AstraZeneca (NASDAQ:AZN) has been upgraded to a strong-buy rating by Wall Street Zen, reflecting growing confidence in the company’s stock performance. This upgrade comes in the wake of mixed reviews from analysts, indicating a diverse outlook on AstraZeneca’s future.
On October 16, 2023, Deutsche Bank Aktiengesellschaft downgraded AstraZeneca from a “hold” rating to a “sell” rating, which was a significant shift in sentiment. Conversely, on December 3, Guggenheim reiterated a “buy” rating for the company’s shares, while Morgan Stanley maintained an “overweight” rating and set a price target of $103.00. Additionally, HSBC reaffirmed a “buy” rating with a target price of $108.00 on December 10. Weiss Ratings also provided a positive outlook, reissuing a “buy (b)” rating on October 8.
Currently, eight research analysts have rated AstraZeneca with a Buy rating, while one has issued a Sell rating. According to data from MarketBeat, the stock holds a consensus rating of “Moderate Buy” and has an average target price of $95.75.
AstraZeneca Reports Strong Earnings Performance
AstraZeneca recently announced its earnings results on November 6, 2023. The company reported earnings per share of $1.19 for the quarter, exceeding the consensus estimate of $1.14 by $0.05. The firm achieved a return on equity of 32.89% and a net margin of 16.17%. Revenue for the quarter reached $15.19 billion, outperforming analyst expectations of $14.75 billion. This figure also marks a 12.0% increase compared to the same period last year, when earnings per share were reported at $2.08. Analysts project that AstraZeneca will post earnings per share of $4.51 for the current fiscal year.
Institutional Investors Show Interest
Recent trading activity shows increased interest in AstraZeneca from institutional investors. Triumph Capital Management acquired a new position in the company during the third quarter, amounting to approximately $25,000. Hudson Bay Capital Management LP increased its holdings in AstraZeneca by 40.5%, now owning 444,874 shares worth $34,131,000 after purchasing an additional 128,256 shares in the last quarter.
Allworth Financial LP also grew its position by 1.9%, holding 16,153 shares valued at $1,239,000. CIBC Bancorp USA Inc. entered a new position valued at $1,650,000. Additionally, Oarsman Capital Inc. raised its stake by 9.1%, now owning 25,461 shares worth $1,953,000. Notably, institutional investors currently own 20.35% of AstraZeneca’s stock.
AstraZeneca, headquartered in Cambridge, England, is a global biopharmaceutical company formed through the merger of Sweden’s Astra AB and the UK’s Zeneca Group in 1999. The company is dedicated to researching, developing, manufacturing, and commercializing prescription medicines across various therapeutic areas, including oncology, cardiovascular, renal and metabolism, respiratory and immunology, and rare diseases. Its operations extend to both developed and emerging markets worldwide.
As AstraZeneca navigates this mixed landscape of analyst opinions and institutional interest, its performance in the coming months will be closely monitored by investors and analysts alike.
