Eagle Asset Management Inc. Decreases Position in Allergan plc (AGN)

Eagle Asset Management Inc. reduced its stake in shares of Allergan plc (NYSE:AGN) by 76.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,566 shares of the company’s stock after selling 87,433 shares during the quarter. Eagle Asset Management Inc.’s holdings in Allergan were worth $3,550,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of AGN. Acadian Asset Management LLC increased its position in shares of Allergan by 18.9% during the third quarter. Acadian Asset Management LLC now owns 10,881 shares of the company’s stock worth $2,072,000 after purchasing an additional 1,727 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Allergan by 20.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 409,554 shares of the company’s stock worth $78,010,000 after purchasing an additional 68,154 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of Allergan by 33.1% during the third quarter. Sterling Capital Management LLC now owns 10,920 shares of the company’s stock worth $2,080,000 after purchasing an additional 2,714 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Allergan by 7.0% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 16,908 shares of the company’s stock worth $3,221,000 after purchasing an additional 1,109 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its position in shares of Allergan by 10.6% during the third quarter. Daiwa Securities Group Inc. now owns 12,632 shares of the company’s stock worth $2,406,000 after purchasing an additional 1,210 shares in the last quarter. Institutional investors and hedge funds own 78.60% of the company’s stock.

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NYSE AGN opened at $140.16 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.13. Allergan plc has a 1 year low of $125.84 and a 1 year high of $197.00. The firm has a market capitalization of $45.47 billion, a P/E ratio of 8.40, a PEG ratio of 1.08 and a beta of 1.43.

Allergan (NYSE:AGN) last released its earnings results on Tuesday, January 29th. The company reported $4.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.15 by $0.14. Allergan had a positive return on equity of 8.18% and a negative net margin of 32.28%. The firm had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $4 billion. During the same period in the prior year, the firm earned $4.86 EPS. The firm’s revenue was down 5.7% on a year-over-year basis. On average, analysts expect that Allergan plc will post 16.35 earnings per share for the current fiscal year.

Allergan declared that its board has initiated a stock repurchase plan on Tuesday, January 29th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 4.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Friday, February 15th will be given a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 2.11%. This is an increase from Allergan’s previous quarterly dividend of $0.72. The ex-dividend date is Thursday, February 14th. Allergan’s dividend payout ratio is presently 17.74%.

A number of brokerages have recently issued reports on AGN. Credit Suisse Group reduced their price target on Allergan from $200.00 to $197.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 8th. Mizuho reduced their price target on Allergan to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, January 30th. Cantor Fitzgerald set a $180.00 price target on Allergan and gave the stock a “hold” rating in a research report on Wednesday, December 26th. Wells Fargo & Co reduced their price target on Allergan from $217.00 to $202.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 13th. Finally, Royal Bank of Canada set a $220.00 price target on Allergan and gave the stock a “buy” rating in a research report on Friday, November 30th. Two research 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. The stock currently has an average rating of “Hold” and a consensus target price of $199.79.

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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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