Brandywine Global Investment Management LLC Trims Stake in AstraZeneca PLC $AZN

Key Points

• Brandywine Global Investment Management LLC has reduced its stake in AstraZeneca PLC by 1.0%, now holding 424,282 shares worth approximately $31.18 million.
• Other institutional investors have shown increased interest, with Dynamic Advisor Solutions LLC raising its holdings by 58.4% during the first quarter, now owning 13,055 shares valued at $960,000.
• AstraZeneca's stock has a current average price target of $86.00 and is rated as a "Moderate Buy" according to analysts, with a recent trading price of $79.17.

Brandywine Global Investment Management LLC reduced its holdings in AstraZeneca PLC (NASDAQ:AZN - Free Report) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 424,282 shares of the company's stock after selling 4,159 shares during the quarter. Brandywine Global Investment Management LLC's holdings in AstraZeneca were worth $31,185,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Horizon Investments LLC lifted its holdings in AstraZeneca by 7.1% in the 1st quarter. Horizon Investments LLC now owns 17,452 shares of the company's stock worth $1,283,000 after buying an additional 1,150 shares during the period. Fox Run Management L.L.C. increased its holdings in shares of AstraZeneca by 10.1% in the 1st quarter. Fox Run Management L.L.C. now owns 24,890 shares of the company's stock worth $1,829,000 after purchasing an additional 2,276 shares in the last quarter. FCA Corp TX bought a new stake in shares of AstraZeneca in the 1st quarter worth $551,000. Kovitz Investment Group Partners LLC increased its holdings in shares of AstraZeneca by 2.9% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 18,320 shares of the company's stock worth $1,346,000 after purchasing an additional 521 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. boosted its stake in shares of AstraZeneca by 7.4% in the 1st quarter. Cookson Peirce & Co. Inc. now owns 3,633 shares of the company's stock worth $267,000 after buying an additional 249 shares during the last quarter. 20.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Berenberg Bank set a $97.00 target price on 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $86.00.

AstraZeneca Price Performance

NASDAQ AZN traded up $0.21 during trading on Thursday, hitting $80.73. 1,226,259 shares of the stock traded hands, compared to its average volume of 5,265,538. The company has a market capitalization of $250.37 billion, a P/E ratio of 30.34, a price-to-earnings-growth ratio of 1.46 and a beta of 0.36. The firm has a 50-day simple moving average of $72.69 and a 200-day simple moving average of $72.08. The company has a quick ratio of 0.67, a current ratio of 0.86 and a debt-to-equity ratio of 0.55. AstraZeneca PLC has a 12-month low of $61.24 and a 12-month high of $87.68.

AstraZeneca (NASDAQ:AZN - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $1.09 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.09. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.08 billion. AstraZeneca had a return on equity of 32.84% and a net margin of 14.68%.AstraZeneca's quarterly revenue was up 16.1% compared to the same quarter last year. During the same period last year, the company earned $1.24 EPS. As a group, analysts predict that AstraZeneca PLC will post 4.51 EPS for the current year.

AstraZeneca Cuts Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Monday, September 8th. Stockholders of record on Friday, August 8th will be issued 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 currently 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.