Picked up a few shares today. Pays almost a 6% yield. Being a preferred stock, and having a yield, it's better able to withstand a drop in price than is the common. However if Allergan common stock takes off strongly to the upside, an investment in the common stock would have been the better choice. The preferred is the safer choice, the common has the most upside if things go well.
Bought last year at 340? Very bad. Buying now at 219? Not too bad. If you were given a chance during regular trading hours today to buy at 219, when it was trading at 277, everyone would have come aboard. Well, now you can.