Frontier Wealth Management LLC acquired a new position in shares of Allergan PLC. (NYSE:AGN) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,384 shares of the company’s stock, valued at approximately $336,000.
A number of other hedge funds have also recently modified their holdings of AGN. Howard Hughes Medical Institute purchased a new position in Allergan PLC. during the second quarter worth $103,000. Jacobi Capital Management LLC increased its position in Allergan PLC. by 4.9% during the first quarter. Jacobi Capital Management LLC now owns 472 shares of the company’s stock worth $112,000 after buying an additional 22 shares in the last quarter. JNBA Financial Advisors increased its position in Allergan PLC. by 2.5% during the first quarter. JNBA Financial Advisors now owns 487 shares of the company’s stock worth $116,000 after buying an additional 12 shares in the last quarter. Massey Quick & Co. LLC grew its position in shares of Allergan PLC. by 334.8% in the second quarter. Massey Quick & Co. LLC now owns 500 shares of the company’s stock valued at $122,000 after purchasing an additional 385 shares during the period. Finally, Pacific Center for Financial Services grew its position in shares of Allergan PLC. by 805.1% in the first quarter. Pacific Center for Financial Services now owns 534 shares of the company’s stock valued at $128,000 after purchasing an additional 475 shares during the period. 81.94% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently commented on AGN. Vetr raised Allergan PLC. from a “sell” rating to a “hold” rating and set a $242.88 price objective for the company in a research report on Monday, June 26th. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $280.00 price objective (up previously from $270.00) on shares of Allergan PLC. in a research report on Wednesday, August 9th. UBS AG set a $255.00 price objective on Allergan PLC. and gave the company a “buy” rating in a research report on Tuesday. Deutsche Bank AG set a $251.00 target price on Allergan PLC. and gave the company a “buy” rating in a report on Tuesday. Finally, Credit Suisse Group set a $243.00 target price on Allergan PLC. and gave the company an “outperform” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $266.69.
Allergan PLC. (NYSE:AGN) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $4.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.95 by $0.07. Allergan PLC. had a net margin of 79.17% and a return on equity of 7.37%. The firm had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $3.95 billion. During the same period in the prior year, the company posted $3.35 EPS. The company’s revenue was up 8.8% on a year-over-year basis.
Allergan PLC. declared that its Board of Directors has initiated a stock buyback plan on Monday, September 25th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 2.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
Allergan PLC. 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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