Jennison Associates LLC Sells 2,698,901 Shares of Astrazeneca Plc $AZN

Key Points

• Jennison Associates LLC cut its AstraZeneca stake by 80.3% in the first quarter, selling 2,698,901 shares and leaving it with 663,945 shares worth about $130.9 million.
• Wall Street sentiment remains mostly positive on AZN, with 13 Buy ratings, one Hold, and one Sell; the consensus rating is Moderate Buy with a price target of $211.
• AstraZeneca recently reported better-than-expected quarterly results, posting EPS of $2.58 versus estimates of $2.52 and revenue of $15.29 billion versus expectations of $14.93 billion.

Jennison Associates LLC lessened its position in shares of Astrazeneca Plc (NYSE:AZN - Free Report) by 80.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 663,945 shares of the company's stock after selling 2,698,901 shares during the quarter. Jennison Associates LLC's holdings in Astrazeneca were worth $130,943,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. IHT Wealth Management LLC grew its holdings in shares of Astrazeneca by 0.3% in the fourth quarter. IHT Wealth Management LLC now owns 17,527 shares of the company's stock valued at $3,076,000 after purchasing an additional 54 shares in the last quarter. Visionary Wealth Advisors raised its stake in Astrazeneca by 1.5% during the fourth quarter. Visionary Wealth Advisors now owns 4,197 shares of the company's stock valued at $737,000 after purchasing an additional 60 shares in the last quarter. Vista Investment Management raised its stake in Astrazeneca by 0.3% during the fourth quarter. Vista Investment Management now owns 21,215 shares of the company's stock valued at $3,723,000 after purchasing an additional 60 shares in the last quarter. Kestra Investment Management LLC lifted its position in Astrazeneca by 1.9% during the fourth quarter. Kestra Investment Management LLC now owns 3,391 shares of the company's stock valued at $595,000 after purchasing an additional 63 shares during the last quarter. Finally, Luken Investment Analytics LLC lifted its position in Astrazeneca by 4.3% during the fourth quarter. Luken Investment Analytics LLC now owns 1,564 shares of the company's stock valued at $274,000 after purchasing an additional 64 shares during the last quarter. Institutional investors own 20.35% of the company's stock.

Analysts Set New Price Targets

AZN has been the topic of a number of research reports. Barclays restated a "buy" rating on shares of Astrazeneca in a report on Monday, June 1st. JPMorgan Chase & Co. reiterated a "buy" rating on shares of Astrazeneca in a research report on Tuesday, June 30th. Morgan Stanley reissued an "overweight" rating on shares of Astrazeneca in a research note on Wednesday, April 8th. HSBC downgraded Astrazeneca from a "buy" rating to a "hold" rating in a research report on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating on shares of Astrazeneca in a research note on Tuesday, June 30th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $211.00.

Astrazeneca Trading Down 0.3%

Shares of AZN opened at $168.81 on Friday. The company's fifty day simple moving average is $182.16 and its 200-day simple moving average is $188.43. The company has a market cap of $261.82 billion, a P/E ratio of 25.35, a P/E/G ratio of 1.37 and a beta of 0.24. The company has a current ratio of 0.91, a quick ratio of 0.71 and a debt-to-equity ratio of 0.52. Astrazeneca Plc has a twelve month low of $137.23 and a twelve month high of $212.71.

Astrazeneca (NYSE:AZN - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.52 by $0.06. Astrazeneca had a net margin of 17.19% and a return on equity of 30.86%. The firm had revenue of $15.29 billion during the quarter, compared to analysts' expectations of $14.93 billion. As a group, analysts expect that Astrazeneca Plc will post 10.22 EPS for the current year.

Astrazeneca Company Profile

AstraZeneca plc is a global biopharmaceutical company headquartered in Cambridge, England. Formed through the 1999 merger of Sweden’s Astra AB and the UK’s Zeneca Group, the company researches, develops, manufactures and commercializes prescription medicines across a range of therapeutic areas. AstraZeneca positions itself as R&D-driven, investing in discovery science, clinical development and regulatory processes to bring new therapies to market.

The company’s commercial portfolio and late-stage pipeline emphasize oncology, cardiovascular, renal and metabolic (CVRM) diseases, and respiratory and immunology.

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