Adage Capital Partners GP L.L.C. Purchases 293,833 Shares of AstraZeneca PLC $AZN

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in AstraZeneca PLC by 83.1%, purchasing an additional 293,833 shares, resulting in a total holding of 647,271 shares valued at $47.57 million.
• Various institutional investors have also shown interest in AstraZeneca, with notable purchases including Confluence Investment Management LLC and Highline Wealth Partners LLC, indicating a growing confidence in the company.
• The stock has been rated as a Moderate Buy by analysts, with a consensus price target of $86.00 and a notable quarterly performance with revenue exceeding expectations.

Adage Capital Partners GP L.L.C. lifted its holdings in AstraZeneca PLC (NASDAQ:AZN - Free Report) by 83.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 647,271 shares of the company's stock after purchasing an additional 293,833 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in AstraZeneca were worth $47,574,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of AZN. Federation des caisses Desjardins du Quebec grew its position in shares of AstraZeneca by 7.2% in the first quarter. Federation des caisses Desjardins du Quebec now owns 230,607 shares of the company's stock valued at $16,950,000 after purchasing an additional 15,554 shares in the last quarter. EP Wealth Advisors LLC raised its stake in AstraZeneca by 9.9% in the first quarter. EP Wealth Advisors LLC now owns 31,043 shares of the company's stock valued at $2,282,000 after buying an additional 2,805 shares in the last quarter. First Manhattan CO. LLC. grew its holdings in shares of AstraZeneca by 9.4% during the first quarter. First Manhattan CO. LLC. now owns 6,984 shares of the company's stock worth $513,000 after purchasing an additional 599 shares during the last quarter. Focus Partners Advisor Solutions LLC grew its holdings in shares of AstraZeneca by 32.6% during the first quarter. Focus Partners Advisor Solutions LLC now owns 6,679 shares of the company's stock worth $491,000 after buying an additional 1,642 shares during the last quarter. Finally, Flputnam Investment Management Co. grew its holdings in shares of AstraZeneca by 4.4% during the first quarter. Flputnam Investment Management Co. now owns 306,575 shares of the company's stock worth $22,533,000 after buying an additional 13,001 shares during the last quarter. 20.35% of the stock is currently owned by hedge funds and other institutional investors.

AstraZeneca Stock Performance

Shares of NASDAQ:AZN traded down $0.14 during trading on Monday, reaching $81.56. 2,609,008 shares of the company's stock traded hands, compared to its average volume of 5,158,671. AstraZeneca PLC has a 12 month low of $61.24 and a 12 month high of $83.43. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.86 and a quick ratio of 0.67. The stock has a market capitalization of $252.95 billion, a P/E ratio of 30.66, a price-to-earnings-growth ratio of 1.50 and a beta of 0.37. The company has a 50 day moving average of $74.90 and a 200-day moving average of $72.73.

AstraZeneca (NASDAQ:AZN - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $1.09 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts' expectations of $14.08 billion. During the same period last year, the firm posted $1.24 earnings per share. The business's revenue was up 16.1% on a year-over-year basis. On average, equities analysts expect that AstraZeneca PLC will post 4.51 EPS for the current year.

AstraZeneca Cuts Dividend

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

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank set a $97.00 price objective on AstraZeneca in a research report on Wednesday, July 9th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, AstraZeneca currently has a consensus rating of "Moderate Buy" and a consensus target price of $86.00.

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.