Pinnacle Associates Ltd. Reduces Stock Position in AstraZeneca PLC $AZN

Pinnacle Associates Ltd. reduced its holdings in shares of AstraZeneca PLC (NASDAQ:AZN) by 5.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 29,634 shares of the company’s stock after selling 1,549 shares during the quarter. Pinnacle Associates Ltd.’s holdings in AstraZeneca were worth $2,071,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of AZN. Robbins Farley purchased a new position in AstraZeneca in the 2nd quarter worth approximately $1,857,000. SCS Capital Management LLC purchased a new position in AstraZeneca in the 1st quarter worth approximately $3,066,000. Jennison Associates LLC grew its stake in AstraZeneca by 15.2% in the 2nd quarter. Jennison Associates LLC now owns 12,167,365 shares of the company’s stock worth $850,255,000 after buying an additional 1,605,133 shares in the last quarter. Oliver Luxxe Assets LLC grew its stake in AstraZeneca by 6.0% in the 2nd quarter. Oliver Luxxe Assets LLC now owns 78,301 shares of the company’s stock worth $5,472,000 after buying an additional 4,449 shares in the last quarter. Finally, Alhambra Investment Management LLC purchased a new position in AstraZeneca in the 2nd quarter worth approximately $320,000. 20.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AZN has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft cut shares of AstraZeneca from a “hold” rating to a “sell” rating in a research note on Thursday, October 16th. Jefferies Financial Group began coverage on shares of AstraZeneca in a research note on Monday, October 27th. They issued a “buy” rating for the company. Weiss Ratings reissued a “buy (b)” rating on shares of AstraZeneca in a research note on Wednesday, October 8th. Finally, Berenberg Bank set a $97.00 price target on shares of AstraZeneca in a research note on Wednesday, July 9th. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.00.

AstraZeneca Trading Up 0.1%

Shares of AZN opened at $82.40 on Monday. The stock has a market capitalization of $255.56 billion, a P/E ratio of 30.98, a PEG ratio of 1.52 and a beta of 0.36. The company has a quick ratio of 0.67, a current ratio of 0.86 and a debt-to-equity ratio of 0.55. The firm has a fifty day simple moving average of $81.13 and a two-hundred day simple moving average of $75.08. AstraZeneca PLC has a twelve month low of $61.24 and a twelve month high of $86.57.

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.