Fiduciary Trust Co. lessened its stake in Allergan plc (NYSE:AGN) by 4.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,949 shares of the company’s stock after selling 243 shares during the period. Fiduciary Trust Co.’s holdings in Allergan were worth $725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AGN. Nomura Holdings Inc. boosted its stake in shares of Allergan by 9.2% during the fourth quarter. Nomura Holdings Inc. now owns 30,522 shares of the company’s stock worth $4,074,000 after buying an additional 2,580 shares during the period. American Century Companies Inc. boosted its stake in shares of Allergan by 21.1% during the fourth quarter. American Century Companies Inc. now owns 1,235,389 shares of the company’s stock worth $165,122,000 after buying an additional 214,955 shares during the period. Institute for Wealth Management LLC. acquired a new stake in shares of Allergan during the fourth quarter worth about $716,000. Duality Advisers LP acquired a new stake in shares of Allergan during the fourth quarter worth about $13,282,000. Finally, S&CO Inc. boosted its stake in shares of Allergan by 9.6% during the first quarter. S&CO Inc. now owns 6,875 shares of the company’s stock worth $1,007,000 after buying an additional 600 shares during the period. Institutional investors own 81.74% of the company’s stock.
In related news, Chairman Brent L. Saunders bought 1,760 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was bought at an average cost of $143.67 per share, with a total value of $252,859.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.08% of the company’s stock.
Allergan (NYSE:AGN) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $3.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.55 by $0.24. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Allergan had a negative net margin of 45.94% and a positive return on equity of 8.45%. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the company posted $3.74 earnings per share. As a group, sell-side analysts predict that Allergan plc will post 16.68 EPS for the current fiscal year.
Allergan declared that its Board of Directors has initiated a share buyback plan on Tuesday, January 29th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 4.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Tuesday, May 14th will be issued a $0.74 dividend. The ex-dividend date is Monday, May 13th. This represents a $2.96 dividend on an annualized basis and a yield of 2.14%. Allergan’s dividend payout ratio (DPR) is presently 17.74%.
Several brokerages have recently weighed in on AGN. ValuEngine upgraded shares of Allergan from a “strong sell” rating to a “sell” rating in a research note on Tuesday, May 7th. Royal Bank of Canada decreased their target price on shares of Allergan from $165.00 to $140.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 8th. UBS Group decreased their target price on shares of Allergan from $173.00 to $172.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Mizuho reiterated a “buy” rating and set a $194.00 target price on shares of Allergan in a research note on Wednesday, April 24th. Finally, Raymond James decreased their target price on shares of Allergan from $181.00 to $166.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Two investment 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’s stock. Allergan presently has a consensus rating of “Hold” and a consensus price target of $184.52.
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Allergan plc, a pharmaceutical company, develops, manufactures, and commercializes branded pharmaceutical, device, biologic, surgical, and regenerative medicine products worldwide. The company operates in three segments: US Specialized Therapeutics, US General Medicine, and International. It offers a portfolio of products in various therapeutic areas, including medical aesthetics and dermatology, eye care, neuroscience, urology, gastrointestinal, women's health, and anti-infective therapeutic products.
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