Cidel Asset Management Inc. Takes Position in Astrazeneca Plc $AZN

Key Points

• Cidel Asset Management purchased 234,663 AstraZeneca shares in the second quarter, valued at approximately $44.5 million, making the stock its ninth-largest holding and 2.1% of its portfolio.
• AstraZeneca shares fell 1.6% to $160.05, below both their 50-day and 200-day moving averages, despite the company reporting quarterly EPS of $2.63, above the $2.50 consensus estimate.
• Analysts maintain a generally positive outlook, with 14 Buy, two Hold and one Sell rating; the stock has a “Moderate Buy” consensus and an average price target of $206.67.

Cidel Asset Management Inc. purchased a new position in shares of Astrazeneca Plc (NYSE:AZN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 234,663 shares of the company's stock, valued at approximately $44,480,000. Astrazeneca accounts for 2.1% of Cidel Asset Management Inc.'s investment portfolio, making the stock its 9th biggest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AZN. Amundi lifted its position in Astrazeneca by 146,574.4% in the first quarter. Amundi now owns 15,386,149 shares of the company's stock valued at $3,034,456,000 after buying an additional 15,375,659 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Astrazeneca by 889.9% during the first quarter. Janus Henderson Group PLC now owns 11,949,424 shares of the company's stock worth $2,319,947,000 after buying an additional 10,742,268 shares during the period. Rathbones Group PLC increased its position in shares of Astrazeneca by 106,772.0% during the first quarter. Rathbones Group PLC now owns 8,054,943 shares of the company's stock valued at $1,560,419,000 after acquiring an additional 8,047,406 shares during the last quarter. Royal Bank of Canada increased its position in shares of Astrazeneca by 208.6% during the first quarter. Royal Bank of Canada now owns 10,386,455 shares of the company's stock valued at $2,048,417,000 after acquiring an additional 7,021,126 shares during the last quarter. Finally, Swiss National Bank purchased a new stake in shares of Astrazeneca in the 1st quarter valued at approximately $1,202,714,000. 20.35% of the stock is owned by institutional investors and hedge funds.

Astrazeneca Trading Down 1.6%

NYSE AZN opened at $160.05 on Wednesday. The firm has a 50 day simple moving average of $168.06 and a 200-day simple moving average of $183.46. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.67 and a current ratio of 0.89. Astrazeneca Plc has a one year low of $145.79 and a one year high of $212.71. The firm has a market cap of $248.23 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 1.27 and a beta of 0.25.

Astrazeneca (NYSE:AZN - Get Free Report) last announced its earnings results on Monday, July 27th. The company reported $2.63 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.13. The firm had revenue of $15.38 billion for the quarter, compared to the consensus estimate of $15.44 billion. Astrazeneca had a net margin of 17.02% and a return on equity of 31.45%. The firm's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.17 EPS. Equities research analysts anticipate that Astrazeneca Plc will post 10.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AZN. Bank of America restated a "buy" rating on shares of Astrazeneca in a report on Wednesday, July 1st. Barclays reissued a "buy" rating on shares of Astrazeneca in a research report on Monday, June 1st. Weiss Ratings cut Astrazeneca from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. CICC Research started coverage on Astrazeneca in a research report on Sunday, August 23rd. They set an "outperform" rating and a $198.00 price target for the company. Finally, Royal Bank Of Canada initiated coverage on Astrazeneca in a research report on Tuesday. They set an "outperform" rating for the company. Fourteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $206.67.

Astrazeneca Company Profile

AstraZeneca plc is a global biopharmaceutical company focused on the discovery, development and commercialization of prescription medicines. Its principal therapeutic areas include oncology, cardiovascular, renal and metabolic diseases, respiratory and immunology conditions, and rare diseases.

The company's portfolio includes medicines such as Tagrisso, Imfinzi and Lynparza for cancer; Farxiga for cardiovascular, kidney and metabolic conditions; Fasenra for severe asthma; and Symbicort for respiratory disease.

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