Versant Capital Management Inc Acquires New Stake in Astrazeneca Plc $AZN

Key Points

• Versant Capital Management acquired 7,263 AstraZeneca shares in the second quarter, valued at approximately $1.36 million. Institutional investors and hedge funds collectively own 20.35% of the company.
• Analyst sentiment remains broadly positive: 12 analysts rate AZN a Buy, two rate it Hold and one rates it Sell, producing a “Moderate Buy” consensus with an average price target of $211.
• AstraZeneca’s latest quarterly results exceeded expectations on earnings, reporting $2.63 per share versus the $2.50 consensus, while revenue rose 6.4% year over year to $15.38 billion. Shares opened at $158.21, below the company’s 50-day and 200-day moving averages.

Versant Capital Management Inc acquired a new position in shares of Astrazeneca Plc (NYSE:AZN - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 7,263 shares of the company's stock, valued at approximately $1,361,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. IHT Wealth Management LLC lifted its holdings in Astrazeneca by 0.3% in the 4th quarter. IHT Wealth Management LLC now owns 17,527 shares of the company's stock valued at $3,076,000 after purchasing an additional 54 shares in the last quarter. Visionary Wealth Advisors grew its holdings in shares of Astrazeneca by 1.5% during the fourth quarter. Visionary Wealth Advisors now owns 4,197 shares of the company's stock worth $737,000 after buying an additional 60 shares in the last quarter. Vista Investment Management grew its holdings in shares of Astrazeneca by 0.3% during the fourth quarter. Vista Investment Management now owns 21,215 shares of the company's stock worth $3,723,000 after buying an additional 60 shares in the last quarter. Kestra Investment Management LLC raised its position in shares of Astrazeneca by 1.9% in the fourth quarter. Kestra Investment Management LLC now owns 3,391 shares of the company's stock valued at $595,000 after buying an additional 63 shares during the last quarter. Finally, Luken Investment Analytics LLC raised its position in shares of Astrazeneca by 4.3% in the fourth quarter. Luken Investment Analytics LLC now owns 1,564 shares of the company's stock valued at $274,000 after buying an additional 64 shares during the last quarter. Institutional investors and hedge funds own 20.35% of the company's stock.

Analyst Ratings Changes

AZN has been the subject of several recent analyst reports. Wall Street Zen cut shares of Astrazeneca from a "buy" rating to a "hold" rating in a research note on Saturday. Deutsche Bank Aktiengesellschaft reissued a "sell" rating on shares of Astrazeneca in a research note on Tuesday, June 30th. Bank of America restated a "buy" rating on shares of Astrazeneca in a report on Wednesday, July 1st. HSBC downgraded Astrazeneca from a "buy" rating to a "hold" rating in a research report on Monday, July 13th. Finally, DZ Bank upgraded Astrazeneca from a "neutral" rating to a "buy" rating in a research report on Wednesday, April 29th. Twelve analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Astrazeneca has an average rating of "Moderate Buy" and an average target price of $211.00.

Astrazeneca Price Performance

Astrazeneca stock opened at $158.21 on Tuesday. Astrazeneca Plc has a 1 year low of $145.79 and a 1 year high of $212.71. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.67 and a current ratio of 0.89. The firm has a 50 day moving average price of $178.44 and a 200 day moving average price of $187.69. The company has a market cap of $245.37 billion, a price-to-earnings ratio of 23.65, a PEG ratio of 1.47 and a beta of 0.26.

Astrazeneca (NYSE:AZN - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The company reported $2.63 earnings per share for the quarter, topping analysts' consensus estimates of $2.50 by $0.13. The company had revenue of $15.38 billion for the quarter, compared to the consensus estimate of $15.44 billion. Astrazeneca had a net margin of 17.02% and a return on equity of 31.45%. Astrazeneca's revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.17 earnings per share. Sell-side analysts predict that Astrazeneca Plc will post 10.22 earnings per share for the current year.

Astrazeneca News Roundup

Here are the key news stories impacting Astrazeneca this week:

• Positive Sentiment: A combination could create significant cost savings and operating synergies. One healthcare analyst said that aggressively reducing overlapping expenses could be the primary financial rationale for the transaction. Top Healthcare Analyst: A $400 Billion AstraZeneca-Bristol Myers Deal Could “Cut Costs in a Big Way”
• Positive Sentiment: AstraZeneca was ranked among the stronger-growing large pharmaceutical companies, while Bristol Myers has lagged its peers. AstraZeneca’s growth could potentially improve the combined company’s outlook if management executes successfully. AstraZeneca tops pharma growth rankings while Bristol Myers trails amid merger talks
• Neutral Sentiment: The discussions are preliminary, and analysts said a transaction may be unlikely in the near term. Neither company has announced a definitive agreement, leaving the deal’s structure, price and timing uncertain. Potential AstraZeneca purchase of Bristol-Myers unlikely for now - analyst
• Negative Sentiment: Investors reacted negatively because the reported acquisition would be one of the largest pharmaceutical deals ever and could require AstraZeneca to pay a premium, issue debt or stock, and absorb substantial integration costs. Reports described analysts as “baffled” by the strategic logic. Analysts baffled by AstraZeneca's interest in Bristol Myers Squibb
• Negative Sentiment: Commentary indicated that AZN shareholders view the potential transaction as value-destructive, while BMY shareholders may benefit from the prospect of a premium exit. That asymmetric reaction helps explain the pressure on AstraZeneca shares. Bristol-Myers Squibb and AstraZeneca said to discuss megamerger

Astrazeneca Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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