Short Interest in AstraZeneca PLC (NASDAQ:AZN) Drops By 27.2%

AstraZeneca PLC (NASDAQ:AZN) was the recipient of a large decrease in short interest in the month of September. As of September 15th, there was short interest totalling 6,450,000 shares, a decrease of 27.2% from the August 31st total of 8,860,000 shares. Based on an average daily volume of 4,380,000 shares, the days-to-cover ratio is currently 1.5 days.

AstraZeneca Price Performance

AstraZeneca stock traded down $0.56 during mid-day trading on Friday, reaching $77.62. The company had a trading volume of 3,172,350 shares, compared to its average volume of 5,214,111. The stock’s 50-day simple moving average is $81.68 and its 200-day simple moving average is $77.03. The company has a market capitalization of $240.66 billion, a P/E ratio of 38.05, a P/E/G ratio of 1.45 and a beta of 0.47. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.89 and a quick ratio of 0.69. AstraZeneca has a 1 year low of $60.47 and a 1 year high of $87.68.

AstraZeneca (NASDAQ:AZN) last posted its earnings results on Thursday, July 25th. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.01. The company had revenue of $12.45 billion for the quarter, compared to the consensus estimate of $12.62 billion. AstraZeneca had a return on equity of 29.34% and a net margin of 13.11%. AstraZeneca’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.08 earnings per share. On average, equities analysts predict that AstraZeneca will post 4.05 EPS for the current year.

AstraZeneca Cuts Dividend

The business also recently disclosed a Semi-Annual dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 9th were given a dividend of $0.49 per share. The ex-dividend date was Friday, August 9th. This represents a dividend yield of 1.8%. AstraZeneca’s dividend payout ratio is currently 48.04%.

Hedge Funds Weigh In On AstraZeneca

A number of institutional investors have recently made changes to their positions in AZN. Centaurus Financial Inc. acquired a new stake in AstraZeneca during the second quarter worth approximately $182,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of AstraZeneca by 38,185.0% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 53,599 shares of the company’s stock valued at $4,180,000 after purchasing an additional 53,459 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its stake in AstraZeneca by 122.4% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,728 shares of the company’s stock valued at $135,000 after purchasing an additional 951 shares during the last quarter. American Trust lifted its position in AstraZeneca by 27.9% during the second quarter. American Trust now owns 4,387 shares of the company’s stock worth $342,000 after buying an additional 957 shares during the period. Finally, Heritage Wealth Management Inc. acquired a new stake in AstraZeneca in the 2nd quarter worth about $688,000. 20.35% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Citigroup raised shares of AstraZeneca to a “strong-buy” rating in a report on Monday, June 24th. Erste Group Bank raised AstraZeneca from a “hold” rating to a “buy” rating in a research report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft lowered AstraZeneca from a “hold” rating to a “sell” rating in a report on Friday, September 13th. Barclays upgraded shares of AstraZeneca to a “strong-buy” rating in a research report on Monday, June 24th. Finally, TD Cowen raised their target price on shares of AstraZeneca from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $89.75.

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.