WCM Investment Management LLC Cuts Holdings in AstraZeneca PLC $AZN

Key Points

• WCM Investment Management LLC reduced its stake in AstraZeneca by 33.7% during the second quarter, owning 2,653,082 shares worth approximately $185 million after selling 1,349,988 shares.
• Despite the reduction by WCM, other hedge funds, like Brighton Jones LLC and GAMMA Investing LLC, significantly increased their holdings, with Brighton Jones boosting its stake by 93.2%.
• AstraZeneca's stock is currently priced at $84.83, with a twelve month high of $86.57 and a recent earnings report showing revenue growth of 16.1% year-over-year.

WCM Investment Management LLC lowered its holdings in AstraZeneca PLC (NASDAQ:AZN - Free Report) by 33.7% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 2,653,082 shares of the company's stock after selling 1,349,988 shares during the quarter. WCM Investment Management LLC owned about 0.09% of AstraZeneca worth $185,318,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AZN. Brighton Jones LLC increased its holdings in shares of AstraZeneca by 93.2% in the 4th quarter. Brighton Jones LLC now owns 5,782 shares of the company's stock valued at $379,000 after acquiring an additional 2,789 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of AstraZeneca by 43.3% in the 1st quarter. GAMMA Investing LLC now owns 7,878 shares of the company's stock valued at $579,000 after acquiring an additional 2,380 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of AstraZeneca by 1.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 311,600 shares of the company's stock valued at $22,903,000 after acquiring an additional 5,557 shares during the last quarter. Dynamic Advisor Solutions LLC increased its holdings in shares of AstraZeneca by 58.4% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 13,055 shares of the company's stock valued at $960,000 after acquiring an additional 4,811 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of AstraZeneca in the 1st quarter valued at about $21,926,000. Hedge funds and other institutional investors own 20.35% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Weiss Ratings reissued a "buy (b)" rating on shares of AstraZeneca in a research report on Wednesday, October 8th. Berenberg Bank set a $97.00 target price on AstraZeneca in a research report on Wednesday, July 9th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, AstraZeneca presently has an average rating of "Moderate Buy" and an average price target of $86.00.

AstraZeneca Stock Down 0.3%

AstraZeneca stock opened at $84.83 on Thursday. AstraZeneca PLC has a twelve month low of $61.24 and a twelve month high of $86.57. The stock has a 50 day moving average of $79.82 and a two-hundred day moving average of $73.69. The company has a current ratio of 0.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $263.09 billion, a price-to-earnings ratio of 31.89, a PEG ratio of 1.56 and a beta of 0.36.

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

AstraZeneca Cuts Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Monday, September 8th. Shareholders of record on Friday, August 8th were given a dividend of $0.505 per share. This represents a yield of 200.0%. The ex-dividend date of this dividend was Friday, August 8th. AstraZeneca's dividend payout ratio (DPR) 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.

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