Parnassus Investments CA Reduces Position in Allergan plc (AGN)

Parnassus Investments CA lowered its holdings in Allergan plc (NYSE:AGN) by 33.3% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 697,182 shares of the company’s stock after selling 347,622 shares during the period. Parnassus Investments CA owned approximately 0.21% of Allergan worth $93,185,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in AGN. Ruggie Capital Group acquired a new position in shares of Allergan in the fourth quarter valued at approximately $53,000. Dubuque Bank & Trust Co. lifted its stake in Allergan by 6,457.1% in the fourth quarter. Dubuque Bank & Trust Co. now owns 459 shares of the company’s stock worth $61,000 after acquiring an additional 452 shares during the last quarter. IMS Capital Management purchased a new position in Allergan in the third quarter worth approximately $66,000. Quantamental Technologies LLC purchased a new position in Allergan in the fourth quarter worth approximately $67,000. Finally, Exane Asset Management purchased a new position in Allergan in the fourth quarter worth approximately $77,000. Hedge funds and other institutional investors own 84.04% of the company’s stock.

A number of brokerages recently issued reports on AGN. ValuEngine upgraded shares of Allergan from a “strong sell” rating to a “sell” rating in a research note on Thursday, December 13th. Cantor Fitzgerald set a $180.00 price target on shares of Allergan and gave the stock a “hold” rating in a research note on Friday, January 4th. Raymond James decreased their price target on shares of Allergan from $232.00 to $198.00 and set a “buy” rating for the company in a research note on Wednesday, October 31st. Mizuho decreased their price target on shares of Allergan to $200.00 and set a “buy” rating for the company in a research note on Wednesday, January 30th. Finally, Royal Bank of Canada set a $220.00 price target on shares of Allergan and gave the stock a “buy” rating in a research note on Wednesday, October 24th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $201.37.

Shares of NYSE:AGN opened at $135.95 on Tuesday. The company has a market cap of $45.85 billion, a PE ratio of 8.15, a P/E/G ratio of 1.05 and a beta of 1.43. The company has a quick ratio of 1.34, a current ratio of 1.51 and a debt-to-equity ratio of 0.37. Allergan plc has a twelve month low of $125.84 and a twelve month high of $197.00.

Allergan (NYSE:AGN) last issued its quarterly earnings data on Tuesday, January 29th. The company reported $4.29 earnings per share for the quarter, topping the consensus estimate of $4.15 by $0.14. The business had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $4 billion. Allergan had a negative net margin of 32.28% and a positive return on equity of 8.18%. The company’s revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.86 EPS. On average, equities research analysts forecast that Allergan plc will post 16.34 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Friday, February 15th will be given a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Thursday, February 14th. This is an increase from Allergan’s previous quarterly dividend of $0.72. Allergan’s payout ratio is currently 17.26%.

Allergan announced that its Board of Directors has authorized a stock repurchase program on Tuesday, January 29th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 4.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

In related news, CFO Matthew M. Walsh acquired 1,000 shares of Allergan stock in a transaction dated Friday, November 16th. The stock was acquired at an average price of $157.00 per share, for a total transaction of $157,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.37% of the stock is currently owned by insiders.

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Allergan Profile

Allergan plc, a pharmaceutical company, develops, manufactures, and commercializes branded pharmaceutical, device, biologic, surgical, and regenerative medicine products worldwide. It operates through US Specialized Therapeutics, US General Medicine, and International segments. The company offers a portfolio of products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women's health, urology, and anti-infective therapeutic categories.

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Institutional Ownership by Quarter for Allergan (NYSE:AGN)

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