807 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $173.89, for a total transaction of $2,053,119.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Brent L. Saunders acquired 4,600 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were bought at an average cost of $164.74 per share, with a total value of $757,804.00. The disclosure for this purchase can be found here. 0.36% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Honeywell International Inc. raised its position in shares of Allergan by 13.6% during the second quarter. Honeywell International Inc. now owns 168,130 shares of the company’s stock valued at $40,871,000 after buying an additional 20,100 shares during the last quarter. Peloton Wealth Strategists raised its position in shares of Allergan by 37.1% during the third quarter. Peloton Wealth Strategists now owns 10,485 shares of the company’s stock valued at $2,149,000 after buying an additional 2,835 shares during the last quarter. Sumitomo Life Insurance Co. raised its position in shares of Allergan by 39.0% during the third quarter. Sumitomo Life Insurance Co. now owns 15,122 shares of the company’s stock valued at $3,099,000 after buying an additional 4,244 shares during the last quarter. Fairbanks Capital Management Inc. raised its position in shares of Allergan by 1.3% during the second quarter. Fairbanks Capital Management Inc. now owns 5,480 shares of the company’s stock valued at $1,332,000 after buying an additional 70 shares during the last quarter. Finally, Colony Group LLC raised its position in shares of Allergan by 9.9% during the second quarter. Colony Group LLC now owns 39,802 shares of the company’s stock valued at $9,675,000 after buying an additional 3,577 shares during the last quarter. 81.34% of the stock is owned by institutional investors and hedge funds.
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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