Pinebridge Investments L.P. boosted its stake in shares of Allergan plc (NYSE:AGN) by 84.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,149 shares of the company’s stock after acquiring an additional 3,274 shares during the quarter. Pinebridge Investments L.P.’s holdings in Allergan were worth $1,169,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in AGN. Edgewood Management LLC raised its position in Allergan by 24.3% during the third quarter. Edgewood Management LLC now owns 4,445,924 shares of the company’s stock valued at $911,192,000 after acquiring an additional 869,248 shares in the last quarter. Baupost Group LLC MA raised its position in Allergan by 21.9% during the third quarter. Baupost Group LLC MA now owns 2,964,203 shares of the company’s stock valued at $607,513,000 after acquiring an additional 531,600 shares in the last quarter. Asset Management One Co. Ltd. raised its position in Allergan by 4,852.6% during the third quarter. Asset Management One Co. Ltd. now owns 503,088 shares of the company’s stock valued at $103,108,000 after acquiring an additional 492,930 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Allergan during the third quarter valued at approximately $92,182,000. Finally, Polaris Capital Management LLC raised its position in Allergan by 315.4% during the fourth quarter. Polaris Capital Management LLC now owns 500,200 shares of the company’s stock valued at $37,195,000 after acquiring an additional 379,781 shares in the last quarter. Institutional investors own 79.66% of the company’s stock.
Shares of Allergan plc (NYSE:AGN) opened at $162.09 on Monday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.16 and a quick ratio of 1.06. The stock has a market capitalization of $53,540.00, a P/E ratio of -13.52, a PEG ratio of 1.15 and a beta of 1.19. Allergan plc has a 12 month low of $156.00 and a 12 month high of $256.80.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 28th. Stockholders of record on Wednesday, February 28th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This is a positive change from Allergan’s previous quarterly dividend of $0.70. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.78%. Allergan’s payout ratio is currently -23.35%.
AGN has been the subject of several recent research reports. Royal Bank of Canada set a $250.00 price target on Allergan and gave the company a “buy” rating in a research report on Sunday, October 29th. They noted that the move was a valuation call. Vetr cut Allergan from a “strong-buy” rating to a “buy” rating and set a $187.73 price target for the company. in a research report on Wednesday, December 6th. Morgan Stanley set a $200.00 price target on Allergan and gave the company a “buy” rating in a research report on Wednesday, December 6th. Wells Fargo & Co reiterated a “buy” rating on shares of Allergan in a research report on Wednesday, December 6th. Finally, Credit Suisse Group set a $214.00 price objective on Allergan and gave the company a “buy” rating in a report on Tuesday, December 19th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Allergan presently has a consensus rating of “Buy” and a consensus price target of $225.94.
In other news, insider William Meury sold 11,807 shares of Allergan stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $173.89, for a total value of $2,053,119.23. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Brent L. Saunders purchased 4,600 shares of the stock in a transaction dated Wednesday, December 6th. The stock was purchased at an average cost of $164.74 per share, for a total transaction of $757,804.00. The disclosure for this purchase can be found here. Insiders bought 19,630 shares of company stock worth $3,211,937 over the last ninety days. Corporate insiders own 0.36% of the company’s stock.
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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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