Steinberg Global Asset Management lowered its position in shares of Allergan plc (NYSE:AGN) by 54.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 5,389 shares of the company’s stock after selling 6,376 shares during the quarter. Steinberg Global Asset Management’s holdings in Allergan plc were worth $1,104,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Allergan plc by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 22,835,689 shares of the company’s stock valued at $5,551,128,000 after purchasing an additional 482,220 shares in the last quarter. Northern Trust Corp raised its position in shares of Allergan plc by 8.8% during the 2nd quarter. Northern Trust Corp now owns 4,492,944 shares of the company’s stock valued at $1,092,189,000 after acquiring an additional 364,722 shares in the last quarter. Veritas Asset Management LLP acquired a new stake in shares of Allergan plc during the 1st quarter valued at approximately $761,339,000. Edgewood Management LLC raised its position in shares of Allergan plc by 7.0% during the 1st quarter. Edgewood Management LLC now owns 2,704,211 shares of the company’s stock valued at $646,090,000 after acquiring an additional 178,055 shares in the last quarter. Finally, Epoch Investment Partners Inc. raised its position in shares of Allergan plc by 3.8% during the 1st quarter. Epoch Investment Partners Inc. now owns 2,013,415 shares of the company’s stock valued at $481,045,000 after acquiring an additional 73,081 shares in the last quarter.
Allergan plc (NYSE:AGN) opened at €172.21 ($200.24) on Friday. Allergan plc has a 52-week low of €169.64 ($197.26) and a 52-week high of €256.80 ($298.60).
Allergan plc (NYSE:AGN) last posted its earnings results on Wednesday, November 1st. The company reported €4.15 ($4.83) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of €4.06 ($4.72) by €0.09 ($0.10). The company had revenue of €4.03 billion for the quarter, compared to the consensus estimate of €4.04 billion. During the same quarter last year, the business earned $3.32 EPS. Allergan plc’s quarterly revenue was up 11.4% compared to the same quarter last year.
Allergan plc declared that its Board of Directors has initiated a stock buyback plan on Monday, September 25th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 2.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 17th will be given a $0.70 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 1.63%.
Several brokerages have weighed in on AGN. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $250.00 target price (down from $277.00) on shares of Allergan plc in a research report on Thursday, October 19th. They noted that the move was a valuation call. J P Morgan Chase & Co set a $275.00 target price on Allergan plc and gave the stock a “buy” rating in a research report on Sunday, October 22nd. BidaskClub cut Allergan plc from a “sell” rating to a “strong sell” rating in a research note on Friday, August 25th. Mizuho reissued a “buy” rating and issued a $267.00 price target on shares of Allergan plc in a research note on Monday, September 25th. Finally, Wells Fargo & Company reaffirmed an “outperform” rating and set a $258.00 target price on shares of Allergan plc in a research note on Wednesday, October 18th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of €246.73 ($286.90).
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Allergan plc Profile
Allergan plc, a specialty pharmaceutical company, develops, manufactures, markets, and distributes medical aesthetics, biosimilar, and over-the-counter pharmaceutical products worldwide. It operates through US Specialized Therapeutics, US General Medicine, and International segments. The company offers a portfolio of products that provide treatment for the central nervous system, gastroenterology, womens health and urology, ophthalmology, neurosciences, medical aesthetics, dermatology, plastic surgery, liver disease, inflammation, metabolic syndromes, and fibrosis, as well as Alzheimers disease.
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