Jennison Associates LLC Sells 8,481,701 Shares of AstraZeneca PLC $AZN

Jennison Associates LLC lessened its stake in shares of AstraZeneca PLC (NASDAQ:AZN) by 69.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,685,664 shares of the company’s stock after selling 8,481,701 shares during the period. Jennison Associates LLC’s holdings in AstraZeneca were worth $282,764,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. NewSquare Capital LLC increased its holdings in shares of AstraZeneca by 149.3% during the second quarter. NewSquare Capital LLC now owns 364 shares of the company’s stock valued at $25,000 after acquiring an additional 218 shares in the last quarter. Richardson Financial Services Inc. raised its holdings in AstraZeneca by 59.8% in the second quarter. Richardson Financial Services Inc. now owns 398 shares of the company’s stock worth $28,000 after buying an additional 149 shares during the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of AstraZeneca during the third quarter valued at approximately $31,000. FSA Wealth Management LLC raised its holdings in AstraZeneca by 376.0% in the 2nd quarter. FSA Wealth Management LLC now owns 476 shares of the company’s stock worth $33,000 after acquiring an additional 376 shares during the last quarter. Finally, VSM Wealth Advisory LLC bought a new position in AstraZeneca in the 2nd quarter valued at approximately $33,000. 20.35% of the stock is owned by institutional investors.

AstraZeneca Price Performance

Shares of NASDAQ:AZN opened at $92.95 on Friday. 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 stock has a market capitalization of $288.31 billion, a PE ratio of 30.88, a price-to-earnings-growth ratio of 1.57 and a beta of 0.34. The firm’s 50 day moving average price is $91.87 and its 200-day moving average price is $83.50. AstraZeneca PLC has a twelve month low of $61.24 and a twelve month high of $96.51.

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

Analyst Upgrades and Downgrades

A number of research firms have commented on AZN. Weiss Ratings reissued a “buy (b)” rating on shares of AstraZeneca in a report on Wednesday. HSBC reiterated a “buy” rating and issued a $108.00 price objective on shares of AstraZeneca in a report on Wednesday, December 10th. Jefferies Financial Group assumed coverage on shares of AstraZeneca in a research note on Monday, October 27th. They issued a “buy” rating for the company. Morgan Stanley reissued an “overweight” rating and set a $103.00 price objective on shares of AstraZeneca in a report on Wednesday, December 3rd. Finally, TD Cowen restated a “buy” rating on shares of AstraZeneca in a report on Tuesday, December 9th. Nine analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.