Sofinnova Investments Inc. Buys 204,704 Shares of AstraZeneca PLC (NASDAQ:AZN)

Sofinnova Investments Inc. increased its stake in AstraZeneca PLC (NASDAQ:AZN) by 34.3% in the 2nd quarter, Holdings Channel reports. The firm owned 801,417 shares of the company’s stock after purchasing an additional 204,704 shares during the period. AstraZeneca accounts for approximately 3.3% of Sofinnova Investments Inc.’s holdings, making the stock its 6th biggest position. Sofinnova Investments Inc.’s holdings in AstraZeneca were worth $62,503,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in AZN. Price T Rowe Associates Inc. MD boosted its holdings in AstraZeneca by 17.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 61,271,974 shares of the company’s stock valued at $4,151,177,000 after acquiring an additional 9,002,450 shares during the period. Capital International Investors boosted its stake in AstraZeneca by 0.5% during the 4th quarter. Capital International Investors now owns 34,782,762 shares of the company’s stock valued at $2,342,367,000 after purchasing an additional 164,183 shares during the period. Sanders Capital LLC grew its holdings in AstraZeneca by 39.0% in the 4th quarter. Sanders Capital LLC now owns 14,684,066 shares of the company’s stock valued at $988,972,000 after buying an additional 4,122,965 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in AstraZeneca by 9.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 10,424,914 shares of the company’s stock worth $708,617,000 after buying an additional 889,178 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of AstraZeneca by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 9,376,193 shares of the company’s stock worth $631,487,000 after buying an additional 205,185 shares during the last quarter. Institutional investors own 20.35% of the company’s stock.

AstraZeneca Stock Up 1.0 %

Shares of AZN opened at $79.04 on Tuesday. The company has a quick ratio of 0.69, a current ratio of 0.89 and a debt-to-equity ratio of 0.69. The company has a 50-day moving average price of $81.75 and a two-hundred day moving average price of $76.35. The stock has a market cap of $245.07 billion, a price-to-earnings ratio of 38.75, a P/E/G ratio of 1.49 and a beta of 0.47. AstraZeneca PLC has a 12 month low of $60.47 and a 12 month high of $87.68.

AstraZeneca (NASDAQ:AZN) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.98 by $0.01. AstraZeneca had a return on equity of 29.34% and a net margin of 13.11%. The business had revenue of $12.45 billion for the quarter, compared to analyst estimates of $12.62 billion. During the same quarter in the previous year, the firm earned $1.08 EPS. AstraZeneca’s quarterly revenue was up 9.1% on a year-over-year basis. Equities analysts predict that AstraZeneca PLC will post 4.05 EPS for the current fiscal year.

AstraZeneca Cuts Dividend

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

Analysts Set New Price Targets

AZN has been the topic of several research analyst reports. Argus raised their price objective on shares of AstraZeneca from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Citigroup upgraded shares of AstraZeneca to a “strong-buy” rating in a research report on Monday, June 24th. Erste Group Bank raised shares of AstraZeneca from a “hold” rating to a “buy” rating in a research report on Wednesday, September 11th. The Goldman Sachs Group began coverage on shares of AstraZeneca in a research note on Thursday, May 30th. They issued a “buy” rating and a $97.00 target price for the company. Finally, TD Cowen boosted 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. One research analyst has rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, AstraZeneca currently has an average rating of “Buy” and an average target price of $89.75.

AstraZeneca Company 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.