AstraZeneca PLC (NASDAQ:AZN) Sees Large Decrease in Short Interest

AstraZeneca PLC (NASDAQ:AZN) was the target of a significant drop in short interest in July. As of July 15th, there was short interest totalling 5,800,000 shares, a drop of 9.5% from the June 30th total of 6,410,000 shares. Based on an average trading volume of 4,270,000 shares, the short-interest ratio is presently 1.4 days.

AstraZeneca Stock Down 0.9 %

NASDAQ AZN traded down $0.70 during trading on Tuesday, hitting $77.66. 3,743,058 shares of the company traded hands, compared to its average volume of 5,326,389. AstraZeneca has a 12 month low of $60.47 and a 12 month high of $80.86. The business has a fifty day simple moving average of $78.57 and a 200 day simple moving average of $72.02. 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 company has a market capitalization of $240.79 billion, a P/E ratio of 38.41, a PEG ratio of 1.43 and a beta of 0.45.

AstraZeneca (NASDAQ:AZN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.01. The business 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%. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.08 earnings per share. As a group, sell-side analysts predict that AstraZeneca will post 4.02 EPS for the current year.

AstraZeneca Cuts Dividend

The firm also recently disclosed a Semi-Annual dividend, which will be paid on Monday, September 9th. Stockholders of record on Friday, August 9th will be paid a $0.49 dividend. The ex-dividend date is Friday, August 9th. This represents a dividend yield of 1.8%. AstraZeneca’s payout ratio is presently 94.61%.

Hedge Funds Weigh In On AstraZeneca

A number of institutional investors have recently made changes to their positions in the business. Cerity Partners LLC grew its position in AstraZeneca by 113.0% during the fourth quarter. Cerity Partners LLC now owns 95,677 shares of the company’s stock worth $6,444,000 after buying an additional 50,750 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in AstraZeneca by 43.7% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 163,011 shares of the company’s stock valued at $10,979,000 after purchasing an additional 49,541 shares in the last quarter. Assetmark Inc. boosted its holdings in AstraZeneca by 11.2% during the fourth quarter. Assetmark Inc. now owns 154,906 shares of the company’s stock valued at $10,433,000 after purchasing an additional 15,642 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in AstraZeneca during the fourth quarter valued at approximately $10,395,000. Finally, Cox Capital Mgt LLC acquired a new stake in AstraZeneca during the first quarter valued at approximately $2,683,000. 20.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AZN. Deutsche Bank Aktiengesellschaft upgraded AstraZeneca from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. The Goldman Sachs Group began coverage on AstraZeneca in a report on Thursday, May 30th. They set a “buy” rating and a $97.00 price objective for the company. Barclays upgraded AstraZeneca to a “strong-buy” rating in a report on Monday, June 24th. BMO Capital Markets increased their price objective on AstraZeneca from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. Finally, Citigroup upgraded AstraZeneca to a “strong-buy” rating in a report on Monday, June 24th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $88.00.

About AstraZeneca

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.