Studio Investment Management LLC Cuts Stake in Amgen Inc. (NASDAQ:AMGN)

Studio Investment Management LLC reduced its position in shares of Amgen Inc. (NASDAQ:AMGN) by 3.3% in the third quarter, Holdings Channel reports. The firm owned 12,276 shares of the medical research company’s stock after selling 420 shares during the quarter. Studio Investment Management LLC’s holdings in Amgen were worth $3,955,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Biltmore Family Office LLC increased its position in shares of Amgen by 4.6% during the 3rd quarter. Biltmore Family Office LLC now owns 3,024 shares of the medical research company’s stock valued at $974,000 after purchasing an additional 133 shares during the last quarter. CFS Investment Advisory Services LLC purchased a new stake in Amgen during the third quarter valued at approximately $2,835,000. Raymond James Trust N.A. boosted its stake in shares of Amgen by 28.8% during the 3rd quarter. Raymond James Trust N.A. now owns 84,519 shares of the medical research company’s stock worth $27,233,000 after acquiring an additional 18,921 shares during the last quarter. AlphaCore Capital LLC grew its position in shares of Amgen by 13.3% during the 3rd quarter. AlphaCore Capital LLC now owns 4,006 shares of the medical research company’s stock valued at $1,291,000 after acquiring an additional 470 shares during the period. Finally, 49 Wealth Management LLC bought a new stake in Amgen during the third quarter valued at about $270,000. 76.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AMGN has been the topic of several analyst reports. Wells Fargo & Company downgraded shares of Amgen from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $320.00 to $335.00 in a report on Wednesday, August 7th. William Blair reaffirmed an “outperform” rating on shares of Amgen in a report on Tuesday, November 12th. Truist Financial cut Amgen from a “buy” rating to a “hold” rating and raised their price target for the company from $320.00 to $333.00 in a report on Monday, October 14th. UBS Group cut their target price on Amgen from $335.00 to $326.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Finally, Wolfe Research assumed coverage on shares of Amgen in a report on Friday, November 15th. They set a “peer perform” rating for the company. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Amgen has an average rating of “Moderate Buy” and a consensus target price of $333.57.

Amgen Trading Up 0.7 %

AMGN opened at $289.77 on Friday. Amgen Inc. has a one year low of $260.68 and a one year high of $346.85. The company has a debt-to-equity ratio of 7.55, a quick ratio of 0.96 and a current ratio of 1.32. The stock has a market cap of $155.76 billion, a price-to-earnings ratio of 37.10, a P/E/G ratio of 2.50 and a beta of 0.60. The stock’s 50 day moving average price is $317.28 and its 200-day moving average price is $318.02.

Amgen (NASDAQ:AMGN) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. The business had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The business’s revenue was up 23.2% compared to the same quarter last year. During the same quarter last year, the firm posted $4.96 earnings per share. On average, equities analysts forecast that Amgen Inc. will post 19.51 EPS for the current year.

Amgen Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, November 18th will be paid a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Monday, November 18th. Amgen’s dividend payout ratio is presently 115.24%.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.