Charles Schwab Investment Management Inc. Cuts Position in AstraZeneca PLC $AZN

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in AstraZeneca PLC by 85.7%, selling over 1.4 million shares, leaving it with approximately 250,000 shares valued at $18.39 million.
• Several institutional investors making significant moves include Confluence Investment Management and Larson Financial Group, which both initiated new stakes or increased existing holdings in AstraZeneca during the first quarter.
• AstraZeneca recently announced a dividend payout of $0.505 to shareholders, reflecting a dividend yield of 200.0%, while also projecting an EPS of 4.51 for the current year.

Charles Schwab Investment Management Inc. trimmed its position in shares of AstraZeneca PLC (NASDAQ:AZN - Free Report) by 85.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 250,227 shares of the company's stock after selling 1,493,854 shares during the quarter. Charles Schwab Investment Management Inc.'s holdings in AstraZeneca were worth $18,392,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Greykasell Wealth Strategies Inc. bought a new position in shares of AstraZeneca during the 1st quarter worth approximately $101,000. Exencial Wealth Advisors LLC grew its holdings in AstraZeneca by 28.5% in the first quarter. Exencial Wealth Advisors LLC now owns 31,053 shares of the company's stock worth $2,282,000 after purchasing an additional 6,885 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in AstraZeneca by 30.9% in the first quarter. Goldman Sachs Group Inc. now owns 13,647,948 shares of the company's stock worth $1,003,124,000 after purchasing an additional 3,224,251 shares during the last quarter. Intrust Bank NA increased its position in shares of AstraZeneca by 12.5% during the first quarter. Intrust Bank NA now owns 15,820 shares of the company's stock worth $1,163,000 after purchasing an additional 1,764 shares in the last quarter. Finally, Wealthspire Advisors LLC lifted its holdings in shares of AstraZeneca by 1,184.1% during the 1st quarter. Wealthspire Advisors LLC now owns 45,933 shares of the company's stock valued at $3,376,000 after purchasing an additional 42,356 shares during the last quarter. 20.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Berenberg Bank set a $97.00 target price on AstraZeneca in a research note on Wednesday, July 9th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $86.00.

AstraZeneca Stock Performance

NASDAQ AZN traded down $0.17 on Thursday, reaching $79.76. 787,178 shares of the company's stock traded hands, compared to its average volume of 5,221,735. The firm has a market cap of $247.37 billion, a price-to-earnings ratio of 29.99, a P/E/G ratio of 1.47 and a beta of 0.36. AstraZeneca PLC has a fifty-two week low of $61.24 and a fifty-two week high of $87.68. The stock has a 50 day moving average price of $73.42 and a 200-day moving average price of $72.41. 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 (NASDAQ:AZN - Get Free Report) last announced 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. AstraZeneca had a return on equity of 32.84% and a net margin of 14.68%.The company had revenue of $14.46 billion during the quarter, compared to analysts' expectations of $14.08 billion. During the same period last year, the business earned $1.24 earnings per share. AstraZeneca's quarterly revenue was up 16.1% on a year-over-year basis. Equities research analysts predict that AstraZeneca PLC will post 4.51 EPS for the current fiscal year.

AstraZeneca Cuts Dividend

The company also recently announced 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. This represents a dividend yield of 200.0%. The ex-dividend date is Friday, August 8th. AstraZeneca's payout ratio is currently 37.97%.

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.