Allergan PLC. (AGN) Stock Rating Lowered by Zacks Investment Research
Allergan PLC. (NYSE:AGN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Allergan’s products like Botox and Linzess and new products such as Viberzi and Vraylar, are supporting sales growth. It also boasts a strong branded pipeline. Biosimilars also represent significant opportunity. However, Allergan is facing generic competition for legacy brands like Namenda and Asacol HD as well as patent challenges for some of the other products in its branded portfolio, which concerns us. In October, a Texas federal district court invalidated four of the six patents covering Restasis, Allergan’s second best-selling drug, potentially opening doors for early generic competition. Also, competition for key growth drivers, Restasis and Linzess, is an investor concern. Allergan’s shares have underperformed the broader industry in the past one month. Estimates have also declined slightly ahead of the Q3 earnings release. The company has a mixed record of earnings surprises in recent quarters.”
Other research analysts have also recently issued reports about the stock. Vetr raised shares of Allergan PLC. from a “sell” rating to a “hold” rating and set a $242.88 target price for the company in a report on Monday, June 26th. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $280.00 target price (up from $270.00) on shares of Allergan PLC. in a report on Wednesday, August 9th. UBS AG reaffirmed an “outperform” rating and issued a $275.00 target price on shares of Allergan PLC. in a report on Wednesday, August 9th. Piper Jaffray Companies set a $227.00 target price on shares of Allergan PLC. and gave the stock a “hold” rating in a report on Friday, October 13th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $273.00 price target (up from $265.00) on shares of Allergan PLC. in a research note on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $266.69.
Shares of Allergan PLC. (AGN) opened at 187.15 on Tuesday. The firm has a 50-day moving average of $213.47 and a 200-day moving average of $231.01. The company has a market capitalization of $62.57 billion, a P/E ratio of 5.70 and a beta of 1.15. Allergan PLC. has a 12 month low of $184.50 and a 12 month high of $256.80.
Allergan PLC. (NYSE:AGN) last issued its earnings results on Thursday, August 3rd. The company reported $4.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.95 by $0.07. The business had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $3.95 billion. Allergan PLC. had a net margin of 79.17% and a return on equity of 7.37%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company earned $3.35 earnings per share. On average, equities analysts predict that Allergan PLC. will post $16.20 earnings per share for the current year.
Allergan PLC. declared that its Board of Directors has authorized a stock repurchase plan on Monday, September 25th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 2.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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A number of large investors have recently modified their holdings of AGN. Waldron LP purchased a new position in Allergan PLC. during the first quarter valued at approximately $348,000. HL Financial Services LLC lifted its holdings in Allergan PLC. by 5.8% during the first quarter. HL Financial Services LLC now owns 27,243 shares of the company’s stock valued at $6,509,000 after purchasing an additional 1,504 shares in the last quarter. Palladium Partners LLC lifted its holdings in Allergan PLC. by 6.0% during the first quarter. Palladium Partners LLC now owns 30,638 shares of the company’s stock valued at $7,320,000 after purchasing an additional 1,722 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Allergan PLC. by 246.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 113,582 shares of the company’s stock valued at $27,137,000 after purchasing an additional 80,829 shares in the last quarter. Finally, Neville Rodie & Shaw Inc. lifted its holdings in Allergan PLC. by 11.0% during the first quarter. Neville Rodie & Shaw Inc. now owns 3,074 shares of the company’s stock valued at $734,000 after purchasing an additional 305 shares in the last quarter. 81.94% of the stock is currently owned by institutional investors and hedge funds.
About Allergan PLC.
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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