Allergan plc (AGN) Shares Sold by Iridian Asset Management LLC CT
Iridian Asset Management LLC CT lowered its holdings in shares of Allergan plc (NYSE:AGN) by 2.2% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,129,315 shares of the company’s stock after selling 25,926 shares during the period. Allergan comprises about 2.2% of Iridian Asset Management LLC CT’s portfolio, making the stock its 20th biggest holding. Iridian Asset Management LLC CT’s holdings in Allergan were worth $215,112,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company. Fred Alger Management Inc. increased its holdings in shares of Allergan by 43.1% in the 2nd quarter. Fred Alger Management Inc. now owns 134,581 shares of the company’s stock valued at $22,437,000 after purchasing an additional 40,517 shares in the last quarter. Municipal Employees Retirement System of Michigan grew its stake in Allergan by 4.1% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 8,991 shares of the company’s stock valued at $1,499,000 after acquiring an additional 350 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in Allergan by 373.9% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,379 shares of the company’s stock valued at $397,000 after acquiring an additional 1,877 shares during the last quarter. Cornerstone Wealth Management LLC grew its stake in Allergan by 11,266.6% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 174,023 shares of the company’s stock valued at $1,039,000 after acquiring an additional 172,492 shares during the last quarter. Finally, Sumitomo Life Insurance Co. grew its stake in Allergan by 4.2% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 14,391 shares of the company’s stock valued at $2,399,000 after acquiring an additional 580 shares during the last quarter. 78.48% of the stock is owned by institutional investors.
In related news, Director Christopher J. Coughlin bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 6th. The shares were acquired at an average cost of $190.64 per share, with a total value of $1,906,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph H. Boccuzi bought 900 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The stock was bought at an average cost of $190.59 per share, for a total transaction of $171,531.00. The disclosure for this purchase can be found here. 0.37% of the stock is currently owned by company insiders.
Allergan (NYSE:AGN) last released its quarterly earnings results on Tuesday, October 30th. The company reported $4.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.04 by $0.21. Allergan had a net margin of 14.50% and a return on equity of 8.44%. The company had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.89 billion. During the same period last year, the company earned $4.15 EPS. The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, equities research analysts expect that Allergan plc will post 16.49 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Tuesday, November 13th will be given a $0.72 dividend. The ex-dividend date is Friday, November 9th. This represents a $2.88 annualized dividend and a dividend yield of 1.83%. Allergan’s dividend payout ratio is presently 17.61%.
A number of brokerages recently commented on AGN. ValuEngine cut shares of Allergan from a “sell” rating to a “strong sell” rating in a research note on Friday. Leerink Swann began coverage on shares of Allergan in a research note on Monday, November 12th. They issued an “outperform” rating and a $220.00 price objective on the stock. Wells Fargo & Co reissued a “buy” rating on shares of Allergan in a research note on Wednesday, October 31st. Raymond James lowered their price objective on shares of Allergan from $232.00 to $198.00 and set a “buy” rating on the stock in a research note on Wednesday, October 31st. Finally, Credit Suisse Group lowered their price objective on shares of Allergan from $213.00 to $202.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 31st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eighteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $209.18.
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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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