Procyon Advisors LLC Sells 32,992 Shares of AstraZeneca PLC $AZN

Key Points

• Procyon Advisors LLC reduced its stake in AstraZeneca PLC by 87.2% in Q2, selling 32,992 shares and ending with only 4,862 shares worth approximately $340,000.
• AstraZeneca's stock has an average target price of $86.00 and is rated as a "Moderate Buy" by analysts, with Berenberg Bank setting a price objective of $97.00.
• The company's recent quarterly earnings met expectations with a net revenue of $14.46 billion, marking a 16.1% year-over-year increase.

Procyon Advisors LLC lowered its stake in AstraZeneca PLC (NASDAQ:AZN - Free Report) by 87.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,862 shares of the company's stock after selling 32,992 shares during the period. Procyon Advisors LLC's holdings in AstraZeneca were worth $340,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AZN. Dynamic Advisor Solutions LLC boosted its position in AstraZeneca by 58.4% during the first quarter. Dynamic Advisor Solutions LLC now owns 13,055 shares of the company's stock worth $960,000 after purchasing an additional 4,811 shares in the last quarter. SCS Capital Management LLC purchased a new position in AstraZeneca during the first quarter worth about $3,066,000. Farther Finance Advisors LLC lifted its position in AstraZeneca by 13.1% during the first quarter. Farther Finance Advisors LLC now owns 6,083 shares of the company's stock worth $442,000 after buying an additional 706 shares during the period. Strs Ohio purchased a new position in shares of AstraZeneca in the 1st quarter worth about $26,828,000. Finally, Wesbanco Bank Inc. raised its holdings in shares of AstraZeneca by 11.8% in the 2nd quarter. Wesbanco Bank Inc. now owns 123,646 shares of the company's stock worth $8,640,000 after purchasing an additional 13,069 shares during the period. Institutional investors and hedge funds own 20.35% of the company's stock.

AstraZeneca Stock Performance

AstraZeneca stock traded down $0.79 during mid-day trading on Friday, hitting $76.28. 6,661,509 shares of the company's stock traded hands, compared to its average volume of 3,365,713. The firm has a 50 day moving average price of $76.61 and a 200 day moving average price of $72.97. 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 company has a market cap of $236.57 billion, a PE ratio of 28.68, a price-to-earnings-growth ratio of 1.40 and a beta of 0.37. AstraZeneca PLC has a one year low of $61.24 and a one year high of $82.41.

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

AstraZeneca Cuts Dividend

The business also recently announced a semi-annual dividend, which was paid on Monday, September 8th. Investors of record on Friday, August 8th were issued a $0.505 dividend. This represents a dividend yield of 200.0%. The ex-dividend date was Friday, August 8th. AstraZeneca's payout ratio is presently 37.97%.

Analysts Set New Price Targets

Separately, Berenberg Bank set a $97.00 price objective on AstraZeneca in a report on Wednesday, July 9th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, AstraZeneca has a consensus rating of "Moderate Buy" and a consensus target price of $86.00.

AstraZeneca Company 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.