Parnassus Investments LLC Acquires 45,741 Shares of AstraZeneca PLC $AZN

Key Points

• Parnassus Investments LLC increased its stake in AstraZeneca PLC by 3.9% in Q1, holding 1,224,759 shares valued at $90.02 million as of its latest SEC filing.
• AstraZeneca reported earnings of $1.09 per share for the last quarter, meeting analysts' expectations, with a revenue increase of 16.1% year-over-year.
• The company declared a semi-annual dividend of $0.505 per share, with a dividend yield of 200.0% and a payout ratio of 37.97%.

Parnassus Investments LLC raised its holdings in AstraZeneca PLC (NASDAQ:AZN - Free Report) by 3.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,224,759 shares of the company's stock after buying an additional 45,741 shares during the period. Parnassus Investments LLC's holdings in AstraZeneca were worth $90,020,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Confluence Investment Management LLC bought a new position in AstraZeneca in the 1st quarter valued at about $27,000. Larson Financial Group LLC lifted its holdings in shares of AstraZeneca by 297.9% in the first quarter. Larson Financial Group LLC now owns 386 shares of the company's stock valued at $28,000 after purchasing an additional 289 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in shares of AstraZeneca during the first quarter valued at approximately $29,000. Costello Asset Management INC bought a new stake in AstraZeneca during the first quarter worth $29,000. Finally, Banque Transatlantique SA purchased a new stake in AstraZeneca in the 4th quarter valued at $26,000. 20.35% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Berenberg Bank set a $97.00 price objective on AstraZeneca in a research note on Wednesday, July 9th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $86.00.

AstraZeneca Stock Performance

NASDAQ AZN traded up $0.24 during trading hours on Tuesday, reaching $80.14. 2,410,621 shares of the company were exchanged, compared to its average volume of 5,202,946. The company has a quick ratio of 0.67, a current ratio of 0.86 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $248.55 billion, a P/E ratio of 30.13, a P/E/G ratio of 1.47 and a beta of 0.37. AstraZeneca PLC has a 1 year low of $61.24 and a 1 year high of $87.25. The business's 50 day simple moving average is $73.98 and its 200-day simple moving average is $72.52.

AstraZeneca (NASDAQ:AZN - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $1.09 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 during the quarter, compared to analyst estimates of $14.08 billion. During the same quarter last year, the business posted $1.24 EPS. AstraZeneca's quarterly revenue was up 16.1% compared to the same quarter last year. On average, equities research analysts expect that AstraZeneca PLC will post 4.51 earnings per share for the current year.

AstraZeneca Cuts Dividend

The company also recently declared 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. This represents a dividend yield of 200.0%. The ex-dividend date of this dividend is Friday, August 8th. AstraZeneca's dividend payout ratio is currently 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.