NewEdge Wealth LLC Lowers Stock Position in Astrazeneca Plc $AZN

Key Points

• NewEdge Wealth LLC cut its AstraZeneca stake by 48.9% in the first quarter, selling 27,417 shares and leaving it with 28,697 shares valued at about $5.66 million.
• Institutional ownership remains significant, with hedge funds and other investors holding about 20.35% of AstraZeneca’s stock; several large firms also increased their positions during the period.
• Analysts are generally positive on AZN, with 13 Buy ratings versus one Hold and one Sell, and an average price target of $211. AstraZeneca also recently beat quarterly EPS and revenue estimates.

NewEdge Wealth LLC trimmed its holdings in Astrazeneca Plc (NYSE:AZN - Free Report) by 48.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,697 shares of the company's stock after selling 27,417 shares during the quarter. NewEdge Wealth LLC's holdings in Astrazeneca were worth $5,659,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of AZN. Fisher Asset Management LLC boosted its stake in shares of Astrazeneca by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 21,601,433 shares of the company's stock worth $3,791,051,000 after buying an additional 438,709 shares during the period. Franklin Resources Inc. increased its position in Astrazeneca by 2.3% in the 4th quarter. Franklin Resources Inc. now owns 20,157,744 shares of the company's stock valued at $3,537,684,000 after acquiring an additional 445,014 shares during the period. Morgan Stanley raised its stake in Astrazeneca by 3.2% during the 4th quarter. Morgan Stanley now owns 13,878,726 shares of the company's stock valued at $2,435,716,000 after acquiring an additional 432,939 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Astrazeneca by 546.1% during the 1st quarter. Bank of New York Mellon Corp now owns 6,667,812 shares of the company's stock valued at $1,315,026,000 after acquiring an additional 5,635,812 shares during the last quarter. Finally, Swiss National Bank acquired a new stake in Astrazeneca during the 1st quarter worth approximately $1,202,714,000. Hedge funds and other institutional investors own 20.35% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AZN shares. Weiss Ratings downgraded Astrazeneca from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, June 18th. Sanford C. Bernstein restated a "buy" rating on shares of Astrazeneca in a research note on Monday, May 4th. DZ Bank raised Astrazeneca from a "neutral" rating to a "buy" rating in a report on Wednesday, April 29th. Wall Street Zen upgraded shares of Astrazeneca from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft reissued a "sell" rating on shares of Astrazeneca in a research note on Tuesday, June 30th. Thirteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Astrazeneca currently has an average rating of "Moderate Buy" and an average price target of $211.00.

Astrazeneca Price Performance

Shares of AZN opened at $168.41 on Friday. Astrazeneca Plc has a twelve month low of $142.98 and a twelve month high of $212.71. The stock's 50 day moving average is $180.80 and its two-hundred day moving average is $188.05. The firm has a market capitalization of $261.19 billion, a PE ratio of 25.29, a P/E/G ratio of 1.38 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 (NYSE:AZN - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.52 by $0.06. The business had revenue of $15.29 billion during the quarter, compared to the consensus estimate of $14.93 billion. Astrazeneca had a return on equity of 30.86% and a net margin of 17.19%. Research analysts anticipate that Astrazeneca Plc will post 10.22 earnings per share 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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