Lord Abbett & CO. LLC reduced its position in shares of Allergan plc (NYSE:AGN) by 16.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 274,782 shares of the company’s stock after selling 53,229 shares during the period. Lord Abbett & CO. LLC owned 0.08% of Allergan worth $36,727,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. JNBA Financial Advisors acquired a new stake in shares of Allergan during the fourth quarter valued at about $30,000. IMS Capital Management acquired a new stake in shares of Allergan during the third quarter valued at about $66,000. Bruderman Asset Management LLC acquired a new stake in shares of Allergan during the fourth quarter valued at about $49,000. Ruggie Capital Group acquired a new stake in shares of Allergan during the fourth quarter valued at about $53,000. Finally, Lindbrook Capital LLC acquired a new stake in shares of Allergan during the fourth quarter valued at about $55,000. Hedge funds and other institutional investors own 80.23% of the company’s stock.
In other news, Chairman Brent L. Saunders purchased 1,760 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was bought at an average price of $143.67 per share, for a total transaction of $252,859.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.37% of the stock is owned by insiders.
Shares of Allergan stock opened at $149.80 on Friday. Allergan plc has a 52-week low of $125.84 and a 52-week high of $197.00. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $49.83 billion, a P/E ratio of 8.98, a PEG ratio of 1.17 and a beta of 1.33.
Allergan (NYSE:AGN) last issued its quarterly earnings results on Tuesday, January 29th. The company reported $4.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.15 by $0.14. Allergan had a negative net margin of 32.28% and a positive return on equity of 8.18%. The company had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $4 billion. During the same quarter in the previous year, the firm earned $4.86 earnings per share. The firm’s quarterly revenue was down 5.7% on a year-over-year basis. On average, equities research analysts anticipate that Allergan plc will post 16.35 EPS for the current fiscal year.
Allergan declared that its Board of Directors has initiated a share repurchase 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Friday, February 15th will be paid a $0.74 dividend. The ex-dividend date is Thursday, February 14th. This represents a $2.96 dividend on an annualized basis and a yield of 1.98%. This is an increase from Allergan’s previous quarterly dividend of $0.72. Allergan’s payout ratio is currently 17.74%.
AGN has been the subject of a number of research reports. ValuEngine cut shares of Allergan from a “sell” rating to a “strong sell” rating in a report on Friday, November 16th. Royal Bank of Canada set a $220.00 price objective on shares of Allergan and gave the company a “buy” rating in a report on Friday, November 30th. Credit Suisse Group set a $200.00 price objective on shares of Allergan and gave the company a “buy” rating in a report on Thursday, December 13th. Morgan Stanley cut shares of Allergan from an “overweight” rating to an “equal weight” rating and set a $156.00 price objective for the company. in a report on Wednesday, January 30th. Finally, TheStreet cut shares of Allergan from a “c” rating to a “d+” rating in a report on Tuesday, January 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Allergan has an average rating of “Hold” and an average price target of $193.32.
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Allergan Company Profile
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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