AstraZeneca (NASDAQ:AZN) Shares Gap Down – Here’s Why

AstraZeneca PLC (NASDAQ:AZN) shares gapped down before the market opened on Wednesday . The stock had previously closed at $64.90, but opened at $61.81. AstraZeneca shares last traded at $61.89, with a volume of 2,606,113 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley initiated coverage on shares of AstraZeneca in a research note on Wednesday, February 12th. They issued an “overweight” rating for the company. UBS Group raised shares of AstraZeneca from a “neutral” rating to a “buy” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $89.75.

AstraZeneca Stock Down 4.8 %

The stock has a market capitalization of $191.66 billion, a P/E ratio of 27.32, a P/E/G ratio of 1.42 and a beta of 0.49. The company has a current ratio of 0.93, a quick ratio of 0.74 and a debt-to-equity ratio of 0.65. The stock’s 50 day simple moving average is $73.67 and its 200 day simple moving average is $71.15.

AstraZeneca (NASDAQ:AZN) last posted its quarterly earnings results on Thursday, February 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.05). AstraZeneca had a return on equity of 32.23% and a net margin of 13.01%. As a group, research analysts predict that AstraZeneca PLC will post 4.51 EPS for the current fiscal year.

AstraZeneca Increases Dividend

The company also recently declared a semi-annual dividend, which was paid on Monday, March 24th. Investors of record on Friday, February 21st were given a dividend of $1.03 per share. This is a positive change from AstraZeneca’s previous semi-annual dividend of $0.49. This represents a dividend yield of 2%. The ex-dividend date was Friday, February 21st. AstraZeneca’s dividend payout ratio is currently 91.15%.

Hedge Funds Weigh In On AstraZeneca

A number of hedge funds have recently added to or reduced their stakes in the business. Banque Transatlantique SA acquired a new position in shares of AstraZeneca in the 4th quarter valued at about $26,000. Confluence Investment Management LLC acquired a new position in AstraZeneca in the first quarter valued at approximately $27,000. Mascagni Wealth Management Inc. bought a new position in shares of AstraZeneca during the fourth quarter valued at approximately $29,000. Albion Financial Group UT grew its holdings in shares of AstraZeneca by 68.9% during the fourth quarter. Albion Financial Group UT now owns 608 shares of the company’s stock valued at $40,000 after purchasing an additional 248 shares during the last quarter. Finally, Groupama Asset Managment raised its position in shares of AstraZeneca by 22.9% during the 3rd quarter. Groupama Asset Managment now owns 543,398 shares of the company’s stock worth $42,000 after purchasing an additional 101,225 shares during the period. Institutional investors and hedge funds own 20.35% of the company’s stock.

About AstraZeneca

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.