Gabelli Weighs in on Allergan plc’s FY2019 Earnings (AGN)
Allergan plc (NYSE:AGN) – Stock analysts at Gabelli raised their FY2019 EPS estimates for shares of Allergan in a report issued on Wednesday, January 30th. Gabelli analyst K. Kedra now forecasts that the company will earn $16.35 per share for the year, up from their previous estimate of $15.90.
A number of other equities analysts have also recently weighed in on the company. Credit Suisse Group cut Allergan from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $197.00 to $161.00 in a report on Thursday. TheStreet cut Allergan from a “c” rating to a “d+” rating in a report on Tuesday, January 29th. Mizuho reduced their price target on Allergan to $200.00 and set a “buy” rating for the company in a report on Wednesday. Royal Bank of Canada cut Allergan from an “outperform” rating to a “sector perform” rating and set a $165.00 price target for the company. in a report on Wednesday. Finally, Morgan Stanley cut Allergan from an “overweight” rating to an “equal weight” rating and set a $156.00 price target for the company. in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $201.37.
Allergan (NYSE:AGN) last released its quarterly earnings results on Tuesday, January 29th. The company reported $4.29 earnings per share for the quarter, topping analysts’ consensus estimates of $4.15 by $0.14. The company had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $4 billion. Allergan had a positive return on equity of 8.18% and a negative net margin of 32.28%. Allergan’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.86 EPS.
Hedge funds have recently bought and sold shares of the company. Ruggie Capital Group purchased a new stake in shares of Allergan in the fourth quarter valued at approximately $53,000. Dubuque Bank & Trust Co. grew its position in shares of 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 purchasing an additional 452 shares in the last quarter. IMS Capital Management purchased a new stake in shares of Allergan in the third quarter valued at approximately $66,000. Quantamental Technologies LLC purchased a new stake in shares of Allergan in the fourth quarter valued at approximately $67,000. Finally, Vigilant Capital Management LLC grew its position in shares of 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 purchasing an additional 81 shares in the last quarter. Institutional investors and hedge funds own 78.03% of the company’s stock.
In other news, CFO Matthew M. Walsh bought 1,000 shares of Allergan stock in a transaction on Friday, November 16th. The stock was acquired at an average price of $157.00 per share, with a total value of $157,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.37% of the stock is owned by corporate insiders.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Friday, February 15th will be issued a dividend of $0.74 per share. The ex-dividend date is Thursday, February 14th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 2.05%. This is a boost from Allergan’s previous quarterly dividend of $0.72. Allergan’s dividend payout ratio is presently 17.26%.
Allergan announced that its board has initiated a share repurchase plan on Tuesday, January 29th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 4.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Allergan Company Profile
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.
Further Reading: Certificate of Deposit (CD)
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