American International Group Inc. Has $15.41 Million Holdings in Allergan plc (AGN)
American International Group Inc. lowered its position in Allergan plc (NYSE:AGN) by 2.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 105,241 shares of the company’s stock after selling 2,107 shares during the period. American International Group Inc.’s holdings in Allergan were worth $15,408,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the business. Neuberger Berman Group LLC increased its holdings in Allergan by 9.8% in the third quarter. Neuberger Berman Group LLC now owns 259,576 shares of the company’s stock worth $49,444,000 after purchasing an additional 23,090 shares in the last quarter. CX Institutional acquired a new stake in Allergan in the fourth quarter valued at approximately $303,000. Dubuque Bank & Trust Co. grew its stake in Allergan by 6,457.1% in the fourth quarter. Dubuque Bank & Trust Co. now owns 459 shares of the company’s stock valued at $61,000 after acquiring an additional 452 shares during the period. Steward Partners Investment Advisory LLC grew its stake in Allergan by 54.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,267 shares of the company’s stock valued at $1,773,000 after acquiring an additional 4,685 shares during the period. Finally, Vigilant Capital Management LLC grew its stake in Allergan by 16.2% in the fourth quarter. Vigilant Capital Management LLC now owns 581 shares of the company’s stock valued at $78,000 after acquiring an additional 81 shares during the period. Institutional investors and hedge funds own 81.74% of the company’s stock.
A number of equities research analysts have commented on the company. Royal Bank of Canada set a $165.00 price objective on Allergan and gave the company a “hold” rating in a research note on Monday, March 25th. Wells Fargo & Co reduced their price objective on Allergan from $189.00 to $188.00 and set an “outperform” rating for the company in a research note on Wednesday, May 8th. Raymond James reduced their price objective on Allergan from $181.00 to $166.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. UBS Group reduced their price objective on Allergan from $173.00 to $172.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Finally, ValuEngine cut Allergan from a “sell” rating to a “strong sell” rating in a research note on Thursday, April 4th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $184.52.
Allergan (NYSE:AGN) last announced its earnings results on Tuesday, May 7th. The company reported $3.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.55 by $0.24. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Allergan had a positive return on equity of 8.45% and a negative net margin of 45.94%. Allergan’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.74 earnings per share. As a group, research analysts predict that Allergan plc will post 16.68 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Tuesday, May 14th will be given a dividend of $0.74 per share. The ex-dividend date is Monday, May 13th. This represents a $2.96 annualized dividend and a dividend yield of 2.17%. Allergan’s payout ratio is 17.74%.
Allergan declared that its Board of Directors has initiated a stock buyback plan on Tuesday, January 29th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, Chairman Brent L. Saunders bought 1,760 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were bought at an average price of $143.67 per share, with a total value of $252,859.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.08% of the stock is owned by insiders.
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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