Allergan (NYSE:AGN)‘s stock had its “buy” rating reaffirmed by investment analysts at Deutsche Bank in a report released on Tuesday. They presently have a $215.00 target price on the stock. Deutsche Bank’s target price indicates a potential upside of 23.48% from the company’s previous close.
Other equities analysts have also recently issued research reports about the stock. Citigroup decreased their price objective on shares of Allergan to $215.00 and set a “buy” rating on the stock in a research report on Tuesday. Piper Jaffray Companies set a $227.00 price objective on shares of Allergan and gave the company a “hold” rating in a research report on Friday, October 13th. Royal Bank of Canada restated an “outperform” rating and issued a $250.00 price objective (down previously from $277.00) on shares of Allergan in a research report on Thursday, October 19th. They noted that the move was a valuation call. Leerink Swann restated an “outperform” rating and issued a $237.00 price objective on shares of Allergan in a research report on Monday, November 27th. Finally, UBS Group restated a “buy” rating and issued a $275.00 price objective on shares of Allergan in a research report on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Allergan presently has a consensus rating of “Hold” and an average price target of $227.60.
Shares of Allergan (AGN) traded up $3.56 during trading hours on Tuesday, reaching $174.12. 2,455,312 shares of the company were exchanged, compared to its average volume of 2,412,700. The stock has a market cap of $56,730.00, a PE ratio of -7.71, a PEG ratio of 1.18 and a beta of 1.11. Allergan has a one year low of $160.07 and a one year high of $256.80. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.08 and a current ratio of 1.18.
Allergan announced that its Board of Directors has authorized a share repurchase plan on Monday, September 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
In related news, insider William Meury sold 11,807 shares of the business’s 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Christopher J. Coughlin acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The shares were acquired at an average cost of $163.30 per share, for a total transaction of $1,633,000.00. The disclosure for this purchase can be found here. Insiders have bought a total of 17,630 shares of company stock worth $2,890,057 in the last ninety days. Insiders own 0.36% of the company’s stock.
A number of large investors have recently bought and sold shares of AGN. Edgewood Management LLC boosted its stake in Allergan by 24.3% during the third quarter. Edgewood Management LLC now owns 4,445,924 shares of the company’s stock worth $911,192,000 after acquiring an additional 869,248 shares in the last quarter. Baupost Group LLC MA increased its holdings in Allergan by 21.9% during 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 during the last quarter. Asset Management One Co. Ltd. increased its holdings in Allergan by 4,852.6% during 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 during the last quarter. Vanguard Group Inc. increased its holdings in Allergan by 2.2% during 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 during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Allergan during the third quarter valued at approximately $92,182,000. 81.14% of the stock is currently owned by institutional investors and hedge funds.
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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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