Allergan (AGN) Rating Lowered to Hold at Argus
Allergan (NYSE:AGN) was downgraded by Argus from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
Other equities research analysts also recently issued reports about the company. Wells Fargo & Company reaffirmed an “outperform” rating and set a $280.00 price objective (up from $270.00) on shares of Allergan in a report on Wednesday, August 9th. Morgan Stanley set a $200.00 target price on Allergan and gave the stock a “buy” rating in a report on Wednesday. Vetr downgraded Allergan from a “strong-buy” rating to a “buy” rating and set a $187.73 target price on the stock. in a report on Wednesday. UBS reissued an “outperform” rating and issued a $275.00 target price on shares of Allergan in a report on Wednesday, August 9th. Finally, BidaskClub downgraded Allergan from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. One investment 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. The company presently has an average rating of “Buy” and a consensus target price of $241.56.
Shares of Allergan (NYSE AGN) opened at $168.00 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.08 and a current ratio of 1.18. The firm has a market capitalization of $54,636.75, a P/E ratio of 10.65, a price-to-earnings-growth ratio of 1.10 and a beta of 1.11. Allergan has a 1-year low of $160.07 and a 1-year high of $256.80.
Allergan announced that its Board of Directors has approved 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 reacquire up to 2.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
In other Allergan news, insider William Meury sold 11,807 shares of the company’s stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Christopher J. Coughlin purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, December 5th. The stock was purchased at an average cost of $163.30 per share, with a total value of $1,633,000.00. The disclosure for this purchase can be found here. Insiders own 0.36% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Allergan by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 22,835,689 shares of the company’s stock worth $5,551,128,000 after purchasing an additional 482,220 shares during the period. Northern Trust Corp boosted its stake in Allergan by 8.8% in the 2nd quarter. Northern Trust Corp now owns 4,492,944 shares of the company’s stock worth $1,092,189,000 after purchasing an additional 364,722 shares during the period. Edgewood Management LLC boosted its stake in Allergan by 24.3% in the 3rd quarter. Edgewood Management LLC now owns 4,445,924 shares of the company’s stock worth $911,192,000 after purchasing an additional 869,248 shares during the period. Baupost Group LLC MA boosted its stake in Allergan by 21.9% in the 3rd quarter. Baupost Group LLC MA now owns 2,964,203 shares of the company’s stock worth $607,513,000 after purchasing an additional 531,600 shares during the period. Finally, Epoch Investment Partners Inc. boosted its stake in Allergan by 1.0% in the 3rd quarter. Epoch Investment Partners Inc. now owns 1,805,608 shares of the company’s stock worth $370,060,000 after purchasing an additional 17,068 shares during the period. 81.34% of the stock is 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.
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