Allergan (AGN) Shares Gap Down After Insider Selling

Shares of Allergan PLC. (NYSE:AGN) gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $170.50, but opened at $166.90. Allergan shares last traded at $164.28, with a volume of 7569523 shares traded.

Specifically, insider William Meury sold 11,807 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $173.89, for a total value of $2,053,119.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christopher J. Coughlin acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, December 5th. The stock was purchased at an average cost of $163.30 per share, with a total value of $1,633,000.00. The disclosure for this purchase can be found here. Corporate insiders own 0.36% of the company’s stock.

Several equities research analysts have recently weighed in on AGN shares. Citigroup reissued a “buy” rating and issued a $280.00 price objective on shares of Allergan in a report on Wednesday, September 20th. Deutsche Bank set a $251.00 price objective on Allergan and gave the company a “buy” rating in a report on Tuesday, October 17th. Piper Jaffray Companies set a $227.00 price objective on Allergan and gave the company a “hold” rating in a report on Friday, October 6th. J P Morgan Chase & Co reissued a “buy” rating and issued a $275.00 price objective on shares of Allergan in a report on Monday, October 16th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $285.00 price objective on shares of Allergan in a report on Wednesday, September 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the stock. Allergan presently has an average rating of “Buy” and a consensus target price of $244.47.

The firm has a market cap of $55,510.00, a PE ratio of 11.02, a PEG ratio of 1.14 and a beta of 1.11. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.18 and a quick ratio of 1.08.

Allergan (NYSE:AGN) last released its quarterly earnings data on Wednesday, November 1st. The company reported $4.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.06 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.04 billion. Allergan had a positive return on equity of 8.00% and a negative net margin of 47.27%. Allergan’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.32 earnings per share. research analysts anticipate that Allergan PLC. will post 16.28 earnings per share for the current year.

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. This represents a $2.80 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Thursday, November 16th. Allergan’s payout ratio is -12.39%.

Allergan declared that its board has initiated a stock buyback program 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 programs are usually a sign that the company’s board believes its stock is undervalued.

A number of large investors have recently added to or reduced their stakes in AGN. Edgewood Management LLC increased its position in shares of Allergan by 24.3% in the third quarter. Edgewood Management LLC now owns 4,445,924 shares of the company’s stock valued at $911,192,000 after buying an additional 869,248 shares in the last quarter. Baupost Group LLC MA increased its position in shares of Allergan by 21.9% in the third quarter. Baupost Group LLC MA now owns 2,964,203 shares of the company’s stock valued at $607,513,000 after buying an additional 531,600 shares in the last quarter. Asset Management One Co. Ltd. increased its position in shares of Allergan by 4,852.6% in the third quarter. Asset Management One Co. Ltd. now owns 503,088 shares of the company’s stock valued at $103,108,000 after buying an additional 492,930 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Allergan by 2.2% in the second quarter. Vanguard Group Inc. now owns 22,835,689 shares of the company’s stock valued at $5,551,128,000 after buying an additional 482,220 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Allergan in the third quarter valued at $92,182,000. Hedge funds and other institutional investors own 81.34% of the company’s stock.

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About Allergan

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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