Pinnacle Associates Ltd. Sells 4,811 Shares of AstraZeneca PLC (NASDAQ:AZN)

Pinnacle Associates Ltd. cut its holdings in shares of AstraZeneca PLC (NASDAQ:AZN) by 15.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,246 shares of the company’s stock after selling 4,811 shares during the period. Pinnacle Associates Ltd.’s holdings in AstraZeneca were worth $2,045,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AZN. Stratos Wealth Advisors LLC lifted its stake in shares of AstraZeneca by 2.0% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 6,699 shares of the company’s stock valued at $522,000 after acquiring an additional 133 shares during the last quarter. Bruce G. Allen Investments LLC increased its holdings in AstraZeneca by 19.1% in the second quarter. Bruce G. Allen Investments LLC now owns 860 shares of the company’s stock valued at $67,000 after purchasing an additional 138 shares during the period. Carnegie Investment Counsel increased its holdings in AstraZeneca by 0.8% in the second quarter. Carnegie Investment Counsel now owns 17,269 shares of the company’s stock valued at $1,347,000 after purchasing an additional 138 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in AstraZeneca by 40.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 506 shares of the company’s stock worth $34,000 after acquiring an additional 146 shares during the period. Finally, Sunpointe LLC grew its holdings in AstraZeneca by 4.5% during the 2nd quarter. Sunpointe LLC now owns 3,419 shares of the company’s stock worth $267,000 after acquiring an additional 147 shares during the period. 20.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on AZN shares. Deutsche Bank Aktiengesellschaft downgraded AstraZeneca from a “hold” rating to a “sell” rating in a research note on Friday, September 13th. TD Cowen lifted their price objective on shares of AstraZeneca from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Finally, Erste Group Bank upgraded shares of AstraZeneca from a “hold” rating to a “buy” rating in a research report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $89.75.

AstraZeneca Stock Performance

AstraZeneca stock opened at $71.42 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.89 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $221.44 billion, a PE ratio of 34.50, a P/E/G ratio of 1.35 and a beta of 0.46. The firm has a fifty day simple moving average of $79.17 and a two-hundred day simple moving average of $78.60. AstraZeneca PLC has a twelve month low of $60.47 and a twelve month high of $87.68.

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.