Assetmark Inc. Increases Stock Holdings in AstraZeneca PLC (NASDAQ:AZN)

Key Points

• Assetmark Inc. has increased its holdings in AstraZeneca PLC by 10.9%, acquiring an additional 26,014 shares during the first quarter, boosting its total ownership to 264,263 shares worth approximately $19.4 million.
• AstraZeneca reported a quarterly earnings per share of $1.24, exceeding expectations of $1.10, despite revenue coming in slightly below forecasts at $13.59 billion.
• Brokerages have recently upgraded AstraZeneca, with targets ranging from $75.00 to $97.00, reflecting a generally positive outlook with an average rating of "Moderate Buy."

Assetmark Inc. boosted its stake in AstraZeneca PLC (NASDAQ:AZN - Free Report) by 10.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 264,263 shares of the company's stock after purchasing an additional 26,014 shares during the period. Assetmark Inc.'s holdings in AstraZeneca were worth $19,423,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in AstraZeneca by 93.2% in the fourth quarter. Brighton Jones LLC now owns 5,782 shares of the company's stock worth $379,000 after acquiring an additional 2,789 shares in the last quarter. American Assets Inc. bought a new stake in AstraZeneca in the fourth quarter worth $426,000. Xponance Inc. boosted its holdings in AstraZeneca by 6.9% in the fourth quarter. Xponance Inc. now owns 3,241 shares of the company's stock worth $212,000 after acquiring an additional 210 shares in the last quarter. American Century Companies Inc. boosted its holdings in AstraZeneca by 5.4% in the fourth quarter. American Century Companies Inc. now owns 398,655 shares of the company's stock worth $26,120,000 after acquiring an additional 20,348 shares in the last quarter. Finally, Modern Wealth Management LLC bought a new stake in AstraZeneca in the fourth quarter worth $250,000. 20.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. BNP Paribas started coverage on AstraZeneca in a report on Tuesday, April 15th. They issued an "outperform" rating and a $75.00 target price on the stock. Berenberg Bank set a $97.00 price target on AstraZeneca in a report on Wednesday, July 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

AstraZeneca Price Performance

AZN traded up $2.21 on Wednesday, hitting $76.19. 3,530,381 shares of the company's stock traded hands, compared to its average volume of 5,322,080. The company's 50 day simple moving average is $71.28 and its 200-day simple moving average is $71.22. The firm has a market cap of $236.28 billion, a price-to-earnings ratio of 30.62, a P/E/G ratio of 1.32 and a beta of 0.37. AstraZeneca PLC has a one year low of $61.24 and a one year high of $87.68. The company has a current ratio of 0.90, a quick ratio of 0.70 and a debt-to-equity ratio of 0.65.

AstraZeneca (NASDAQ:AZN - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $1.09 earnings per share for the quarter, meeting the consensus estimate of $1.09. The business had revenue of $14.46 billion during the quarter, compared to analysts' expectations of $14.08 billion. AstraZeneca had a return on equity of 33.14% and a net margin of 14.14%. The firm's revenue for the quarter was up 16.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.24 EPS. As a group, research analysts anticipate that AstraZeneca PLC will post 4.51 EPS for the current year.

AstraZeneca Company Profile

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.