Fred Alger Management LLC Purchases 99,595 Shares of AstraZeneca PLC $AZN

Key Points

• Fred Alger Management LLC has increased its stake in AstraZeneca PLC by 101.0%, owning 198,226 shares worth approximately $14.57 million as of the latest SEC filing.
• AstraZeneca reported a quarterly earnings per share of $1.09, matching analyst estimates, with a revenue of $14.46 billion that exceeded expectations by $0.38 billion.
• Berenberg Bank set a new price target of $97.00 for AstraZeneca, with the stock holding an average rating of "Moderate Buy" amongst analysts.

Fred Alger Management LLC grew its stake in AstraZeneca PLC (NASDAQ:AZN - Free Report) by 101.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 198,226 shares of the company's stock after purchasing an additional 99,595 shares during the period. Fred Alger Management LLC's holdings in AstraZeneca were worth $14,570,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Dynamic Advisor Solutions LLC grew its stake in shares of AstraZeneca by 58.4% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 13,055 shares of the company's stock valued at $960,000 after purchasing an additional 4,811 shares during the period. Farther Finance Advisors LLC grew its stake in shares of AstraZeneca by 13.1% in the 1st quarter. Farther Finance Advisors LLC now owns 6,083 shares of the company's stock valued at $442,000 after purchasing an additional 706 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of AstraZeneca by 1.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 311,600 shares of the company's stock valued at $22,903,000 after purchasing an additional 5,557 shares during the period. Vontobel Holding Ltd. bought a new stake in shares of AstraZeneca in the 1st quarter valued at approximately $727,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of AstraZeneca in the 4th quarter valued at approximately $4,026,000. 20.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank set a $97.00 price objective on AstraZeneca in a research note on Wednesday, July 9th. Three equities 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.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $86.00.

AstraZeneca Price Performance

NASDAQ AZN traded down $1.54 during trading hours on Friday, reaching $79.56. 4,491,602 shares of the company's stock were exchanged, compared to its average volume of 3,166,284. The stock has a market cap of $246.74 billion, a PE ratio of 29.91, a price-to-earnings-growth ratio of 1.49 and a beta of 0.37. AstraZeneca PLC has a one year low of $61.24 and a one year high of $82.41. The firm has a fifty day moving average of $75.95 and a 200-day moving average of $72.97. The company has a current ratio of 0.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.55.

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

AstraZeneca Cuts Dividend

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

AstraZeneca 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.