Federated Hermes Inc. Cuts Stake in AstraZeneca PLC (NASDAQ:AZN)

Key Points

• Federated Hermes Inc. has reduced its stake in AstraZeneca PLC by 6.0%, now holding approximately $14.42 million worth of shares.
• AstraZeneca recently reported earnings of $1.09 per share and revenue of $14.46 billion, surpassing analysts' expectations.
• Analysts have set a consensus rating of "Moderate Buy" for AstraZeneca with an average price target of $89.00.

Federated Hermes Inc. reduced its stake in AstraZeneca PLC (NASDAQ:AZN - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 196,126 shares of the company's stock after selling 12,469 shares during the quarter. Federated Hermes Inc.'s holdings in AstraZeneca were worth $14,415,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in AZN. Banque Transatlantique SA purchased a new stake in AstraZeneca during the 4th quarter worth approximately $26,000. Confluence Investment Management LLC acquired a new position in shares of AstraZeneca in the first quarter worth $27,000. Larson Financial Group LLC increased its position in shares of AstraZeneca by 297.9% during the first quarter. Larson Financial Group LLC now owns 386 shares of the company's stock worth $28,000 after acquiring an additional 289 shares during the period. Mascagni Wealth Management Inc. acquired a new stake in shares of AstraZeneca in the fourth quarter valued at $29,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of AstraZeneca in the first quarter valued at $29,000. Hedge funds and other institutional investors own 20.35% of the company's stock.

AstraZeneca Stock Up 1.2%

NASDAQ AZN traded up $0.86 during trading on Friday, reaching $73.95. 9,725,399 shares of the company's stock were exchanged, compared to its average volume of 5,493,374. The stock has a market cap of $229.34 billion, a P/E ratio of 27.80, a price-to-earnings-growth ratio of 1.36 and a beta of 0.36. 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 company has a 50 day moving average price of $71.55 and a two-hundred day moving average price of $71.44. AstraZeneca PLC has a 1 year low of $61.24 and a 1 year high of $87.68.

AstraZeneca (NASDAQ:AZN - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $1.09 earnings per share 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 company had revenue of $14.46 billion for the quarter, compared to analysts' expectations of $14.08 billion. During the same quarter last year, the company earned $1.24 earnings per share. The firm's revenue for the quarter was up 16.1% on a year-over-year basis. On average, equities research analysts anticipate that AstraZeneca PLC will post 4.51 EPS for the current fiscal year.

AstraZeneca Cuts Dividend

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

Analyst Ratings Changes

Several research analysts recently commented on the company. Berenberg Bank set a $97.00 target price on AstraZeneca in a research note on Wednesday, July 9th. BNP Paribas initiated coverage on AstraZeneca in a research report on Tuesday, April 15th. They set an "outperform" rating and a $75.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, AstraZeneca currently has a consensus rating of "Moderate Buy" and a consensus price target of $89.00.

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.