Allergan (NYSE:AGN) had its price objective decreased by stock analysts at Citigroup to $215.00 in a research report issued to clients and investors on Tuesday, The Fly reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 26.06% from the company’s current price.
A number of other brokerages have also recently issued reports on AGN. Wells Fargo & Co reaffirmed an “outperform” rating on shares of Allergan in a research note on Monday, September 11th. Deutsche Bank reaffirmed a “buy” rating and set a $262.00 price objective on shares of Allergan in a research note on Tuesday, September 12th. Morgan Stanley cut Allergan from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $284.00 to $228.00 in a research note on Wednesday, September 20th. Cantor Fitzgerald reissued a “hold” rating and issued a $231.00 target price on shares of Allergan in a research note on Friday, September 22nd. Finally, Piper Jaffray Companies set a $227.00 target price on Allergan and gave the stock a “hold” rating in a research note on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $229.60.
Shares of Allergan (AGN) opened at $170.56 on Tuesday. 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 quick ratio of 1.08 and a current ratio of 1.18. The firm has a market capitalization of $57,300.00, a PE ratio of -7.55, a price-to-earnings-growth ratio of 1.18 and a beta of 1.11.
Allergan declared that its board has initiated a stock buyback plan on Monday, September 25th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 2.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.
In other news, Chairman Brent L. Saunders acquired 4,600 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The stock was bought at an average cost of $164.74 per share, for a total transaction of $757,804.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider William Meury sold 11,807 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $173.89, for a total transaction of $2,053,119.23. The disclosure for this sale can be found here. Insiders have bought 17,630 shares of company stock valued at $2,890,057 over the last quarter. Company insiders own 0.36% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Confluence Investment Management LLC grew its position in Allergan by 6.7% in the 4th quarter. Confluence Investment Management LLC now owns 340,131 shares of the company’s stock worth $55,639,000 after purchasing an additional 21,245 shares during the period. Abner Herrman & Brock LLC grew its position in Allergan by 16.6% in the 4th quarter. Abner Herrman & Brock LLC now owns 4,275 shares of the company’s stock worth $699,000 after purchasing an additional 608 shares during the period. Prudential Financial Inc. grew its position in Allergan by 1.1% in the 3rd quarter. Prudential Financial Inc. now owns 1,366,552 shares of the company’s stock worth $280,075,000 after purchasing an additional 14,440 shares during the period. Atlantic Trust Group LLC grew its position in Allergan by 8.2% in the 3rd quarter. Atlantic Trust Group LLC now owns 702,369 shares of the company’s stock worth $143,950,000 after purchasing an additional 53,079 shares during the period. Finally, AXA grew its position in Allergan by 22.4% in the 3rd quarter. AXA now owns 488,257 shares of the company’s stock worth $100,068,000 after purchasing an additional 89,257 shares during the period. Institutional investors own 81.14% 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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