Allergan (NYSE:AGN) has been assigned a $245.00 target price by Wells Fargo & Co in a research note issued to investors on Friday. The brokerage presently has a “buy” rating on the stock. Wells Fargo & Co’s price target suggests a potential upside of 42.67% from the stock’s previous close.
Several other research firms have also recently commented on AGN. ValuEngine cut Allergan from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Royal Bank of Canada set a $218.00 target price on Allergan and gave the stock a “buy” rating in a research report on Thursday. Mizuho restated a “buy” rating and set a $267.00 target price on shares of Allergan in a research report on Monday, September 25th. Barclays restated an “equal weight” rating on shares of Allergan in a research report on Monday, October 2nd. Finally, UBS Group restated a “buy” rating and set a $275.00 target price on shares of Allergan in a research report on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $230.99.
Allergan (NYSE:AGN) opened at $171.73 on Friday. The firm has a market capitalization of $57,060.00, a price-to-earnings ratio of -7.60, a PEG ratio of 1.16 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 declared that its board has initiated 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 repurchase up to 2.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, Director Christopher J. Coughlin bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The shares were bought at an average cost of $163.30 per share, with a total value of $1,633,000.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 disclosure for this sale can be found here. Insiders purchased a total of 17,630 shares of company stock worth $2,890,057 over the last ninety days. 0.36% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the business. Pathstone Family Office LLC grew its position in shares of Allergan by 3,327.3% during the second quarter. Pathstone Family Office LLC now owns 377 shares of the company’s stock valued at $2,035,000 after purchasing an additional 366 shares in the last quarter. Howard Hughes Medical Institute purchased a new position in Allergan in the second quarter worth about $103,000. Massey Quick & Co. LLC lifted its stake in Allergan by 334.8% in the second quarter. Massey Quick & Co. LLC now owns 500 shares of the company’s stock worth $122,000 after purchasing an additional 385 shares during the last quarter. Cable Hill Partners LLC lifted its stake in Allergan by 255.2% in the third quarter. Cable Hill Partners LLC now owns 515 shares of the company’s stock worth $106,000 after purchasing an additional 370 shares during the last quarter. Finally, Pacific Center for Financial Services lifted its stake in Allergan by 1.3% in 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. Institutional investors and hedge funds own 81.14% of the company’s stock.
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About Allergan
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.
