SCS Capital Management LLC Takes Position in AstraZeneca PLC $AZN

Key Points

• SCS Capital Management LLC has made a new investment of approximately $3.07 million in AstraZeneca PLC, acquiring 41,717 shares during the first quarter.
• AstraZeneca reported a 16.1% increase in quarterly revenue compared to the previous year, with earnings per share of $1.09, meeting analyst expectations.
• The current average analyst rating for AstraZeneca is a "Moderate Buy," with a consensus target price set at $86.00.

SCS Capital Management LLC bought a new stake in AstraZeneca PLC (NASDAQ:AZN - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 41,717 shares of the company's stock, valued at approximately $3,066,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Confluence Investment Management LLC bought a new stake in shares of AstraZeneca in the 1st quarter valued at about $27,000. Larson Financial Group LLC raised its holdings in shares of AstraZeneca by 297.9% in the 1st quarter. Larson Financial Group LLC now owns 386 shares of the company's stock valued at $28,000 after purchasing an additional 289 shares during the period. Mascagni Wealth Management Inc. bought a new stake in shares of AstraZeneca in the 4th quarter valued at about $29,000. FNY Investment Advisers LLC bought a new stake in shares of AstraZeneca in the 1st quarter valued at about $29,000. Finally, Costello Asset Management INC bought a new stake in shares of AstraZeneca in the 1st quarter valued at about $29,000. 20.35% of the stock is owned by institutional investors.

AstraZeneca Stock Performance

AstraZeneca stock traded down $1.54 during trading hours on Friday, hitting $79.56. The company had a trading volume of 4,491,602 shares, compared to its average volume of 3,166,284. The firm has a market cap of $246.74 billion, a PE ratio of 29.91, a PEG ratio of 1.49 and a beta of 0.37. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.86 and a quick ratio of 0.67. AstraZeneca PLC has a one year low of $61.24 and a one year high of $82.41. The firm has a 50-day moving average of $75.95 and a 200 day moving average of $72.97.

AstraZeneca (NASDAQ:AZN - Get Free Report) last released its quarterly 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 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 period in the prior year, the firm earned $1.24 EPS. The business's revenue was up 16.1% on a year-over-year basis. On average, sell-side analysts expect that AstraZeneca PLC will post 4.51 earnings per share for the current 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 given 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%.

Wall Street Analyst Weigh In

Separately, Berenberg Bank set a $97.00 target price on shares of AstraZeneca in a report on Wednesday, July 9th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock 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.