K2 Principal Fund L.P. Acquires Shares of 4,500 Allergan plc (AGN)
K2 Principal Fund L.P. acquired a new stake in shares of Allergan plc (NYSE:AGN) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,500 shares of the company’s stock, valued at approximately $750,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. AMP Capital Investors Ltd increased its stake in Allergan by 8.9% in the 2nd quarter. AMP Capital Investors Ltd now owns 99,338 shares of the company’s stock worth $16,561,000 after purchasing an additional 8,125 shares in the last quarter. Glen Harbor Capital Management LLC increased its stake in Allergan by 34.2% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 32,164 shares of the company’s stock worth $5,362,000 after purchasing an additional 8,194 shares in the last quarter. Van ECK Associates Corp increased its stake in Allergan by 5.5% in the 2nd quarter. Van ECK Associates Corp now owns 380,690 shares of the company’s stock worth $63,469,000 after purchasing an additional 19,780 shares in the last quarter. Weil Company Inc. increased its stake in Allergan by 48.9% in the 2nd quarter. Weil Company Inc. now owns 11,331 shares of the company’s stock worth $1,889,000 after purchasing an additional 3,720 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in Allergan by 22.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 144,027 shares of the company’s stock worth $24,012,000 after purchasing an additional 26,472 shares in the last quarter. Institutional investors and hedge funds own 77.37% of the company’s stock.
Several research firms have weighed in on AGN. Argus reaffirmed a “hold” rating on shares of Allergan in a research note on Thursday, July 5th. Credit Suisse Group set a $213.00 target price on Allergan and gave the company a “buy” rating in a research note on Friday, July 13th. Zacks Investment Research raised Allergan from a “hold” rating to a “buy” rating and set a $193.00 target price on the stock in a research note on Tuesday, July 24th. Bank of America lifted their target price on Allergan from $209.00 to $213.00 and gave the company a “buy” rating in a research note on Tuesday, June 12th. Finally, Wells Fargo & Co set a $240.00 target price on Allergan and gave the company a “buy” rating in a research note on Thursday, July 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $210.10.
Allergan (NYSE:AGN) last announced its quarterly earnings results on Thursday, July 26th. The company reported $4.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.13 by $0.29. The business had revenue of $4.10 billion during the quarter, compared to analyst estimates of $3.92 billion. Allergan had a positive return on equity of 8.60% and a negative net margin of 10.29%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company earned $4.02 EPS. equities analysts expect that Allergan plc will post 16.29 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Friday, August 17th will be issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Thursday, August 16th. This represents a $2.88 annualized dividend and a dividend yield of 1.51%. Allergan’s dividend payout ratio is 17.61%.
In other news, Director Joseph H. Boccuzi purchased 900 shares of Allergan stock in a transaction dated Thursday, August 30th. The stock was acquired at an average cost of $190.59 per share, for a total transaction of $171,531.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Christopher J. Coughlin purchased 10,000 shares of Allergan stock in a transaction dated Thursday, September 6th. The shares were purchased at an average price of $190.64 per share, with a total value of $1,906,400.00. The disclosure for this purchase can be found here. 0.36% 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. It operates through US Specialized Therapeutics, US General Medicine, and International segments. The company offers a portfolio of products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women's health, urology, and anti-infective therapeutic categories.
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