Assenagon Asset Management S.A. Acquires 422,866 Shares of Astrazeneca Plc $AZN

Key Points

• Assenagon Asset Management increased its AstraZeneca stake by 45.5% in the second quarter, acquiring 422,866 additional shares and bringing its holdings to 1.35 million shares valued at approximately $256 million.
• AstraZeneca reported quarterly earnings of $2.63 per share, beating estimates of $2.50, while revenue rose 6.4% year over year to $15.38 billion. The stock was trading at $160.92, below both its 50-day and 200-day moving averages.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $211.00. Recent reports that AstraZeneca and Bristol Myers Squibb are not discussing a deal helped ease merger-related concerns and supported the stock’s rebound.

Assenagon Asset Management S.A. increased its holdings in Astrazeneca Plc (NYSE:AZN - Free Report) by 45.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,352,177 shares of the company's stock after acquiring an additional 422,866 shares during the quarter. Assenagon Asset Management S.A. owned about 0.09% of Astrazeneca worth $256,049,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC increased its position in Astrazeneca by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 21,601,433 shares of the company's stock valued at $3,791,051,000 after purchasing an additional 438,709 shares during the period. Franklin Resources Inc. lifted its position in shares of Astrazeneca by 2.3% in the 4th quarter. Franklin Resources Inc. now owns 20,157,744 shares of the company's stock worth $3,537,684,000 after purchasing an additional 445,014 shares during the period. Amundi lifted its position in shares of Astrazeneca by 146,574.4% in the 1st quarter. Amundi now owns 15,386,149 shares of the company's stock worth $3,034,456,000 after purchasing an additional 15,375,659 shares during the period. Morgan Stanley boosted its stake in shares of Astrazeneca by 3.2% during the 4th quarter. Morgan Stanley now owns 13,878,726 shares of the company's stock valued at $2,435,716,000 after purchasing an additional 432,939 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Astrazeneca by 889.9% during the 1st quarter. Janus Henderson Group PLC now owns 11,949,424 shares of the company's stock valued at $2,319,947,000 after purchasing an additional 10,742,268 shares in the last quarter. Institutional investors own 20.35% of the company's stock.

Astrazeneca Stock Down 0.4%

Shares of Astrazeneca stock opened at $160.92 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.89 and a quick ratio of 0.67. The company has a 50-day moving average of $176.83 and a 200 day moving average of $187.26. The firm has a market cap of $249.57 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 1.40 and a beta of 0.26. Astrazeneca Plc has a 1 year low of $145.79 and a 1 year high of $212.71.

Astrazeneca (NYSE:AZN - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The company reported $2.63 EPS for the quarter, topping the consensus estimate of $2.50 by $0.13. The business had revenue of $15.38 billion for the quarter, compared to analyst estimates of $15.44 billion. Astrazeneca had a net margin of 17.02% and a return on equity of 31.45%. Astrazeneca's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.17 earnings per share. As a group, sell-side analysts anticipate that Astrazeneca Plc will post 10.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

AZN has been the subject of a number of research reports. JPMorgan Chase & Co. reissued a "buy" rating on shares of Astrazeneca in a research note on Tuesday, June 30th. Sanford C. Bernstein reaffirmed a "buy" rating on shares of Astrazeneca in a research report on Monday, May 4th. Bank of America reiterated a "buy" rating on shares of Astrazeneca in a report on Wednesday, July 1st. UBS Group reissued a "buy" rating on shares of Astrazeneca in a research report on Friday, April 10th. Finally, DZ Bank upgraded Astrazeneca from a "neutral" rating to a "buy" rating in a research note on Wednesday, April 29th. Twelve research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $211.00.

Key Astrazeneca News

Here are the key news stories impacting Astrazeneca this week:

• Positive Sentiment: A senior source told Reuters that there are “no discussions” between AstraZeneca and Bristol Myers Squibb, helping ease concerns that AstraZeneca could pursue a roughly $400 billion deal with substantial financing, integration and execution risks. Reuters report on AstraZeneca and Bristol Myers discussions
• Positive Sentiment: The denial triggered a sharp rebound in AZN after the stock had suffered an approximately 9% selloff when merger speculation first emerged. Investors viewed the lack of a deal as favorable because AstraZeneca could avoid slowing its growth profile through a major integration. Yahoo Finance report on AZN merger speculation
• Positive Sentiment: A Wall Street Journal analysis described AstraZeneca’s stock as attractively valued even without a transaction, supporting the view that the company’s underlying business and track record remain the principal investment case. Wall Street Journal analysis of AstraZeneca valuation
• Neutral Sentiment: CNBC reported that a tie-up could give AstraZeneca immediate U.S. scale through Bristol Myers’ U.S.-focused operations, but such a megamerger would depart from a decade of industry strategy and could bring slower growth and significant integration risk. CNBC report on potential AstraZeneca and Bristol Myers merger
• Negative Sentiment: The contradictory reports continue to create uncertainty around AstraZeneca’s capital-allocation strategy. Traders also purchased a high volume of AZN call options, indicating elevated speculative interest rather than clear confirmation of a fundamental change. Report on AstraZeneca call-option activity

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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