Is AstraZeneca PLC (AZN) a Solid Long-Term Investment?

ClearBridge Investments, an investment management company, released its “ClearBridge Value Equity Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 1000 Value Index, in the third quarter. Sector allocation effects and overall stock selection contributed positively to the strategy’s relative performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Investments 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 7, 2022, AstraZeneca PLC (NASDAQ:AZN) stock closed at $61.10 per share. One-month return of AstraZeneca PLC (NASDAQ:AZN) was 10.49% and its shares lost 2.55% of their value over the last 52 weeks. AstraZeneca PLC (NASDAQ:AZN) has a market capitalization of $189.351 billion.

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

“AstraZeneca PLC (NASDAQ:AZN), a multinational biopharmaceutical company, represents a good addition to the value defense side of our portfolio. We believe AstraZeneca’s durable double-digit earnings growth potential and benign patent expiration risk profile is not reflected in its current valuation, which is at a substantial discount to other “growth” pharmaceutical companies. Combined with the company’s high-potential drug pipeline, particularly in oncology, and management’s history of solid execution, we expect to see the stock rerate higher as the potential of its pipeline materializes.”

AstraZeneca PLC (NASDAQ:AZN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held AstraZeneca PLC (NASDAQ:AZN) at the end of the second quarter which was 45 in the previous quarter.

We discussed AstraZeneca PLC (NASDAQ:AZN) in another article and shared the best non-REIT dividend stocks to buy. 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.