Main Street Research LLC Has $37.60 Million Holdings in Astrazeneca Plc $AZN

Main Street Research LLC trimmed its position in shares of Astrazeneca Plc (NYSE:AZN) by 48.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 190,644 shares of the company’s stock after selling 180,573 shares during the quarter. Astrazeneca makes up about 2.2% of Main Street Research LLC’s investment portfolio, making the stock its 24th biggest position. Main Street Research LLC’s holdings in Astrazeneca were worth $37,599,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in Astrazeneca by 93.2% in the fourth quarter. Brighton Jones LLC now owns 5,782 shares of the company’s stock worth $379,000 after purchasing an additional 2,789 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Astrazeneca by 45.3% in the first quarter. AQR Capital Management LLC now owns 37,501 shares of the company’s stock valued at $2,756,000 after buying an additional 11,690 shares during the last quarter. Amundi grew its holdings in Astrazeneca by 54.4% during the 2nd quarter. Amundi now owns 10,274 shares of the company’s stock worth $731,000 after acquiring an additional 3,618 shares during the last quarter. Jump Financial LLC increased its position in Astrazeneca by 898.4% in the 2nd quarter. Jump Financial LLC now owns 33,478 shares of the company’s stock valued at $2,339,000 after acquiring an additional 30,125 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of Astrazeneca by 1.2% in the second quarter. Daiwa Securities Group Inc. now owns 46,642 shares of the company’s stock worth $3,259,000 after acquiring an additional 559 shares during the last quarter. Institutional investors and hedge funds own 20.35% of the company’s stock.

Astrazeneca News Summary

Here are the key news stories impacting Astrazeneca this week:

• Negative Sentiment: AstraZeneca and partner Ionis said Wainua failed to meet its main goal in a late-stage trial for a rare heart condition, a disappointing result that raised concerns about the drug’s commercial potential and the strength of the company’s pipeline. Reuters article
• Negative Sentiment: Several reports said the trial miss sparked a sharp selloff in AZN shares, with investors reacting not just to the direct revenue impact but also to the hit to management credibility and confidence in late-stage development execution. Proactive Investors article
• Negative Sentiment: Market coverage highlighted that AstraZeneca’s shares were among the biggest laggards in the FTSE 100 and that the stock’s decline was tied to the surprise of missing the primary endpoint in a closely watched heart-disease study. CNBC article
• Neutral Sentiment: AstraZeneca also received a Buy rating from Bernstein, which may help offset some sentiment damage, but the upgrade was overwhelmed by the trial disappointment. Bernstein note
• Neutral Sentiment: Separately, AstraZeneca recently advanced a respiratory-drug licensing deal with Sino Biopharm, showing continued pipeline activity, but this news was not enough to offset today’s pressure from Wainua. WSJ article

Wall Street Analyst Weigh In

AZN has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft reissued a “sell” rating on shares of Astrazeneca in a report on Tuesday, June 30th. TD Cowen reiterated a “buy” rating on shares of Astrazeneca in a research report on Wednesday, March 18th. Barclays reissued a “buy” rating on shares of Astrazeneca in a research note on Monday, June 1st. The Goldman Sachs Group restated a “buy” rating on shares of Astrazeneca in a research report on Wednesday, July 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Astrazeneca in a research note on Wednesday, April 8th. Fourteen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $211.00.

Astrazeneca Trading Down 5.7%

Shares of NYSE AZN opened at $178.46 on Friday. Astrazeneca Plc has a fifty-two week low of $137.23 and a fifty-two week high of $212.71. The firm has a market capitalization of $276.77 billion, a P/E ratio of 26.80, a P/E/G ratio of 1.53 and a beta of 0.24. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.91 and a quick ratio of 0.71. The company’s 50 day simple moving average is $183.99 and its 200 day simple moving average is $188.61.

Astrazeneca (NYSE:AZN) last released its earnings results on Wednesday, April 29th. The company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.06. The firm had revenue of $15.29 billion during 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%. On average, analysts predict that Astrazeneca Plc will post 10.28 EPS for the current year.

Astrazeneca 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.