Patten Group Inc. Acquires 14,507 Shares of AstraZeneca PLC $AZN

Key Points

• Patten Group Inc. increased its holdings in AstraZeneca PLC by 27.9%, acquiring an additional 14,507 shares during the second quarter, bringing its total ownership to 66,492 shares.
• AstraZeneca's stock currently has a consensus rating of "Moderate Buy" with an average price target of $86.00, despite a recent downgrade from Deutsche Bank from "hold" to "sell."
• The company declared a semi-annual dividend of $0.505 per share, with a payout ratio presently at 37.97%, demonstrating its commitment to returning value to shareholders.

Patten Group Inc. lifted its position in shares of AstraZeneca PLC (NASDAQ:AZN - Free Report) by 27.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,492 shares of the company's stock after buying an additional 14,507 shares during the period. AstraZeneca comprises 1.0% of Patten Group Inc.'s investment portfolio, making the stock its 18th largest position. Patten Group Inc.'s holdings in AstraZeneca were worth $4,646,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of AZN. Larson Financial Group LLC raised its holdings in shares of AstraZeneca by 297.9% during the 1st quarter. Larson Financial Group LLC now owns 386 shares of the company's stock valued at $28,000 after buying an additional 289 shares in the last quarter. Richardson Financial Services Inc. raised its holdings in shares of AstraZeneca by 59.8% during the 2nd quarter. Richardson Financial Services Inc. now owns 398 shares of the company's stock valued at $28,000 after buying an additional 149 shares in the last quarter. Costello Asset Management INC purchased a new position in shares of AstraZeneca during the 1st quarter valued at about $29,000. Maseco LLP purchased a new position in AstraZeneca in the 2nd quarter worth approximately $34,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in AstraZeneca in the 1st quarter worth approximately $37,000. 20.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on AZN. Berenberg Bank set a $97.00 price target on AstraZeneca in a research note on Wednesday, July 9th. Deutsche Bank Aktiengesellschaft lowered AstraZeneca from a "hold" rating to a "sell" rating in a research report on Thursday, October 16th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of AstraZeneca in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $86.00.

AstraZeneca Trading Down 0.8%

NASDAQ:AZN opened at $83.22 on Wednesday. The company's 50 day moving average price is $80.58 and its 200-day moving average price is $74.03. AstraZeneca PLC has a 52 week low of $61.24 and a 52 week high of $86.57. 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 cap of $258.10 billion, a price-to-earnings ratio of 31.29, a PEG ratio of 1.55 and a beta of 0.36.

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

AstraZeneca Cuts Dividend

The firm also recently declared a semi-annual dividend, which was paid on Monday, September 8th. Stockholders of record on Friday, August 8th were issued a dividend of $0.505 per share. This represents a dividend yield of 200.0%. The ex-dividend date of this dividend was Friday, August 8th. AstraZeneca's dividend payout ratio 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.