Teachers Retirement System of The State of Kentucky Sells 50,859 Shares of Astrazeneca Plc $AZN

Key Points

• Teachers Retirement System of The State of Kentucky reduced its AstraZeneca stake by 42% in the first quarter, selling 50,859 shares and leaving it with 70,159 shares worth about $13.8 million.
• Analyst sentiment remains mostly constructive: multiple firms reiterated or raised buy ratings, and the stock carries a consensus rating of “Moderate Buy” with an average price target of $211.
• AstraZeneca reported solid quarterly results, beating EPS and revenue estimates, while recent news also highlighted a major oncology licensing deal and mixed reactions to a trial setback and HSBC downgrade.

Teachers Retirement System of The State of Kentucky cut its stake in shares of Astrazeneca Plc (NYSE:AZN - Free Report) by 42.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,159 shares of the company's stock after selling 50,859 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Astrazeneca were worth $13,837,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in AZN. Avion Wealth grew its position in shares of Astrazeneca by 166.2% during the 1st quarter. Avion Wealth now owns 197 shares of the company's stock worth $38,000 after buying an additional 123 shares during the period. LGT Fund Management Co Ltd. raised its position in shares of Astrazeneca by 160.3% in the 1st quarter. LGT Fund Management Co Ltd. now owns 103,991 shares of the company's stock valued at $20,203,000 after acquiring an additional 64,033 shares during the period. Anchor Investment Management LLC acquired a new stake in shares of Astrazeneca in the 1st quarter valued at approximately $86,000. Diversify Wealth Management LLC boosted its stake in Astrazeneca by 184.0% during the 1st quarter. Diversify Wealth Management LLC now owns 11,855 shares of the company's stock worth $2,196,000 after acquiring an additional 7,681 shares during the last quarter. Finally, Midwest Trust Co bought a new position in Astrazeneca during the 1st quarter worth approximately $503,000. Institutional investors own 20.35% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on AZN shares. DZ Bank raised shares of Astrazeneca from a "neutral" rating to a "buy" rating in a research note on Wednesday, April 29th. HSBC cut shares of Astrazeneca from a "buy" rating to a "hold" rating in a research report on Monday. JPMorgan Chase & Co. reissued a "buy" rating on shares of Astrazeneca in a report on Tuesday, June 30th. The Goldman Sachs Group restated a "buy" rating on shares of Astrazeneca in a research report on Wednesday, July 1st. Finally, TD Cowen reaffirmed a "buy" rating on shares of Astrazeneca in a research note on Wednesday, March 18th. Thirteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $211.00.

Astrazeneca News Summary

Here are the key news stories impacting Astrazeneca this week:

• Positive Sentiment: AstraZeneca agreed to pay $600 million upfront, with up to $900 million more in milestones, for worldwide rights to Dizal Pharmaceutical’s lung cancer pill Zegfrovy. The deal expands AstraZeneca’s oncology pipeline and could add a late-stage growth opportunity if development and sales targets are met. Article Title
• Positive Sentiment: UBS said it still expects AstraZeneca to post solid second-quarter results and kept a buy rating, suggesting the company’s core business remains healthy ahead of upcoming earnings. Article Title
• Neutral Sentiment: Market commentary noted that AstraZeneca appeared to absorb the impact of the Wainua Phase 3 failure better than some biotech peers, implying the setback may be more of a sentiment issue than a major fundamental hit for AZN. Article Title
• Negative Sentiment: HSBC downgraded AstraZeneca to hold from buy after a key trial failure, saying the setback weakens the company’s bull case and reduces near-term upside. The bank also cut its price target, which can pressure shares. Article Title

Astrazeneca Price Performance

Shares of AZN opened at $169.79 on Tuesday. The stock has a 50 day simple moving average of $183.38 and a 200 day simple moving average of $188.67. Astrazeneca Plc has a 52-week low of $137.23 and a 52-week high of $212.71. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.71 and a current ratio of 0.91. The firm has a market capitalization of $263.32 billion, a PE ratio of 25.49, a P/E/G ratio of 1.39 and a beta of 0.24.

Astrazeneca (NYSE:AZN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.52 by $0.06. The firm had revenue of $15.29 billion for the quarter, compared to analyst estimates of $14.93 billion. Astrazeneca had a net margin of 17.19% and a return on equity of 30.86%. Sell-side analysts predict that Astrazeneca Plc will post 10.28 EPS for the current fiscal year.

About Astrazeneca

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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