AXA increased its position in Allergan PLC. (NYSE:AGN) by 22.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 488,257 shares of the company’s stock after acquiring an additional 89,257 shares during the period. AXA owned approximately 0.15% of Allergan worth $100,068,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Pathstone Family Office LLC raised its stake in shares of Allergan by 3,327.3% during the 2nd quarter. Pathstone Family Office LLC now owns 377 shares of the company’s stock valued at $2,035,000 after buying an additional 366 shares during the last quarter. Howard Hughes Medical Institute acquired a new stake in shares of Allergan during the 2nd quarter valued at about $103,000. Massey Quick & Co. LLC grew its position in shares of Allergan by 334.8% during the 2nd quarter. Massey Quick & Co. LLC now owns 500 shares of the company’s stock valued at $122,000 after acquiring an additional 385 shares during the period. Cable Hill Partners LLC grew its position in shares of Allergan by 255.2% during the 3rd quarter. Cable Hill Partners LLC now owns 515 shares of the company’s stock valued at $106,000 after acquiring an additional 370 shares during the period. Finally, Pacific Center for Financial Services grew its position in shares of Allergan by 1.3% during the 2nd quarter. Pacific Center for Financial Services now owns 541 shares of the company’s stock valued at $132,000 after acquiring an additional 7 shares during the period. Institutional investors own 81.14% of the company’s stock.
In related news, Director Chris W. Bodine bought 3,030 shares of the company’s stock in a transaction on Thursday, December 7th. The stock was bought at an average cost of $164.77 per share, with a total value of $499,253.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William Meury sold 11,807 shares of the stock in a transaction dated Friday, December 1st. The shares were 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 bought 17,630 shares of company stock valued at $2,890,057 over the last ninety days. Corporate insiders own 0.36% of the company’s stock.
Allergan (NYSE:AGN) last announced its earnings results on Wednesday, November 1st. The company reported $4.15 EPS for the quarter, beating analysts’ consensus estimates of $4.06 by $0.09. Allergan had a negative net margin of 47.27% and a positive return on equity of 8.00%. The business had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.04 billion. During the same period in the prior year, the company earned $3.32 earnings per share. The business’s revenue was up 11.4% compared to the same quarter last year. sell-side analysts anticipate that Allergan PLC. will post 16.27 earnings per share for the current year.
Allergan declared that its Board of Directors has initiated a share buyback plan on Monday, September 25th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 2.8% 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 firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, November 17th were issued a $0.70 dividend. The ex-dividend date was Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.71%. Allergan’s payout ratio is -12.44%.
AGN has been the topic of a number of analyst reports. Argus cut Allergan from a “buy” rating to a “hold” rating and dropped their target price for the company from $256.80 to $160.07 in a research report on Thursday, December 7th. JPMorgan Chase & Co. set a $275.00 price objective on Allergan and gave the stock a “buy” rating in a report on Sunday, October 22nd. Morgan Stanley cut Allergan from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $284.00 to $228.00 in a report on Wednesday, September 20th. Zacks Investment Research cut Allergan from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Finally, Cantor Fitzgerald lowered their target price on Allergan to $191.00 and set a “neutral” rating on the stock in a report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $231.16.
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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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