Investors Buy Allergan (AGN) on Weakness

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Traders purchased shares of Allergan plc (NYSE:AGN) on weakness during trading on Wednesday. $76.86 million flowed into the stock on the tick-up and $45.15 million flowed out of the stock on the tick-down, for a money net flow of $31.71 million into the stock. Of all stocks tracked, Allergan had the 32nd highest net in-flow for the day. Allergan traded down ($2.51) for the day and closed at $139.66

Several research analysts have recently weighed in on the company. Cantor Fitzgerald set a $180.00 price target on Allergan and gave the stock a “hold” rating in a research note on Wednesday, December 26th. Zacks Investment Research cut Allergan from a “hold” rating to a “sell” rating in a research note on Thursday, January 3rd. Credit Suisse Group decreased their price target on Allergan from $200.00 to $197.00 and set an “outperform” rating for the company in a research note on Tuesday, January 8th. ValuEngine upgraded Allergan from a “strong sell” rating to a “sell” rating in a research note on Tuesday, January 15th. Finally, Morgan Stanley cut Allergan from an “overweight” rating to an “equal weight” rating and set a $156.00 price target for the company. in a research note on Wednesday, January 30th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $188.65.

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.13 and a quick ratio of 0.98. The firm has a market capitalization of $46.67 billion, a P/E ratio of 8.37, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34.

Allergan (NYSE:AGN) last issued its quarterly earnings data on Tuesday, January 29th. The company reported $4.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.15 by $0.14. Allergan had a positive return on equity of 8.18% and a negative net margin of 32.28%. The company had revenue of $4.08 billion during the quarter, compared to analyst estimates of $4 billion. During the same quarter in the previous year, the company posted $4.86 earnings per share. Allergan’s revenue was down 5.7% compared to the same quarter last year. On average, equities analysts predict that Allergan plc will post 16.37 earnings per share for the current fiscal year.

Allergan announced that its Board of Directors has approved a stock buyback program on Tuesday, January 29th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 4.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

In other news, Chairman Brent L. Saunders acquired 1,760 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was bought at an average price of $143.67 per share, with a total value of $252,859.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.08% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Stanley grew its holdings in shares of Allergan by 22.2% in the third quarter. Morgan Stanley now owns 2,660,131 shares of the company’s stock worth $506,702,000 after acquiring an additional 483,860 shares during the period. Nomura Holdings Inc. grew its holdings in shares of Allergan by 9.2% in the fourth quarter. Nomura Holdings Inc. now owns 30,522 shares of the company’s stock worth $4,074,000 after acquiring an additional 2,580 shares during the period. American Century Companies Inc. grew its holdings in shares of Allergan by 21.1% in the fourth quarter. American Century Companies Inc. now owns 1,235,389 shares of the company’s stock worth $165,122,000 after acquiring an additional 214,955 shares during the period. Nordea Investment Management AB bought a new stake in shares of Allergan in the third quarter worth $19,917,000. Finally, Institute for Wealth Management LLC. bought a new stake in Allergan during the fourth quarter valued at about $716,000. 80.65% of the stock is owned by institutional investors.

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About Allergan (NYSE:AGN)

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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