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Default Speed of Replace Range

I am trying to replace the values of a large range of cells with the value of
another cell (z5). However it takes a long time to replace the information
given the size of the range. It seems to be updating each cell individually.
Any suggestions would be appreciated. Thanks. Current code is:

Application.Calculation = xlCalculationManual
Range("A1:P1000").Select
Selection.Replace What:="Richard", Replacement:=Range("z5").Value,
LookAt:=xlPart, _
SearchOrder:=xlByRows, MatchCase:=False, SearchFormat:=False, _
ReplaceFormat:=False
Range("A1").Select
Application.Calculation = xlCalculationAutomatic

 
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