Connable Office Inc. Cuts Position in AstraZeneca PLC $AZN

Connable Office Inc. reduced its holdings in shares of AstraZeneca PLC (NASDAQ:AZN) by 40.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,015 shares of the company’s stock after selling 8,052 shares during the quarter. Connable Office Inc.’s holdings in AstraZeneca were worth $840,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Bridgewater Advisors Inc. increased its holdings in AstraZeneca by 2.9% during the 2nd quarter. Bridgewater Advisors Inc. now owns 10,459 shares of the company’s stock valued at $774,000 after acquiring an additional 293 shares in the last quarter. Westside Investment Management Inc. grew its holdings in shares of AstraZeneca by 130.0% during the second quarter. Westside Investment Management Inc. now owns 805 shares of the company’s stock worth $57,000 after buying an additional 455 shares in the last quarter. Texas Bank & Trust Co grew its holdings in shares of AstraZeneca by 5.3% during the second quarter. Texas Bank & Trust Co now owns 17,438 shares of the company’s stock worth $1,219,000 after buying an additional 875 shares in the last quarter. Cambiar Investors LLC purchased a new stake in shares of AstraZeneca during the second quarter worth about $18,957,000. Finally, Accuvest Global Advisors purchased a new stake in shares of AstraZeneca during the second quarter worth about $206,000. 20.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of AstraZeneca from a “hold” rating to a “sell” rating in a report on Thursday, October 16th. Berenberg Bank set a $97.00 target price on shares of AstraZeneca in a report on Wednesday, July 9th. Weiss Ratings restated a “buy (b)” rating on shares of AstraZeneca in a report on Wednesday, October 8th. Finally, Jefferies Financial Group assumed coverage on shares of AstraZeneca in a report on Monday, October 27th. They issued a “buy” rating for the company. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $86.00.

AstraZeneca Trading Down 0.8%

NASDAQ AZN opened at $81.72 on Tuesday. The company’s fifty day simple moving average is $81.17 and its 200-day simple moving average is $75.18. AstraZeneca PLC has a 52 week low of $61.24 and a 52 week high of $86.57. The company has a current ratio of 0.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.55. The stock has a market cap of $253.45 billion, a P/E ratio of 30.72, a PEG ratio of 1.52 and a beta of 0.36.

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.