Trade Report: The Allergan PLC (AGN) Trading Down 2.8% After Analyst Downgrade

The Allergan PLC (AGN) Trading Down 2.8% After Analyst Downgrade

Allergan PLC (NYSE:AGN) fell 2.8% during mid-day trading on Wednesday after Mizuho lowered their price target on the stock from $305.00 to $299.00. Mizuho currently has a buy rating on the stock. Allergan PLC traded as low as $229.33 and last traded at $231.30, with a volume of 3,369,448 shares changing hands. The stock had previously closed at $237.95.

A number of other research analysts have also weighed in on AGN. Piper Jaffray Cos. reissued a “hold” rating and issued a $236.00 target price on shares of Allergan PLC in a report on Saturday, June 18th. RBC Capital Markets reissued an “outperform” rating and issued a $300.00 target price (down from $307.00) on shares of Allergan PLC in a report on Wednesday, August 10th. Deutsche Bank AG cut their target price on shares of Allergan PLC from $282.00 to $278.00 and set a “buy” rating for the company in a report on Tuesday, August 9th. Morgan Stanley reissued an “overweight” rating on shares of Allergan PLC in a report on Wednesday, June 29th. Finally, Royal Bank Of Canada cut their target price on shares of Allergan PLC from $307.00 to $300.00 and set an “outperform” rating for the company in a report on Tuesday, August 9th. Six equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $302.23.

Institutional investors have recently bought and sold shares of the stock. Veritas Asset Management LLP bought a new position in Allergan PLC during the second quarter valued at about $492,177,000. Emerald Acquisition Ltd. bought a new position in Allergan PLC during the second quarter valued at about $231,671,000. Appaloosa LP raised its position in Allergan PLC by 351.7% in the second quarter. Appaloosa LP now owns 1,260,809 shares of the company’s stock valued at $291,360,000 after buying an additional 981,700 shares during the period. Thornburg Investment Management Inc. raised its position in Allergan PLC by 133.2% in the second quarter. Thornburg Investment Management Inc. now owns 1,717,844 shares of the company’s stock valued at $396,977,000 after buying an additional 981,355 shares during the period. Finally, Eaton Vance Management raised its position in Allergan PLC by 112.8% in the second quarter. Eaton Vance Management now owns 1,713,711 shares of the company’s stock valued at $396,021,000 after buying an additional 908,569 shares during the period. Institutional investors own 85.19% of the company’s stock.

The stock’s 50-day moving average is $239.23 and its 200-day moving average is $238.48. The company has a market cap of $91.79 billion, a P/E ratio of 22.07 and a beta of 0.81.

Allergan PLC (NYSE:AGN) last issued its earnings results on Monday, August 8th. The company reported $3.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.34 by $0.01. The company earned $3.68 billion during the quarter, compared to analysts’ expectations of $4.10 billion. Allergan PLC had a return on equity of 7.67% and a net margin of 28.06%. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $4.41 EPS. Equities research analysts expect that Allergan PLC will post $14.00 EPS for the current fiscal year.

Related posts

Leave a Comment