Allergan plc (NYSE:AGN) Sees Significant Growth in Short Interest

Allergan plc (NYSE:AGN) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 9,490,000 shares, an increase of 11.5% from the August 15th total of 8,510,000 shares. Based on an average trading volume of 4,800,000 shares, the short-interest ratio is presently 2.0 days. Approximately 2.9% of the company’s shares are sold short.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Nuveen Asset Management LLC grew its holdings in shares of Allergan by 1,665.9% during the second quarter. Nuveen Asset Management LLC now owns 3,104,662 shares of the company’s stock valued at $519,813,000 after buying an additional 2,928,846 shares during the last quarter. FMR LLC grew its holdings in shares of Allergan by 42.0% during the first quarter. FMR LLC now owns 6,042,005 shares of the company’s stock valued at $884,611,000 after buying an additional 1,788,265 shares during the last quarter. Magnetar Financial LLC lifted its position in Allergan by 7,332.9% during the second quarter. Magnetar Financial LLC now owns 966,272 shares of the company’s stock valued at $161,783,000 after purchasing an additional 953,272 shares during the period. OZ Management LP bought a new position in Allergan during the second quarter valued at approximately $150,878,000. Finally, Clearbridge Investments LLC lifted its position in Allergan by 8.6% during the first quarter. Clearbridge Investments LLC now owns 9,167,006 shares of the company’s stock valued at $1,342,141,000 after purchasing an additional 726,688 shares during the period. Institutional investors and hedge funds own 80.47% of the company’s stock.

A number of brokerages have weighed in on AGN. SunTrust Banks increased their price target on Allergan to $185.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Cantor Fitzgerald raised their target price on Allergan from $125.00 to $165.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Barclays raised their price target on shares of Allergan from $176.00 to $188.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $178.00 price target on shares of Allergan in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. set a $200.00 price target on shares of Allergan and gave the company a “buy” rating in a research report on Wednesday, June 19th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $179.15.

Shares of NYSE AGN traded up $1.26 during mid-day trading on Friday, reaching $169.09. 1,703,452 shares of the company were exchanged, compared to its average volume of 2,579,815. The company has a quick ratio of 0.91, a current ratio of 1.03 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $54.70 billion, a PE ratio of 10.13, a PEG ratio of 1.98 and a beta of 1.65. The company’s 50 day moving average price is $164.67 and its 200 day moving average price is $151.69. Allergan has a 52 week low of $114.27 and a 52 week high of $192.69.

Allergan (NYSE:AGN) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $4.34 by $0.04. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $3.93 billion. Allergan had a negative net margin of 54.25% and a positive return on equity of 8.73%. The firm’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the previous year, the firm posted $4.42 earnings per share. On average, sell-side analysts predict that Allergan will post 16.68 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, August 13th were issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date was Monday, August 12th. Allergan’s dividend payout ratio (DPR) is presently 17.74%.

Allergan Company Profile

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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