ARGA Investment Management LP Makes New Investment in Astrazeneca Plc $AZN

Key Points

• ARGA Investment Management opened a new position in AstraZeneca during the first quarter, buying 11,643 shares valued at about $2.26 million.
• Institutional interest remains active, with several other funds modestly increasing their holdings; institutions now own about 20.35% of AstraZeneca’s stock.
• Despite recent setbacks from a failed late-stage drug trial and a pending investigation notice, analysts are still mixed-to-positive overall, with a Moderate Buy consensus and an average target price of $211.

ARGA Investment Management LP acquired a new stake in Astrazeneca Plc (NYSE:AZN - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 11,643 shares of the company's stock, valued at approximately $2,264,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. IHT Wealth Management LLC grew its position in Astrazeneca by 0.3% in the 4th quarter. IHT Wealth Management LLC now owns 17,527 shares of the company's stock valued at $3,076,000 after purchasing an additional 54 shares during the period. Visionary Wealth Advisors raised its holdings in Astrazeneca by 1.5% during the fourth quarter. Visionary Wealth Advisors now owns 4,197 shares of the company's stock worth $737,000 after buying an additional 60 shares during the last quarter. Vista Investment Management raised its holdings in Astrazeneca by 0.3% during the fourth quarter. Vista Investment Management now owns 21,215 shares of the company's stock worth $3,723,000 after buying an additional 60 shares during the last quarter. Kestra Investment Management LLC lifted its stake in shares of Astrazeneca by 1.9% in the fourth quarter. Kestra Investment Management LLC now owns 3,391 shares of the company's stock valued at $595,000 after buying an additional 63 shares in the last quarter. Finally, Luken Investment Analytics LLC lifted its stake in shares of Astrazeneca by 4.3% in the fourth quarter. Luken Investment Analytics LLC now owns 1,564 shares of the company's stock valued at $274,000 after buying an additional 64 shares in the last quarter. Institutional investors own 20.35% of the company's stock.

Key Astrazeneca News

Here are the key news stories impacting Astrazeneca this week:

• Negative Sentiment: Wainua’s Phase 3 failure removes a potential growth driver and raises concerns about AstraZeneca’s ability to expand successfully beyond oncology. Reuters: AstraZeneca-Ionis drug fails to meet main goal in late-stage heart disease trial
• Negative Sentiment: Several reports say the miss has hurt management credibility and triggered a sharp market selloff, with investors reassessing the value of AstraZeneca’s pipeline. Proactive Investors: AstraZeneca's Wainua failure hurts credibility more than valuation, Jefferies warns
• Neutral Sentiment: Some analysts still maintained a constructive view, with Bernstein reportedly reiterating a buy rating despite the setback, suggesting the longer-term thesis is not fully broken. Globe and Mail/Bernstein note: AstraZeneca receives a Buy from Bernstein
• Negative Sentiment: Investor concern has also expanded into legal overhangs, with a pending investigation notice adding another source of pressure on the stock. PR Newswire: AstraZeneca Investigation Notice

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on AZN shares. Bank of America reissued a "buy" rating on shares of Astrazeneca in a research report on Wednesday, July 1st. Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating on shares of Astrazeneca in a research report on Tuesday, June 30th. The Goldman Sachs Group reiterated a "buy" rating on shares of Astrazeneca in a research note on Wednesday, July 1st. Barclays reissued a "buy" rating on shares of Astrazeneca in a report on Monday, June 1st. Finally, Wall Street Zen raised Astrazeneca from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. Fourteen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $211.00.

Astrazeneca Stock Down 3.7%

AZN opened at $171.86 on Friday. Astrazeneca Plc has a fifty-two week low of $137.23 and a fifty-two week high of $212.71. The firm has a market capitalization of $266.54 billion, a P/E ratio of 25.80, a PEG ratio of 1.45 and a beta of 0.24. The company's 50-day moving average is $183.68 and its 200 day moving average is $188.59. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.91 and a quick ratio of 0.71.

Astrazeneca (NYSE:AZN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.52 by $0.06. Astrazeneca had a net margin of 17.19% and a return on equity of 30.86%. The business had revenue of $15.29 billion during the quarter, compared to the consensus estimate of $14.93 billion. Research analysts expect that Astrazeneca Plc will post 10.28 earnings per share for the current fiscal year.

Astrazeneca Profile

AstraZeneca plc is a global biopharmaceutical company headquartered in Cambridge, England. Formed through the 1999 merger of Sweden’s Astra AB and the UK’s Zeneca Group, the company researches, develops, manufactures and commercializes prescription medicines across a range of therapeutic areas. AstraZeneca positions itself as R&D-driven, investing in discovery science, clinical development and regulatory processes to bring new therapies to market.

The company’s commercial portfolio and late-stage pipeline emphasize oncology, cardiovascular, renal and metabolic (CVRM) diseases, and respiratory and immunology.

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