Armistice Capital LLC Trims Stock Holdings in AstraZeneca PLC $AZN

Key Points

• Armistice Capital LLC has reduced its holdings in AstraZeneca PLC by 76.0%, selling 76,000 shares and retaining 24,000 shares which are valued at approximately $1,764,000.
• AstraZeneca's stock has been rated a Moderate Buy by analysts, with a consensus target price of $86.00, though research from Berenberg Bank sets a higher target at $97.00.
• The company reported earnings per share of $1.09 for the latest quarter which met analyst estimates, alongside a revenue increase of 16.1% year-over-year.

Armistice Capital LLC reduced its position in shares of AstraZeneca PLC (NASDAQ:AZN - Free Report) by 76.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,000 shares of the company's stock after selling 76,000 shares during the period. Armistice Capital LLC's holdings in AstraZeneca were worth $1,764,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Bank of America Corp DE lifted its position in shares of AstraZeneca by 189.3% during the fourth quarter. Bank of America Corp DE now owns 24,026,966 shares of the company's stock valued at $1,574,247,000 after purchasing an additional 15,722,197 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of AstraZeneca by 30.9% during the first quarter. Goldman Sachs Group Inc. now owns 13,647,948 shares of the company's stock valued at $1,003,124,000 after purchasing an additional 3,224,251 shares in the last quarter. Boston Partners lifted its position in shares of AstraZeneca by 35.9% during the first quarter. Boston Partners now owns 5,036,645 shares of the company's stock valued at $368,712,000 after purchasing an additional 1,329,166 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of AstraZeneca by 5.6% during the first quarter. Ameriprise Financial Inc. now owns 4,942,367 shares of the company's stock valued at $364,283,000 after purchasing an additional 261,064 shares in the last quarter. Finally, WCM Investment Management LLC lifted its position in shares of AstraZeneca by 7.3% during the first quarter. WCM Investment Management LLC now owns 4,003,070 shares of the company's stock valued at $295,387,000 after purchasing an additional 272,537 shares in the last quarter. 20.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

AstraZeneca Stock Performance

AZN stock traded up $1.92 during mid-day trading on Wednesday, hitting $82.11. The company had a trading volume of 4,203,288 shares, compared to its average volume of 3,577,911. The firm has a market cap of $254.65 billion, a PE ratio of 30.87, a price-to-earnings-growth ratio of 1.47 and a beta of 0.37. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.67 and a current ratio of 0.86. AstraZeneca PLC has a 12 month low of $61.24 and a 12 month high of $85.99. The stock's fifty day moving average price is $74.43 and its two-hundred day moving average price is $72.64.

AstraZeneca (NASDAQ:AZN - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $1.09 EPS for the quarter, hitting the consensus estimate of $1.09. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.24 earnings per share. On average, analysts forecast that AstraZeneca PLC will post 4.51 earnings per share for the current fiscal year.

AstraZeneca Cuts Dividend

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

AstraZeneca 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.