Primecap Management Co. CA Sells 347,940 Shares of AstraZeneca PLC (NASDAQ:AZN)

Primecap Management Co. CA lessened its position in shares of AstraZeneca PLC (NASDAQ:AZN) by 0.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,597,235 shares of the company’s stock after selling 347,940 shares during the quarter. AstraZeneca makes up about 2.4% of Primecap Management Co. CA’s investment portfolio, making the stock its 9th largest position. Primecap Management Co. CA owned 1.37% of AstraZeneca worth $3,322,158,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. GHP Investment Advisors Inc. acquired a new stake in AstraZeneca in the 2nd quarter valued at $26,000. Able Wealth Management LLC acquired a new position in AstraZeneca in the fourth quarter worth $27,000. Pathway Financial Advisers LLC acquired a new position in AstraZeneca in the first quarter worth $29,000. Hobbs Group Advisors LLC acquired a new position in AstraZeneca in the second quarter worth $35,000. Finally, Pin Oak Investment Advisors Inc. boosted its stake in AstraZeneca by 468.4% in the fourth quarter. Pin Oak Investment Advisors Inc. now owns 449 shares of the company’s stock worth $30,000 after purchasing an additional 370 shares in the last quarter. Institutional investors and hedge funds own 20.35% of the company’s stock.

AstraZeneca Trading Up 1.0 %

NASDAQ:AZN opened at $79.04 on Tuesday. AstraZeneca PLC has a 1-year low of $60.47 and a 1-year high of $87.68. The business’s 50-day moving average price is $81.75 and its two-hundred day moving average price is $76.35. The company has a current ratio of 0.89, a quick ratio of 0.69 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $245.07 billion, a price-to-earnings ratio of 38.75, a PEG ratio of 1.49 and a beta of 0.47.

AstraZeneca (NASDAQ:AZN) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.01. The company had revenue of $12.45 billion for the quarter, compared to analyst estimates of $12.62 billion. AstraZeneca had a return on equity of 29.34% and a net margin of 13.11%. AstraZeneca’s revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.08 earnings per share. On average, equities analysts expect that AstraZeneca PLC will post 4.05 earnings per share for the current year.

AstraZeneca Cuts Dividend

The company also recently disclosed a Semi-Annual dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 9th were issued a dividend of $0.49 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a dividend yield of 1.8%. AstraZeneca’s payout ratio is presently 48.04%.

Analyst Ratings Changes

A number of equities analysts have commented on AZN shares. Deutsche Bank Aktiengesellschaft lowered AstraZeneca from a “hold” rating to a “sell” rating in a research note on Friday. Barclays raised AstraZeneca to a “strong-buy” rating in a research note on Monday, June 24th. Citigroup upgraded AstraZeneca to a “strong-buy” rating in a research report on Monday, June 24th. TD Cowen upped their price target on AstraZeneca from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Finally, The Goldman Sachs Group started coverage on AstraZeneca in a research note on Thursday, May 30th. They set a “buy” rating and a $97.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $89.75.

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.