Connor Clark & Lunn Investment Management Ltd. Buys 5,807 Shares of AstraZeneca PLC $AZN

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in AstraZeneca PLC by 23.0%, acquiring an additional 5,807 shares to bring its total to 31,082 shares, valued at approximately $2.285 million.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for AstraZeneca, with a price target averaging $86.00, following the company's recent earnings report.
• AstraZeneca's announced semi-annual dividend of $0.505 per share, scheduled for September 8th, features a 200.0% dividend yield, despite a payout ratio of 37.97%.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in AstraZeneca PLC (NASDAQ:AZN - Free Report) by 23.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,082 shares of the company's stock after purchasing an additional 5,807 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in AstraZeneca were worth $2,285,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AZN. Bank of America Corp DE raised its holdings in shares of AstraZeneca by 189.3% in the fourth quarter. Bank of America Corp DE now owns 24,026,966 shares of the company's stock valued at $1,574,247,000 after purchasing an additional 15,722,197 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of AstraZeneca by 30.9% in the first quarter. Goldman Sachs Group Inc. now owns 13,647,948 shares of the company's stock valued at $1,003,124,000 after buying an additional 3,224,251 shares in the last quarter. Alyeska Investment Group L.P. grew its stake in shares of AstraZeneca by 220.8% in the fourth quarter. Alyeska Investment Group L.P. now owns 3,027,511 shares of the company's stock valued at $198,363,000 after buying an additional 2,083,645 shares in the last quarter. Point72 Asset Management L.P. grew its stake in shares of AstraZeneca by 815.8% in the fourth quarter. Point72 Asset Management L.P. now owns 1,073,630 shares of the company's stock valued at $70,344,000 after buying an additional 1,223,630 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of AstraZeneca by 650.1% in the first quarter. Deutsche Bank AG now owns 1,234,847 shares of the company's stock valued at $90,761,000 after buying an additional 1,070,223 shares in the last quarter. 20.35% of the stock is currently owned by institutional investors and hedge funds.

AstraZeneca Stock Up 0.6%

Shares of NASDAQ:AZN traded up $0.4460 during midday trading on Tuesday, hitting $79.5660. The stock had a trading volume of 993,276 shares, compared to its average volume of 5,283,848. The company has a quick ratio of 0.67, a current ratio of 0.86 and a debt-to-equity ratio of 0.55. The business's 50-day simple moving average is $72.44 and its 200-day simple moving average is $71.97. AstraZeneca PLC has a 12 month low of $61.24 and a 12 month high of $87.68. The company has a market cap of $246.76 billion, a P/E ratio of 29.92, a PEG ratio of 1.46 and a beta of 0.36.

AstraZeneca (NASDAQ:AZN - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $1.09 EPS for the quarter, hitting analysts' consensus estimates of $1.09. AstraZeneca had a net margin of 14.68% and a return on equity of 32.84%. The firm had revenue of $14.46 billion during the quarter, compared to analysts' expectations of $14.08 billion. During the same period in the previous year, the business posted $1.24 earnings per share. The company's revenue for the quarter was up 16.1% compared to the same quarter last year. On average, sell-side analysts forecast that AstraZeneca PLC will post 4.51 earnings per share for the current fiscal year.

AstraZeneca Cuts Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Monday, September 8th. Shareholders of record on Friday, August 8th will be given a dividend of $0.505 per share. This represents a yield of 200.0%. The ex-dividend date of this dividend is Friday, August 8th. AstraZeneca's payout ratio is 37.97%.

Analysts Set New Price Targets

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

AstraZeneca Company 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.