It hasn’t been a great week for the CSL (ASX:CSL) share price

Can the company’s shares stage a rebound?
The post It hasn’t been a great week for the CSL (ASX:CSL) share price appeared first on The Motley Fool Australia. –

The CSL Limited (ASX: CSL) share price has fallen around 3% since hitting its year-to-date high of $315.18 on Tuesday.

The global biotech recently reported its full year results, recording modest growth against very challenging conditions caused by the pandemic. However, there are a couple of catalysts as to why its shares have fallen in the past two days.

At the time of writing, CSL shares are traversing the other way, slightly up 0.25% to $304.19.

What’s happened to CSL shares recently?

With Australia’s COVID-19 cases at exponential levels, it seems that the current lockdown could last for a little longer. This is of course unless vaccination rates reached the designed target of 80% in the population.

Today’s statistics revealed New South Wales acquired 1431 new COVID-19 cases while Victoria registered 208 local cases.

However, a deal struck by the Morrison government with Singapore saw 500,000 Pfizer vaccines delivered last night. Furthermore, Australia will receive 4 million Pfizer doses from the United Kingdom this month.

It’s no secret that Australia has been short on vaccines lately, with has, in turn, delayed a return to a post-COVID normal.

CSL has faced plasma collection issues since early 2020 due to government-mandated restrictions on passenger movements. The company relies on plasma from blood donors to make life-saving medicines.

In its most recent report, CSL noted that current plasma numbers are around 20% below the levels recorded in FY20.

Another likely reason for the fall is that the company’s shares went ex-dividend on Thursday. This means that investors who were holding CSL shares beforehand could sell their holding yesterday and still be eligible for the upcoming dividend.

Typically, when a company goes ex-dividend, its shares decline around the same value as you would have received from its dividend distribution.

CSL share price snapshot

Over the past 12 months, CSL shares have taken investors on a rollercoaster ride, registering gains of just 4%. When looking at year-to-date, the company’s shares have fared a little better, around 7% higher.

CSL is the second largest company on the ASX with a market capitalisation of approximately $138.5 billion.

The post It hasn’t been a great week for the CSL (ASX:CSL) share price appeared first on The Motley Fool Australia.

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More reading

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Top broker says CSL (ASX:CSL) share price is a buy
5 things to watch on the ASX 200 on Thursday

The CSL (ASX:CSL) share price is up 6% since earnings result
Top broker names 3 ASX 200 shares to buy

Motley Fool contributor Aaron Teboneras owns shares of CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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