Private Harbour Investment Management & Counsel LLC lowered its stake in shares of Allergan plc (NYSE:AGN) by 2.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,477 shares of the company’s stock after selling 140 shares during the period. Private Harbour Investment Management & Counsel LLC’s holdings in Allergan were worth $802,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AGN. Patriot Financial Group Insurance Agency LLC lifted its stake in shares of Allergan by 2,162.5% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 181 shares of the company’s stock valued at $27,000 after purchasing an additional 173 shares during the last quarter. Legacy Bridge LLC acquired a new position in shares of Allergan in the 1st quarter valued at $27,000. Liberty Wealth Management LLC lifted its stake in shares of Allergan by 108.8% in the 1st quarter. Liberty Wealth Management LLC now owns 190 shares of the company’s stock valued at $27,000 after purchasing an additional 99 shares during the last quarter. Investors Research Corp acquired a new position in shares of Allergan in the 1st quarter valued at $29,000. Finally, Community Bank N.A. lifted its stake in shares of Allergan by 186.3% in the 1st quarter. Community Bank N.A. now owns 209 shares of the company’s stock valued at $31,000 after purchasing an additional 136 shares during the last quarter. 81.74% of the stock is currently owned by institutional investors.
Shares of NYSE AGN opened at $140.34 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.60 and a debt-to-equity ratio of 0.32. Allergan plc has a 1-year low of $125.84 and a 1-year high of $197.00. The stock has a market cap of $45.91 billion, a price-to-earnings ratio of 8.41, a P/E/G ratio of 1.24 and a beta of 1.32.
Allergan announced that its Board of Directors has authorized a stock buyback program on Tuesday, January 29th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 4.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Tuesday, May 14th will be issued a dividend of $0.74 per share. The ex-dividend date is Monday, May 13th. This represents a $2.96 annualized dividend and a yield of 2.11%. Allergan’s dividend payout ratio (DPR) is 17.74%.
In related news, Chairman Brent L. Saunders purchased 1,760 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were bought at an average price of $143.67 per share, for a total transaction of $252,859.20. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.08% of the stock is owned by corporate insiders.
Several brokerages have recently commented on AGN. Royal Bank of Canada set a $165.00 price target on Allergan and gave the company a “hold” rating in a research note on Monday, March 25th. Wells Fargo & Co cut their price objective on Allergan from $189.00 to $188.00 and set an “outperform” rating on the stock in a report on Wednesday, May 8th. Raymond James cut their price objective on Allergan from $181.00 to $166.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. UBS Group cut their price objective on Allergan from $173.00 to $172.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Finally, ValuEngine downgraded Allergan from a “sell” rating to a “strong sell” rating in a report on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $184.52.
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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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