Migdal Insurance & Financial Holdings Ltd. Sells 306,000 Shares of AstraZeneca Plc $AZN

Key Points

• Migdal Insurance & Financial Holdings cut its AstraZeneca stake by 45.3% in the third quarter, selling 306,000 shares and retaining 370,000 shares valued at about $59.7 million.
• AstraZeneca’s latest quarterly results beat estimates: earnings were $2.79 per share versus $2.60 expected, while revenue rose 6.5% year over year to $16.21 billion.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $206.67; 16 analysts rated the stock Buy and three rated it Hold.

Migdal Insurance & Financial Holdings Ltd. reduced its holdings in shares of AstraZeneca Plc (NYSE:AZN - Free Report) by 45.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 370,000 shares of the company's stock after selling 306,000 shares during the period. Migdal Insurance & Financial Holdings Ltd.'s holdings in AstraZeneca were worth $59,744,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AZN. Amundi raised its holdings in AstraZeneca by 146,574.4% in the 1st quarter. Amundi now owns 15,386,149 shares of the company's stock worth $3,034,456,000 after purchasing an additional 15,375,659 shares during the period. Janus Henderson Group PLC lifted its holdings in AstraZeneca by 889.9% in the 1st quarter. Janus Henderson Group PLC now owns 11,949,424 shares of the company's stock worth $2,319,947,000 after purchasing an additional 10,742,268 shares in the last quarter. Rathbones Group PLC lifted its holdings in shares of AstraZeneca by 106,772.0% in the first quarter. Rathbones Group PLC now owns 8,054,943 shares of the company's stock worth $1,560,419,000 after buying an additional 8,047,406 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of AstraZeneca by 208.6% in the first quarter. Royal Bank of Canada now owns 10,386,455 shares of the company's stock worth $2,048,417,000 after buying an additional 7,021,126 shares in the last quarter. Finally, Swiss National Bank purchased a new position in shares of AstraZeneca in the first quarter worth $1,202,714,000. 20.35% of the stock is owned by hedge funds and other institutional investors.

AstraZeneca Price Performance

Shares of AZN traded up $0.28 during mid-day trading on Friday, hitting $184.66. 1,849,945 shares of the stock were exchanged, compared to its average volume of 3,101,796. The company has a market cap of $286.40 billion, a PE ratio of 26.12, a price-to-earnings-growth ratio of 1.43 and a beta of 0.24. AstraZeneca Plc has a 52-week low of $153.41 and a 52-week high of $212.71. The firm has a 50-day moving average of $168.82 and a two-hundred day moving average of $180.20. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.79 and a current ratio of 1.01.

AstraZeneca (NYSE:AZN - Get Free Report) last posted its earnings results on Friday, October 30th. The company reported $2.79 EPS for the quarter, beating analysts' consensus estimates of $2.60 by $0.19. AstraZeneca had a return on equity of 31.85% and a net margin of 17.68%. The firm had revenue of $16.21 billion during the quarter, compared to the consensus estimate of $16 billion. During the same period in the prior year, the company earned $2.38 EPS. The company's quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities analysts predict that AstraZeneca Plc will post 10.22 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on AZN shares. Citigroup reaffirmed a "buy" rating on shares of AstraZeneca in a research note on Tuesday, October 6th. Nordea Equity Research upgraded shares of AstraZeneca from a "sell" rating to a "buy" rating in a report on Tuesday, October 13th. Royal Bank Of Canada began coverage on shares of AstraZeneca in a research note on Tuesday, September 8th. They issued an "outperform" rating on the stock. Wall Street Zen raised shares of AstraZeneca from a "hold" rating to a "buy" rating in a report on Saturday, October 31st. Finally, Zacks Research upgraded AstraZeneca from a "strong sell" rating to a "hold" rating in a research report on Tuesday, October 13th. Sixteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $206.67.

About AstraZeneca

AstraZeneca plc is a global, science-led biopharmaceutical company headquartered in Cambridge, United Kingdom. The company discovers, develops and commercializes prescription medicines, with a focus on oncology, biopharmaceuticals and rare diseases. Its research and commercial operations serve patients and healthcare systems across more than 100 countries. AstraZeneca’s portfolio includes medicines for cancer, respiratory and immune-mediated conditions, cardiovascular, renal and metabolic diseases, and rare disorders.

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