Parnassus Investments LLC Increases Stake in AstraZeneca PLC $AZN

Parnassus Investments LLC lifted its position in shares of AstraZeneca PLC (NASDAQ:AZN) by 0.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,293,004 shares of the company’s stock after purchasing an additional 6,025 shares during the period. Parnassus Investments LLC’s holdings in AstraZeneca were worth $99,199,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its holdings in AstraZeneca by 10.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 191,518 shares of the company’s stock valued at $16,156,000 after acquiring an additional 17,548 shares during the period. Canandaigua National Bank & Trust Co. lifted its stake in AstraZeneca by 19.7% in the second quarter. Canandaigua National Bank & Trust Co. now owns 19,804 shares of the company’s stock valued at $1,384,000 after buying an additional 3,260 shares during the last quarter. Voya Investment Management LLC increased its holdings in shares of AstraZeneca by 68.2% in the third quarter. Voya Investment Management LLC now owns 1,899,502 shares of the company’s stock valued at $145,730,000 after purchasing an additional 770,417 shares during the period. Robbins Farley purchased a new position in AstraZeneca during the second quarter worth about $1,857,000. Finally, Jennison Associates LLC lifted its holdings in shares of AstraZeneca by 15.2% in the 2nd quarter. Jennison Associates LLC now owns 12,167,365 shares of the company’s stock valued at $850,255,000 after buying an additional 1,605,133 shares during the period. Hedge funds and other institutional investors own 20.35% of the company’s stock.

AstraZeneca Trading Up 0.7%

Shares of AZN opened at $94.65 on Friday. AstraZeneca PLC has a 12-month low of $61.24 and a 12-month high of $96.51. The stock’s fifty day simple moving average is $90.33 and its 200-day simple moving average is $81.90. The company has a quick ratio of 0.69, a current ratio of 0.88 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $293.55 billion, a PE ratio of 31.45, a price-to-earnings-growth ratio of 1.56 and a beta of 0.34.

AstraZeneca (NASDAQ:AZN) last announced its quarterly earnings results on Thursday, November 6th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.05. AstraZeneca had a return on equity of 32.89% and a net margin of 16.17%.The company had revenue of $15.19 billion during the quarter, compared to the consensus estimate of $14.75 billion. During the same period in the prior year, the company earned $2.08 earnings per share. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, research analysts predict that AstraZeneca PLC will post 4.51 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on AZN shares. Cowen reissued a “buy” rating on shares of AstraZeneca in a report on Tuesday, December 9th. Jefferies Financial Group assumed coverage on shares of AstraZeneca in a report on Monday, October 27th. They issued a “buy” rating on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of AstraZeneca in a research note on Wednesday, October 8th. Morgan Stanley restated an “overweight” rating and set a $103.00 price objective on shares of AstraZeneca in a report on Wednesday, December 3rd. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of AstraZeneca from a “hold” rating to a “sell” rating in a research note on Thursday, October 16th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, AstraZeneca currently has a consensus rating of “Moderate Buy” and an average target price of $95.75.

About AstraZeneca

AstraZeneca is a global, science-led biopharmaceutical company headquartered in Cambridge, England. Formed through the 1999 merger of Sweden’s Astra AB and the UK’s Zeneca Group, the company researches, develops, manufactures and commercializes prescription medicines across a range of therapeutic areas. AstraZeneca’s operations span research and development, large-scale manufacturing, and commercial distribution, with a presence in developed and emerging markets worldwide.

The company focuses on several core therapy areas including oncology, cardiovascular, renal and metabolism (CVRM), respiratory and immunology, and rare diseases.