Checchi Capital Advisers LLC Trims Stake in Astrazeneca Plc $AZN

Key Points

• Checchi Capital Advisers cut its AstraZeneca stake by 51.1% in the first quarter, leaving it with 9,642 shares valued at about $1.9 million.
• Several other institutional investors also adjusted positions, with some buying new stakes and others sharply increasing holdings, while hedge funds and institutions own about 20.35% of AstraZeneca shares.
• AstraZeneca is facing negative pressure from the Wainua trial miss, including investor-law-firm investigations and an HSBC downgrade, even as analysts remain broadly constructive and the company continues to expand its pipeline through a new lung-cancer licensing deal.

Checchi Capital Advisers LLC lessened its holdings in Astrazeneca Plc (NYSE:AZN - Free Report) by 51.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,642 shares of the company's stock after selling 10,081 shares during the period. Checchi Capital Advisers LLC's holdings in Astrazeneca were worth $1,895,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of AZN. Maryland State Retirement & Pension System acquired a new stake in shares of Astrazeneca during the 1st quarter worth about $32,982,000. Legacy Capital Group California Inc. purchased a new stake in Astrazeneca in the 1st quarter valued at about $351,000. J. Safra Sarasin Holding AG lifted its position in Astrazeneca by 7,317.7% in the first quarter. J. Safra Sarasin Holding AG now owns 168,752 shares of the company's stock valued at $32,658,000 after buying an additional 166,477 shares during the last quarter. Avion Wealth lifted its position in Astrazeneca by 166.2% in the first quarter. Avion Wealth now owns 197 shares of the company's stock valued at $38,000 after buying an additional 123 shares during the last quarter. Finally, LGT Fund Management Co Ltd. boosted its stake in Astrazeneca by 160.3% during the first quarter. LGT Fund Management Co Ltd. now owns 103,991 shares of the company's stock worth $20,203,000 after buying an additional 64,033 shares during the period. 20.35% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Astrazeneca

Here are the key news stories impacting Astrazeneca this week:

• Negative Sentiment: AstraZeneca is facing investor-law-firm investigations after the Wainua trial miss and the related stock drop, adding headline risk and potential litigation over alleged securities claims. Article Title
• Negative Sentiment: HSBC downgraded AstraZeneca and lowered its price target after the Wainua setback, saying the failure removes a central support for the company’s bullish outlook and leaves a tougher catalyst path ahead. Article Title
• Negative Sentiment: A second investor alert from Levi & Korsinsky highlighted the Wainua phase 3 miss and encouraged shareholders to seek recovery of losses, reinforcing the negative sentiment around the trial failure. Article Title
• Neutral Sentiment: UBS remained constructive ahead of AstraZeneca’s second-quarter results, saying it expects solid earnings but limited room for full-year guidance increases. Article Title
• Positive Sentiment: AstraZeneca also announced an exclusive global licensing deal for a lung-cancer pill from China’s Dizal Pharmaceutical, paying $600 million upfront with up to $900 million in milestones. The deal could strengthen its oncology pipeline and supports longer-term growth. Article Title

Astrazeneca Stock Performance

NYSE:AZN opened at $164.55 on Wednesday. Astrazeneca Plc has a 52 week low of $137.23 and a 52 week high of $212.71. The company has a fifty day simple moving average of $183.04 and a two-hundred day simple moving average of $188.58. The company has a quick ratio of 0.71, a current ratio of 0.91 and a debt-to-equity ratio of 0.52. The company has a market cap of $255.21 billion, a price-to-earnings ratio of 24.71, a price-to-earnings-growth ratio of 1.37 and a beta of 0.24.

Astrazeneca (NYSE:AZN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.06. The business had revenue of $15.29 billion for the quarter, compared to analysts' expectations of $14.93 billion. Astrazeneca had a return on equity of 30.86% and a net margin of 17.19%. As a group, equities analysts anticipate that Astrazeneca Plc will post 10.28 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on AZN shares. Jefferies Financial Group reiterated a "buy" rating on shares of Astrazeneca in a research report on Friday, June 26th. DZ Bank upgraded shares of Astrazeneca from a "neutral" rating to a "buy" rating in a report on Wednesday, April 29th. Wall Street Zen raised shares of Astrazeneca from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. The Goldman Sachs Group reiterated a "buy" rating on shares of Astrazeneca in a report on Wednesday, July 1st. Finally, Barclays reissued a "buy" rating on shares of Astrazeneca in a research report on Monday, June 1st. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $211.00.

About Astrazeneca

AstraZeneca plc is a global biopharmaceutical company headquartered in Cambridge, England. Formed through the 1999 merger of Sweden’s Astra AB and the UK’s Zeneca Group, the company researches, develops, manufactures and commercializes prescription medicines across a range of therapeutic areas. AstraZeneca positions itself as R&D-driven, investing in discovery science, clinical development and regulatory processes to bring new therapies to market.

The company’s commercial portfolio and late-stage pipeline emphasize oncology, cardiovascular, renal and metabolic (CVRM) diseases, and respiratory and immunology.

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