Allergan (AGN) Cut to “Hold” at ValuEngine

ValuEngine lowered shares of Allergan (NYSE:AGN) from a buy rating to a hold rating in a research note released on Sunday.

Other research analysts have also recently issued research reports about the company. Piper Jaffray Companies set a $227.00 price objective on Allergan and gave the stock a hold rating in a research report on Friday, October 13th. Royal Bank of Canada reaffirmed an outperform rating and issued a $250.00 price objective (down from $277.00) on shares of Allergan in a research note on Thursday, October 19th. They noted that the move was a valuation call. Leerink Swann reaffirmed an outperform rating and issued a $237.00 price objective on shares of Allergan in a research note on Monday, November 27th. UBS Group reaffirmed a buy rating and issued a $275.00 price objective on shares of Allergan in a research note on Tuesday, September 26th. Finally, Wells Fargo & Co reaffirmed an outperform rating and issued a $245.00 price objective (down from $258.00) on shares of Allergan in a research note on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $231.16.

Allergan (NYSE:AGN) opened at $170.32 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.08 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $54,400.00, a price-to-earnings ratio of -7.54, a price-to-earnings-growth ratio of 1.12 and a beta of 1.11. Allergan has a 12-month low of $160.07 and a 12-month high of $256.80.

Allergan (NYSE:AGN) last posted its quarterly earnings data on Wednesday, November 1st. The company reported $4.15 earnings per share for the quarter, topping the consensus estimate of $4.06 by $0.09. The firm had revenue of $4.03 billion for 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%. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the business earned $3.32 EPS. sell-side analysts forecast that Allergan will post 16.27 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, November 17th were given a $0.70 dividend. The ex-dividend date was Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 1.64%. Allergan’s dividend payout ratio is presently -12.39%.

Allergan declared that its board has approved a stock repurchase plan on Monday, September 25th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to repurchase up to 2.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

In other Allergan news, insider William Meury sold 11,807 shares of the stock in a transaction dated 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 is available through this link. Also, Director Christopher J. Coughlin bought 10,000 shares of the company’s stock in a transaction on Tuesday, December 5th. The stock was purchased at an average price of $163.30 per share, with a total value of $1,633,000.00. The disclosure for this purchase can be found here. Insiders acquired 17,630 shares of company stock valued at $2,890,057 over the last quarter. Corporate insiders own 0.36% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of AGN. Edgewood Management LLC raised its position in shares of 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 during the last quarter. Baupost Group LLC MA raised its position in shares of Allergan by 21.9% during the third quarter. Baupost Group LLC MA now owns 2,964,203 shares of the company’s stock worth $607,513,000 after acquiring an additional 531,600 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of Allergan by 4,852.6% during the third quarter. Asset Management One Co. Ltd. now owns 503,088 shares of the company’s stock worth $103,108,000 after acquiring an additional 492,930 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Allergan by 2.2% during the second quarter. Vanguard Group Inc. now owns 22,835,689 shares of the company’s stock worth $5,551,128,000 after acquiring an additional 482,220 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Allergan during the third quarter worth about $92,182,000. Institutional investors own 81.14% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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