Redpoint Investment Management Pty Ltd Sells 11,521 Shares of Allergan plc (AGN)
Redpoint Investment Management Pty Ltd decreased its holdings in Allergan plc (NYSE:AGN) by 51.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,876 shares of the company’s stock after selling 11,521 shares during the period. Redpoint Investment Management Pty Ltd’s holdings in Allergan were worth $1,813,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Edgewood Management LLC increased its stake in shares of Allergan by 24.3% in the first quarter. Edgewood Management LLC now owns 5,584,109 shares of the company’s stock worth $939,750,000 after purchasing an additional 1,092,584 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Allergan by 3.8% in the first quarter. Franklin Resources Inc. now owns 5,385,943 shares of the company’s stock worth $906,410,000 after purchasing an additional 198,257 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Allergan by 1.4% in the first quarter. The Manufacturers Life Insurance Company now owns 4,254,493 shares of the company’s stock worth $715,989,000 after purchasing an additional 58,722 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Allergan by 2.9% in the second quarter. Bank of New York Mellon Corp now owns 3,545,557 shares of the company’s stock worth $591,116,000 after purchasing an additional 99,490 shares in the last quarter. Finally, Parnassus Investments CA increased its stake in shares of Allergan by 3.1% in the second quarter. Parnassus Investments CA now owns 1,844,804 shares of the company’s stock worth $307,566,000 after purchasing an additional 55,029 shares in the last quarter. Hedge funds and other institutional investors own 77.43% of the company’s stock.
AGN has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Allergan from a “hold” rating to a “buy” rating and set a $197.00 target price for the company in a research note on Wednesday, July 11th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Allergan in a research note on Tuesday, June 5th. Piper Jaffray Companies set a $161.00 price objective on shares of Allergan and gave the company a “hold” rating in a research note on Thursday, May 31st. Cantor Fitzgerald set a $180.00 price objective on shares of Allergan and gave the company a “hold” rating in a research note on Monday, June 11th. Finally, Deutsche Bank set a $210.00 price objective on shares of Allergan and gave the company a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $210.10.
Allergan (NYSE:AGN) last announced its earnings results on Thursday, July 26th. The company reported $4.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.13 by $0.29. Allergan had a negative net margin of 10.29% and a positive return on equity of 8.60%. The business had revenue of $4.10 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same period in the previous year, the business posted $4.02 earnings per share. Allergan’s revenue for the quarter was up 2.3% on a year-over-year basis. research analysts anticipate that Allergan plc will post 16.29 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Friday, August 17th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Thursday, August 16th. This represents a $2.88 annualized dividend and a yield of 1.53%. Allergan’s payout ratio is presently 17.61%.
In other Allergan news, Director Christopher J. Coughlin acquired 10,000 shares of the stock in a transaction dated Thursday, September 6th. The stock was purchased at an average cost of $190.64 per share, for a total transaction of $1,906,400.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph H. Boccuzi acquired 900 shares of the stock in a transaction dated Thursday, August 30th. The stock was acquired at an average price of $190.59 per share, with a total value of $171,531.00. The disclosure for this purchase can be found here. Insiders own 0.36% of the company’s stock.
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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