Cumberland Partners Ltd Has $9.21 Million Position in AstraZeneca PLC (NASDAQ:AZN)

Key Points

• Cumberland Partners Ltd significantly increased its stake in AstraZeneca PLC by purchasing an additional 120,733 shares, resulting in a total of 125,344 shares valued at approximately $9.2 million.
• AstraZeneca reported a quarterly revenue of $14.46 billion, surpassing analyst estimates, and maintained earnings per share at $1.09, consistent with expectations.
• The company announced a semi-annual dividend of $0.505, with a dividend yield of 200.0% despite a dividend payout ratio of 77.44%.

Cumberland Partners Ltd grew its position in shares of AstraZeneca PLC (NASDAQ:AZN - Free Report) by 2,618.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 125,344 shares of the company's stock after purchasing an additional 120,733 shares during the period. Cumberland Partners Ltd's holdings in AstraZeneca were worth $9,213,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Banque Transatlantique SA bought a new stake in shares of AstraZeneca in the fourth quarter worth $26,000. Confluence Investment Management LLC bought a new stake in shares of AstraZeneca in the first quarter worth $27,000. Larson Financial Group LLC increased its stake in shares of AstraZeneca by 297.9% in the first 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. Mascagni Wealth Management Inc. bought a new stake in shares of AstraZeneca in the fourth quarter worth $29,000. Finally, FNY Investment Advisers LLC bought a new stake in shares of AstraZeneca in the first quarter worth $29,000. Hedge funds and other institutional investors own 20.35% of the company's stock.

AstraZeneca Stock Up 1.2%

Shares of NASDAQ AZN traded up $0.86 during trading hours on Friday, hitting $73.95. The stock had a trading volume of 9,725,399 shares, compared to its average volume of 5,493,374. The company has a market capitalization of $229.34 billion, a P/E ratio of 27.80, a P/E/G ratio of 1.36 and a beta of 0.36. The firm's 50-day moving average price is $71.55 and its two-hundred day moving average price is $71.44. AstraZeneca PLC has a 52 week low of $61.24 and a 52 week high of $87.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.67 and a current ratio of 0.86.

AstraZeneca (NASDAQ:AZN - Get Free Report) last announced its 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 analysts' expectations of $14.08 billion. AstraZeneca had a return on equity of 32.84% and a net margin of 14.68%. The company's revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.24 earnings per share. Analysts anticipate that AstraZeneca PLC will post 4.51 EPS for the current fiscal year.

AstraZeneca Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Monday, September 8th. Stockholders of record on Friday, August 8th will be given a $0.505 dividend. This represents a dividend yield of 200.0%. The ex-dividend date of this dividend is Friday, August 8th. AstraZeneca's dividend payout ratio is currently 77.44%.

Analysts Set New Price Targets

AZN has been the subject of several analyst reports. Berenberg Bank set a $97.00 price target on shares of AstraZeneca in a report on Wednesday, July 9th. BNP Paribas initiated coverage on shares of AstraZeneca in a report on Tuesday, April 15th. They set an "outperform" rating and a $75.00 price target for the company. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $89.00.

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.