Essex Investment Management Co. LLC cut its position in shares of Allergan PLC (NYSE:AGN) by 2.3% during the second quarter, Holdings Channel reports. The firm owned 30,130 shares of the company’s stock after selling 724 shares during the period. Allergan PLC accounts for 1.2% of Essex Investment Management Co. LLC’s portfolio, making the stock its 20th largest position. Essex Investment Management Co. LLC’s holdings in Allergan PLC were worth $6,963,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Morris Capital Advisors LLC acquired a new position in shares of Allergan PLC during the first quarter worth about $503,000. Dubuque Bank & Trust Co. increased its stake in Allergan PLC by 27.9% in the first quarter. Dubuque Bank & Trust Co. now owns 12,446 shares of the company’s stock worth $3,336,000 after buying an additional 2,713 shares in the last quarter. WASHINGTON TRUST Co increased its stake in Allergan PLC by 7.7% in the first quarter. WASHINGTON TRUST Co now owns 57,517 shares of the company’s stock worth $15,415,000 after buying an additional 4,093 shares in the last quarter. Pacad Investment Ltd. purchased a new stake in Allergan PLC during the first quarter worth $1,528,000. Finally, CQS Cayman LP increased its stake in Allergan PLC by 153.5% in the first quarter. CQS Cayman LP now owns 217,347 shares of the company’s stock worth $58,256,000 after buying an additional 131,619 shares in the last quarter. Institutional investors and hedge funds own 85.19% of the company’s stock.
Shares of Allergan PLC (NYSE:AGN) traded down 2.94% during midday trading on Thursday, reaching $230.80. The company had a trading volume of 4,369,715 shares. The stock has a market capitalization of $91.39 billion, a PE ratio of 21.97 and a beta of 0.73. Allergan PLC has a 1-year low of $195.50 and a 1-year high of $322.68. The company’s 50-day moving average is $243.33 and its 200-day moving average is $241.22.
Allergan PLC (NYSE:AGN) last released its earnings results on Monday, August 8th. The company reported $3.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.01. Allergan PLC had a return on equity of 7.67% and a net margin of 28.06%. The firm earned $3.68 billion during the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter last year, the business posted $4.41 earnings per share. The firm’s revenue was up 1.0% on a year-over-year basis. On average, equities research analysts forecast that Allergan PLC will post $14.00 EPS for the current year.
A number of analysts have weighed in on the stock. Credit Suisse Group AG assumed coverage on shares of Allergan PLC in a research report on Monday, July 25th. They set an “outperform” rating and a $327.00 target price for the company. Zacks Investment Research downgraded shares of Allergan PLC from a “buy” rating to a “hold” rating in a research report on Tuesday, July 26th. Vetr downgraded shares of Allergan PLC from a “strong-buy” rating to a “buy” rating and set a $283.05 target price for the company. in a research report on Monday, August 8th. Leerink Swann set a $294.00 target price on shares of Allergan PLC and gave the company a “buy” rating in a research report on Monday, August 8th. Finally, Goldman Sachs Group Inc. reissued a “buy” rating and set a $300.00 target price on shares of Allergan PLC in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $309.68.
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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