Pinnacle Associates Ltd. Decreases Holdings in Allergan plc (NYSE:AGN)

Pinnacle Associates Ltd. cut its stake in shares of Allergan plc (NYSE:AGN) by 87.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,616 shares of the company’s stock after selling 37,450 shares during the period. Pinnacle Associates Ltd.’s holdings in Allergan were worth $940,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in AGN. Clearbridge Investments LLC increased its stake in shares of Allergan by 8.6% in the 1st quarter. Clearbridge Investments LLC now owns 9,167,006 shares of the company’s stock worth $1,342,141,000 after purchasing an additional 726,688 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in shares of Allergan by 6.5% in the 1st quarter. Artisan Partners Limited Partnership now owns 6,767,753 shares of the company’s stock worth $990,867,000 after purchasing an additional 410,746 shares in the last quarter. FMR LLC increased its stake in shares of Allergan by 42.0% in the 1st quarter. FMR LLC now owns 6,042,005 shares of the company’s stock worth $884,611,000 after purchasing an additional 1,788,265 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Allergan by 27.6% in the 1st quarter. Janus Henderson Group PLC now owns 5,855,576 shares of the company’s stock worth $857,312,000 after purchasing an additional 1,265,742 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Allergan by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 4,000,839 shares of the company’s stock worth $533,767,000 after purchasing an additional 247,743 shares in the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

Several equities research analysts have recently commented on AGN shares. Royal Bank of Canada restated a “hold” rating and issued a $178.00 price objective on shares of Allergan in a research note on Thursday, August 8th. Sanford C. Bernstein lowered Allergan from an “outperform” rating to a “market perform” rating and set a $166.08 price objective for the company. in a research note on Tuesday, July 16th. Leerink Swann lowered Allergan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $217.00 to $188.00 in a research note on Thursday, July 18th. Goldman Sachs Group started coverage on Allergan in a research note on Tuesday, May 28th. They issued a “neutral” rating and a $154.00 price objective for the company. Finally, Barclays upped their price objective on Allergan from $176.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $179.43.

Shares of Allergan stock opened at $160.55 on Friday. The company has a market capitalization of $52.19 billion, a P/E ratio of 9.62, a P/E/G ratio of 1.64 and a beta of 1.63. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.91 and a current ratio of 1.03. The company has a fifty day moving average of $162.21 and a 200 day moving average of $146.04. Allergan plc has a fifty-two week low of $114.27 and a fifty-two week high of $197.00.

Allergan (NYSE:AGN) last issued its earnings results on Tuesday, August 6th. The company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $4.34 by $0.04. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $3.93 billion. Allergan had a negative net margin of 54.25% and a positive return on equity of 8.73%. Allergan’s quarterly revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.42 EPS. Analysts forecast that Allergan plc will post 16.69 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, August 13th will be issued a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 1.84%. The ex-dividend date is Monday, August 12th. Allergan’s dividend payout ratio is currently 17.74%.

About Allergan

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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Institutional Ownership by Quarter for Allergan (NYSE:AGN)

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