Piedmont Investment Advisors LLC grew its stake in shares of Allergan PLC. (NYSE:AGN) by 0.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,469 shares of the company’s stock after buying an additional 662 shares during the period. Piedmont Investment Advisors LLC’s holdings in Allergan were worth $14,853,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of AGN. Howard Hughes Medical Institute purchased a new position in Allergan in the 2nd quarter worth approximately $103,000. Cable Hill Partners LLC lifted its holdings in Allergan by 255.2% in the 3rd quarter. Cable Hill Partners LLC now owns 515 shares of the company’s stock worth $106,000 after purchasing an additional 370 shares in the last quarter. Rockefeller Financial Services Inc. lifted its holdings in Allergan by 283.7% in the 3rd quarter. Rockefeller Financial Services Inc. now owns 541 shares of the company’s stock worth $111,000 after purchasing an additional 400 shares in the last quarter. Massey Quick & Co. LLC lifted its holdings in Allergan by 334.8% in the 2nd quarter. Massey Quick & Co. LLC now owns 500 shares of the company’s stock worth $122,000 after purchasing an additional 385 shares in the last quarter. Finally, Pacific Center for Financial Services lifted its holdings in Allergan by 1.3% in the 2nd quarter. Pacific Center for Financial Services now owns 541 shares of the company’s stock worth $132,000 after purchasing an additional 7 shares in the last quarter. 81.34% of the stock is currently owned by hedge funds and other institutional investors.
AGN has been the topic of a number of research analyst reports. Citigroup reissued a “buy” rating and issued a $280.00 price target on shares of Allergan in a report on Wednesday, September 20th. Deutsche Bank set a $251.00 price target on Allergan and gave the stock a “buy” rating in a report on Tuesday, October 17th. Piper Jaffray Companies set a $227.00 price target on Allergan and gave the stock a “hold” rating in a report on Friday, October 6th. J P Morgan Chase & Co reissued a “buy” rating and issued a $275.00 price target on shares of Allergan in a report on Monday, October 16th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $285.00 price objective on shares of Allergan in a research note on Wednesday, September 6th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the stock. Allergan currently has an average rating of “Buy” and a consensus price target of $235.25.
Allergan (NYSE:AGN) last released its earnings results on Wednesday, November 1st. The company reported $4.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.06 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.04 billion. Allergan had a positive return on equity of 8.00% and a negative net margin of 47.27%. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.32 EPS. analysts forecast that Allergan PLC. will post 16.27 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, November 17th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Thursday, November 16th. Allergan’s dividend payout ratio is currently -12.44%.
Allergan declared that its Board of Directors has approved a stock buyback 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 often a sign that the company’s leadership believes its stock is undervalued.
In other Allergan news, Director Chris W. Bodine acquired 3,030 shares of the business’s stock in a transaction on Thursday, December 7th. The shares were bought at an average price of $164.77 per share, with a total value of $499,253.10. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $2,053,119.23. The disclosure for this sale can be found here. In the last three months, insiders have bought 17,630 shares of company stock worth $2,890,057. Corporate insiders own 0.36% of the company’s stock.
Allergan Company Profile
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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