Ameriprise Financial Inc. Purchases 261,064 Shares of AstraZeneca PLC $AZN

Key Points

• Ameriprise Financial Inc. increased its stake in AstraZeneca PLC by 5.6% during the first quarter, owning approximately 4.94 million shares valued at $364.28 million.
• AstraZeneca's stock opened at $80.46 and reported a quarterly revenue of $14.46 billion, exceeding analysts' expectations, while the company also announced a semi-annual dividend of $0.505 per share.
• Analysts have set a consensus price target of $86.00 for AstraZeneca, with Berenberg Bank aiming for a higher objective of $97.00.

Ameriprise Financial Inc. lifted its holdings in shares of AstraZeneca PLC (NASDAQ:AZN - Free Report) by 5.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,942,367 shares of the company's stock after buying an additional 261,064 shares during the period. Ameriprise Financial Inc. owned about 0.16% of AstraZeneca worth $364,283,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the company. Norinchukin Bank The lifted its stake in AstraZeneca by 177.5% in the 1st quarter. Norinchukin Bank The now owns 15,621 shares of the company's stock valued at $1,148,000 after purchasing an additional 9,991 shares during the last quarter. CW Advisors LLC boosted its holdings in shares of AstraZeneca by 8.5% during the first quarter. CW Advisors LLC now owns 16,312 shares of the company's stock worth $1,197,000 after acquiring an additional 1,274 shares during the period. Martin Investment Management LLC boosted its holdings in shares of AstraZeneca by 0.8% during the first quarter. Martin Investment Management LLC now owns 310,999 shares of the company's stock worth $22,858,000 after acquiring an additional 2,510 shares during the period. GDS Wealth Management boosted its holdings in shares of AstraZeneca by 3.5% during the first quarter. GDS Wealth Management now owns 5,147 shares of the company's stock worth $378,000 after acquiring an additional 174 shares during the period. Finally, Legacy Financial Advisors Inc. raised its position in shares of AstraZeneca by 65.9% in the first quarter. Legacy Financial Advisors Inc. now owns 11,736 shares of the company's stock valued at $863,000 after buying an additional 4,663 shares in the last quarter. 20.35% of the stock is currently owned by institutional investors and hedge funds.

AstraZeneca Price Performance

Shares of NASDAQ:AZN traded down $1.31 during trading on Monday, hitting $79.66. 3,376,205 shares of the company were exchanged, compared to its average volume of 5,251,825. The business's 50 day moving average is $72.93 and its 200-day moving average is $72.25. The company has a market capitalization of $247.05 billion, a P/E ratio of 29.95, a price-to-earnings-growth ratio of 1.49 and a beta of 0.36. The company has a quick ratio of 0.67, a current ratio of 0.86 and a debt-to-equity ratio of 0.55. AstraZeneca PLC has a 1-year low of $61.24 and a 1-year high of $87.68.

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

AstraZeneca Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Monday, September 8th. Investors of record on Friday, August 8th will be paid a $0.505 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a dividend yield of 200.0%. AstraZeneca's payout ratio is currently 37.97%.

Analyst Upgrades and Downgrades

Separately, Berenberg Bank set a $97.00 price target on shares of AstraZeneca in a research report on Wednesday, July 9th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, AstraZeneca has an average 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.