Royal Bank of Canada Reiterates $220.00 Price Target for Allergan (AGN)

Royal Bank of Canada set a $220.00 target price on Allergan (NYSE:AGN) in a report issued on Friday morning. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on the company. Wells Fargo & Co reissued a buy rating on shares of Allergan in a report on Saturday, September 15th. Raymond James reissued a buy rating and set a $232.00 price target (up previously from $211.00) on shares of Allergan in a report on Monday, September 17th. Zacks Investment Research lowered Allergan from a hold rating to a sell rating in a report on Wednesday, October 3rd. ValuEngine raised Allergan from a strong sell rating to a sell rating in a report on Friday, September 21st. Finally, Cantor Fitzgerald reissued a hold rating and set a $180.00 price target on shares of Allergan in a report on Friday, September 14th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eighteen have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $209.18.

NYSE AGN opened at $158.09 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.78 and a current ratio of 0.92. Allergan has a 52-week low of $142.81 and a 52-week high of $197.00. The stock has a market cap of $52.82 billion, a P/E ratio of 9.67, a P/E/G ratio of 1.22 and a beta of 1.29.

Allergan (NYSE:AGN) last released its quarterly earnings results on Tuesday, October 30th. The company reported $4.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.04 by $0.21. Allergan had a return on equity of 8.44% and a net margin of 14.50%. The firm had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.89 billion. During the same quarter last year, the company posted $4.15 earnings per share. The business’s revenue was down 3.0% on a year-over-year basis. Analysts predict that Allergan will post 16.51 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Tuesday, November 13th will be given a $0.72 dividend. The ex-dividend date is Friday, November 9th. This represents a $2.88 dividend on an annualized basis and a yield of 1.82%. Allergan’s payout ratio is currently 17.61%.

In related news, CFO Matthew M. Walsh purchased 1,000 shares of Allergan stock in a transaction dated Friday, November 16th. The stock was bought at an average cost of $157.00 per share, for a total transaction of $157,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Christopher J. Coughlin purchased 10,000 shares of Allergan stock in a transaction dated Thursday, September 6th. The shares were bought at an average price of $190.64 per share, with a total value of $1,906,400.00. The disclosure for this purchase can be found here. 0.37% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Edgewood Management LLC lifted its position in shares of Allergan by 1.5% during the 3rd quarter. Edgewood Management LLC now owns 5,815,362 shares of the company’s stock valued at $1,107,710,000 after acquiring an additional 86,971 shares during the period. Franklin Resources Inc. lifted its position in shares of Allergan by 1.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,131,825 shares of the company’s stock valued at $977,516,000 after acquiring an additional 84,911 shares during the period. Janus Henderson Group PLC lifted its position in shares of Allergan by 16.3% during the 2nd quarter. Janus Henderson Group PLC now owns 4,778,699 shares of the company’s stock valued at $796,712,000 after acquiring an additional 668,343 shares during the period. Northern Trust Corp lifted its position in shares of Allergan by 1.7% during the 2nd quarter. Northern Trust Corp now owns 4,163,556 shares of the company’s stock valued at $694,149,000 after acquiring an additional 69,651 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Allergan by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,637,854 shares of the company’s stock valued at $692,939,000 after acquiring an additional 92,297 shares during the period. Institutional investors own 78.24% of the company’s stock.

About Allergan

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.

Further Reading: Outstanding Shares

Analyst Recommendations for Allergan (NYSE:AGN)

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