Here’s Why AstraZeneca PLC (AZN) Declined in the Third Quarter

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund delivered negative returns. The market continued its decline in the third quarter and the S&P 500 Index fell -4.9%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Carillon Tower highlighted stocks like AstraZeneca PLC (NASDAQ:AZN) in the Q3 2022 investor letter. Headquartered in Cambridge, the United Kingdom, AstraZeneca PLC (NASDAQ:AZN) is a global biopharmaceutical company. On November 18, 2022, AstraZeneca PLC (NASDAQ:AZN) stock closed at $65.07 per share. One-month return of AstraZeneca PLC (NASDAQ:AZN) was 18.37% and its shares gained 14.84% of their value over the last 52 weeks. AstraZeneca PLC (NASDAQ:AZN) has a market capitalization of $201.654 billion.

Carillon Tower made the following comment about AstraZeneca PLC (NASDAQ:AZN) in its Q3 2022 investor letter:

“AstraZeneca PLC (NASDAQ:AZN)’s relatively high exposure to international end markets and foreign currencies in the face of rising global macroeconomic concerns drove stock underperformance. Increasing industry focus on over-the-counter drug litigation, where the company has modest exposure, also may have weighed on shares.”

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AstraZeneca PLC (NASDAQ:AZN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held AstraZeneca PLC (NASDAQ:AZN) at the end of the third quarter, which was 47 in the previous quarter.

We discussed AstraZeneca PLC (NASDAQ:AZN) in another article and shared billionaire Steve Cohen’s top dividend stocks. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.