AstraZeneca (NASDAQ:AZN) Shares Gap Up - Should You Buy?

Key Points

• AstraZeneca's shares saw a significant increase, opening at $81.04, up from a previous close of $76.72, and last traded at $82.00 with notable trading volume of 2,646,974 shares.
• Berenberg Bank has set a price target of $97.00 for AstraZeneca, and the stock currently holds an average rating of "Moderate Buy" with a consensus price target of $86.00.
• The company reported quarterly earnings of $1.09 EPS and revenue of $14.46 billion, a 16.1% year-over-year increase, meeting analyst expectations.

AstraZeneca PLC (NASDAQ:AZN - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $76.72, but opened at $81.04. AstraZeneca shares last traded at $82.00, with a volume of 2,646,974 shares traded.

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank set a $97.00 price target on shares of AstraZeneca in a report on Wednesday, July 9th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, AstraZeneca currently has an average rating of "Moderate Buy" and a consensus price target of $86.00.

AstraZeneca Price Performance

The company has a quick ratio of 0.67, a current ratio of 0.86 and a debt-to-equity ratio of 0.55. The business's 50-day simple moving average is $77.37 and its 200 day simple moving average is $72.92. The firm has a market capitalization of $259.82 billion, a P/E ratio of 31.58, a PEG ratio of 1.36 and a beta of 0.37.

AstraZeneca (NASDAQ:AZN - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $1.09 EPS for the quarter, meeting analysts' consensus estimates of $1.09. AstraZeneca had a net margin of 14.68% and a return on equity of 32.84%. The business had revenue of $14.46 billion for the quarter, compared to analysts' expectations of $14.08 billion. During the same period last year, the business earned $1.24 earnings per share. The business's quarterly revenue was up 16.1% on a year-over-year basis. Sell-side analysts forecast that AstraZeneca PLC will post 4.51 earnings per share for the current year.

AstraZeneca Cuts Dividend

The company also recently announced a semi-annual dividend, which was paid on Monday, September 8th. Stockholders of record on Friday, August 8th were issued a $0.505 dividend. The ex-dividend date was Friday, August 8th. This represents a dividend yield of 200.0%. AstraZeneca's dividend payout ratio (DPR) is currently 37.97%.

Institutional Trading of AstraZeneca

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Corient Private Wealth LLC lifted its stake in AstraZeneca by 3.5% in the second quarter. Corient Private Wealth LLC now owns 193,710 shares of the company's stock worth $13,536,000 after acquiring an additional 6,556 shares during the period. Texas Permanent School Fund Corp increased its holdings in shares of AstraZeneca by 286.1% during the second quarter. Texas Permanent School Fund Corp now owns 70,680 shares of the company's stock valued at $4,939,000 after acquiring an additional 52,372 shares in the last quarter. Valeo Financial Advisors LLC increased its holdings in shares of AstraZeneca by 12.6% during the second quarter. Valeo Financial Advisors LLC now owns 17,560 shares of the company's stock valued at $1,227,000 after acquiring an additional 1,969 shares in the last quarter. NWF Advisory Services Inc. bought a new position in shares of AstraZeneca during the second quarter valued at $606,000. Finally, Lavaca Capital LLC bought a new position in shares of AstraZeneca during the second quarter valued at $261,000. Hedge funds and other institutional investors own 20.35% of the company's stock.

About AstraZeneca

AstraZeneca PLC, a biopharmaceutical company, focuses on the discovery, development, manufacture, and commercialization of prescription medicines. The company's marketed products include Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex, Farxiga, Brilinta, Lokelma, Roxadustat, Andexxa, Crestor, Seloken, Onglyza, Bydureon, Fasenra, Breztri, Symbicort, Saphnelo, Tezspire, Pulmicort, Bevespi, and Daliresp for cardiovascular, renal, metabolism, and oncology.

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