Clark Capital Management Group Inc. Has $957,000 Holdings in Allergan plc (AGN)
Clark Capital Management Group Inc. reduced its position in shares of Allergan plc (NYSE:AGN) by 2.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,537 shares of the company’s stock after selling 181 shares during the period. Clark Capital Management Group Inc.’s holdings in Allergan were worth $957,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the business. Liberty Wealth Management LLC raised its holdings in Allergan by 108.8% in the first quarter. Liberty Wealth Management LLC now owns 190 shares of the company’s stock valued at $27,000 after buying an additional 99 shares during the period. Legacy Bridge LLC purchased a new position in Allergan in the first quarter valued at approximately $27,000. Patriot Financial Group Insurance Agency LLC raised its holdings in Allergan by 2,162.5% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 181 shares of the company’s stock valued at $27,000 after buying an additional 173 shares during the period. Investors Research Corp purchased a new position in Allergan in the first quarter valued at approximately $29,000. Finally, JNBA Financial Advisors purchased a new position in Allergan in the fourth quarter valued at approximately $30,000. 80.25% of the stock is currently owned by institutional investors.
In related news, Chairman Brent L. Saunders purchased 1,760 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was acquired at an average price of $143.67 per share, with a total value of $252,859.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is currently owned by company insiders.
Allergan (NYSE:AGN) last issued its quarterly earnings data 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. Allergan had a negative net margin of 45.94% and a positive return on equity of 8.45%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the company earned $3.74 earnings per share. Allergan’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, analysts anticipate that Allergan plc will post 16.68 EPS for the current fiscal year.
Allergan announced that its board has authorized a share repurchase program on Tuesday, January 29th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 4.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Tuesday, May 14th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Monday, May 13th. Allergan’s payout ratio is currently 17.74%.
Several research analysts recently commented on the stock. SunTrust Banks cut their price target on shares of Allergan from $178.00 to $170.00 and set a “buy” rating on the stock in a report on Friday, May 10th. They noted that the move was a valuation call. Raymond James cut their price target on shares of 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 target on shares of Allergan from $173.00 to $172.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Wells Fargo & Co cut their price target on shares of Allergan from $189.00 to $188.00 and set an “outperform” rating on the stock in a report on Wednesday, May 8th. Finally, Royal Bank of Canada cut their price target on shares of Allergan from $165.00 to $140.00 and set a “sector perform” rating on the stock in a report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $184.52.
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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