First Foundation Advisors Lowers Stake in AstraZeneca PLC (NASDAQ:AZN)

Key Points

• First Foundation Advisors reduced its stake in AstraZeneca by 12.6%, selling 23,974 shares and holding a total of 166,197 shares valued at $12.22 million.
• Bank of America Corp DE significantly increased its holdings by 189.3%, now owning over 24 million shares valued at approximately $1.57 billion.
• AstraZeneca reported an earnings per share (EPS) of $1.24 for the quarter, exceeding analysts' expectations of $1.10, while total revenue was $13.59 billion, slightly below the forecast of $13.71 billion.

First Foundation Advisors lessened its holdings in AstraZeneca PLC (NASDAQ:AZN - Free Report) by 12.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 166,197 shares of the company's stock after selling 23,974 shares during the period. First Foundation Advisors' holdings in AstraZeneca were worth $12,215,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of AZN. Banque Transatlantique SA bought a new position in shares of AstraZeneca in the 4th quarter valued at about $26,000. Confluence Investment Management LLC bought a new stake in shares of AstraZeneca during the first quarter valued at approximately $27,000. Larson Financial Group LLC raised its stake in shares of AstraZeneca by 297.9% during the first quarter. Larson Financial Group LLC now owns 386 shares of the company's stock valued at $28,000 after acquiring an additional 289 shares in the last quarter. Mascagni Wealth Management Inc. bought a new stake in shares of AstraZeneca during the fourth quarter valued at approximately $29,000. Finally, FNY Investment Advisers LLC purchased a new position in AstraZeneca during the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 20.35% of the company's stock.

AstraZeneca Price Performance

Shares of AstraZeneca stock traded up $0.86 during trading hours on Friday, reaching $73.95. The stock had a trading volume of 9,693,032 shares, compared to its average volume of 5,419,334. AstraZeneca PLC has a twelve month low of $61.24 and a twelve month high of $87.68. The company has a current ratio of 0.86, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The stock's 50 day moving average is $71.48 and its 200 day moving average is $71.31. The firm has a market capitalization of $229.34 billion, a PE ratio of 27.80, a PEG ratio of 1.41 and a beta of 0.37.

AstraZeneca (NASDAQ:AZN - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $1.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.09. AstraZeneca had a net margin of 14.68% and a return on equity of 32.84%. The company had revenue of $14.46 billion during the quarter, compared to analysts' expectations of $14.08 billion. During the same quarter in the prior year, the company earned $1.24 EPS. AstraZeneca's revenue was up 16.1% compared to the same quarter last year. Equities analysts expect that AstraZeneca PLC will post 4.51 earnings per share for the current fiscal year.

AstraZeneca Cuts Dividend

The company also recently declared 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 of this dividend is Friday, August 8th. This represents a dividend yield of 200.0%. AstraZeneca's dividend payout ratio is 37.97%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AZN. BNP Paribas began coverage on AstraZeneca in a research report on Tuesday, April 15th. They issued an "outperform" rating and a $75.00 price objective for the company. Berenberg Bank set a $97.00 target price on shares of AstraZeneca in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, AstraZeneca presently has an average rating of "Moderate Buy" and a consensus price target of $89.00.

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.