Nachman Norwood & Parrott Inc Increases Holdings in Allergan plc (AGN)

Nachman Norwood & Parrott Inc raised its stake in Allergan plc (NYSE:AGN) by 2.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,507 shares of the company’s stock after buying an additional 91 shares during the quarter. Nachman Norwood & Parrott Inc’s holdings in Allergan were worth $660,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in AGN. Oregon Public Employees Retirement Fund lifted its position in shares of Allergan by 14,208.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 20,762,744 shares of the company’s stock worth $155,000 after purchasing an additional 20,617,639 shares in the last quarter. Longview Partners Guernsey LTD lifted its position in shares of Allergan by 288.6% in the fourth quarter. Longview Partners Guernsey LTD now owns 6,026,108 shares of the company’s stock worth $805,450,000 after purchasing an additional 4,475,447 shares in the last quarter. Norges Bank bought a new stake in shares of Allergan in the fourth quarter worth $484,853,000. MFN Partners Management LP bought a new stake in shares of Allergan in the fourth quarter worth $86,892,000. Finally, Diamond Hill Capital Management Inc. lifted its position in shares of Allergan by 2,115.6% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 680,665 shares of the company’s stock worth $90,978,000 after purchasing an additional 649,943 shares in the last quarter. 80.65% of the stock is currently owned by hedge funds and other institutional investors.

In other Allergan news, Chairman Brent L. Saunders purchased 1,760 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were acquired at an average cost of $143.67 per share, for a total transaction of $252,859.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.08% of the company’s stock.

Shares of AGN stock traded down $1.06 on Thursday, hitting $145.04. The company’s stock had a trading volume of 1,692,145 shares, compared to its average volume of 2,669,172. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.98 and a current ratio of 1.13. Allergan plc has a fifty-two week low of $125.84 and a fifty-two week high of $197.00. The company has a market capitalization of $48.72 billion, a PE ratio of 8.69, a price-to-earnings-growth ratio of 1.18 and a beta of 1.34.

Allergan (NYSE:AGN) last released its quarterly earnings results on Tuesday, January 29th. The company reported $4.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.15 by $0.14. Allergan had a negative net margin of 32.28% and a positive return on equity of 8.18%. The business had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $4 billion. During the same period in the prior year, the company posted $4.86 earnings per share. Allergan’s revenue was down 5.7% compared to the same quarter last year. On average, analysts forecast that Allergan plc will post 16.37 EPS for the current year.

Allergan declared that its board has approved a stock buyback plan on Tuesday, January 29th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, February 15th were paid a $0.74 dividend. The ex-dividend date of this dividend was Thursday, February 14th. This is an increase from Allergan’s previous quarterly dividend of $0.72. This represents a $2.96 annualized dividend and a dividend yield of 2.04%. Allergan’s dividend payout ratio is 17.74%.

AGN has been the topic of a number of recent analyst reports. Royal Bank of Canada set a $165.00 target price on shares of Allergan and gave the stock a “hold” rating in a report on Monday, March 25th. ValuEngine downgraded shares of Allergan from a “sell” rating to a “strong sell” rating in a report on Thursday, April 4th. UBS Group decreased their price objective on shares of Allergan from $174.00 to $173.00 and set a “buy” rating on the stock in a report on Wednesday, April 3rd. Leerink Swann set a $217.00 price objective on shares of Allergan and gave the company a “buy” rating in a report on Thursday, March 7th. Finally, Piper Jaffray Companies set a $161.00 price objective on shares of Allergan and gave the company a “hold” rating in a report on Thursday, March 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $190.30.

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About Allergan

Allergan plc, a pharmaceutical company, develops, manufactures, and commercializes branded pharmaceutical, device, biologic, surgical, and regenerative medicine products worldwide. The company operates in three segments: US Specialized Therapeutics, US General Medicine, and International. It offers a portfolio of products in various therapeutic areas, including medical aesthetics and dermatology, eye care, neuroscience, urology, gastrointestinal, women's health, and anti-infective therapeutic products.

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