Cove Private Wealth LLC Buys Shares of 4,000 AstraZeneca PLC $AZN

Key Points

• Cove Private Wealth LLC acquired 4,000 shares of AstraZeneca PLC, valued at approximately $280,000, during the second quarter of the year.
• AstraZeneca's recent earnings report showed quarterly revenue of $14.46 billion, exceeding the consensus estimate of $14.08 billion, and an earnings per share that matched expectations at $1.09.
• Berenberg Bank set a new price target of $97.00 for AstraZeneca, and analysts currently have a consensus rating of "Moderate Buy" with an average price target of $86.00.

Cove Private Wealth LLC bought a new stake in shares of AstraZeneca PLC (NASDAQ:AZN - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 4,000 shares of the company's stock, valued at approximately $280,000.

Several other institutional investors have also added to or reduced their stakes in the business. Confluence Investment Management LLC purchased a new position in shares of AstraZeneca in the 1st quarter worth $27,000. Larson Financial Group LLC boosted its stake in shares of AstraZeneca by 297.9% in the 1st quarter. Larson Financial Group LLC now owns 386 shares of the company's stock worth $28,000 after buying an additional 289 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in shares of AstraZeneca in the 1st quarter worth $29,000. Costello Asset Management INC purchased a new position in shares of AstraZeneca in the 1st quarter worth $29,000. Finally, Highline Wealth Partners LLC boosted its stake in shares of AstraZeneca by 447.4% in the 1st quarter. Highline Wealth Partners LLC now owns 416 shares of the company's stock worth $31,000 after buying an additional 340 shares during the last quarter. 20.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

AstraZeneca Price Performance

NASDAQ AZN opened at $73.76 on Friday. The company has a market capitalization of $228.76 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 1.35 and a beta of 0.37. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.67 and a current ratio of 0.86. The business's fifty day moving average is $77.13 and its 200 day moving average is $72.96. AstraZeneca PLC has a fifty-two week low of $61.24 and a fifty-two week high of $82.41.

AstraZeneca (NASDAQ:AZN - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $1.09 earnings per share for the quarter, meeting the consensus estimate of $1.09. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate 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 in the previous year, the business earned $1.24 earnings per share. Sell-side analysts predict that AstraZeneca PLC will post 4.51 earnings per share for the current year.

AstraZeneca Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Monday, September 8th. Stockholders of record on Friday, August 8th were given a $0.505 dividend. This represents a dividend yield of 200.0%. The ex-dividend date was Friday, August 8th. AstraZeneca's payout ratio is presently 37.97%.

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.

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