Pinnacle Associates Ltd. Cuts Position in AstraZeneca PLC (NASDAQ:AZN)

Pinnacle Associates Ltd. lessened its holdings in AstraZeneca PLC (NASDAQ:AZN) by 15.5% during the third quarter, Holdings Channel.com reports. The firm owned 26,246 shares of the company’s stock after selling 4,811 shares during the quarter. Pinnacle Associates Ltd.’s holdings in AstraZeneca were worth $2,045,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Integrated Advisors Network LLC grew its position in AstraZeneca by 46.6% in the 3rd quarter. Integrated Advisors Network LLC now owns 43,610 shares of the company’s stock worth $3,398,000 after purchasing an additional 13,860 shares during the period. Creative Planning grew its position in shares of AstraZeneca by 8.0% during the 3rd quarter. Creative Planning now owns 224,751 shares of the company’s stock valued at $17,510,000 after acquiring an additional 16,692 shares during the period. TD Asset Management Inc grew its position in shares of AstraZeneca by 8.6% during the 1st quarter. TD Asset Management Inc now owns 1,537,410 shares of the company’s stock valued at $104,160,000 after acquiring an additional 121,876 shares during the period. Northcape Wealth Management LLC bought a new stake in shares of AstraZeneca during the 2nd quarter valued at $269,000. Finally, Cetera Advisors LLC boosted its holdings in AstraZeneca by 124.5% in the 1st quarter. Cetera Advisors LLC now owns 98,262 shares of the company’s stock worth $6,657,000 after buying an additional 54,488 shares during the period. Hedge funds and other institutional investors own 20.35% of the company’s stock.

Wall Street Analyst Weigh In

AZN has been the subject of several recent analyst reports. Erste Group Bank raised shares of AstraZeneca from a “hold” rating to a “buy” rating in a report on Wednesday, September 11th. TD Cowen boosted their price target on shares of AstraZeneca from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Deutsche Bank Aktiengesellschaft cut shares of AstraZeneca from a “hold” rating to a “sell” rating in a research note on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, AstraZeneca currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.75.

AstraZeneca Stock Performance

Shares of NASDAQ:AZN opened at $71.42 on Friday. The company has a market capitalization of $221.44 billion, a price-to-earnings ratio of 34.50, a PEG ratio of 1.35 and a beta of 0.46. AstraZeneca PLC has a 12 month low of $60.47 and a 12 month high of $87.68. The firm’s 50-day moving average is $79.17 and its 200 day moving average is $78.60. The company has a current ratio of 0.89, a quick ratio of 0.69 and a debt-to-equity ratio of 0.69.

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.