Seven Eight Capital LP Invests $845,000 in Amgen Inc. (NASDAQ:AMGN)

Seven Eight Capital LP acquired a new stake in shares of Amgen Inc. (NASDAQ:AMGN) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,706 shares of the medical research company’s stock, valued at approximately $845,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strategic Financial Concepts LLC purchased a new position in shares of Amgen in the 2nd quarter worth approximately $26,000. Horizon Financial Services LLC purchased a new stake in Amgen during the first quarter valued at approximately $28,000. United Community Bank acquired a new stake in shares of Amgen in the 4th quarter worth $29,000. nVerses Capital LLC purchased a new stake in Amgen in the second quarter valued at about $31,000. Finally, Bbjs Financial Advisors LLC acquired a new stake in Amgen in the second quarter worth about $33,000. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Amgen Price Performance

NASDAQ:AMGN opened at $337.38 on Friday. The company has a 50 day moving average price of $329.57 and a 200-day moving average price of $305.62. Amgen Inc. has a 1-year low of $249.70 and a 1-year high of $346.85. The firm has a market cap of $180.98 billion, a price-to-earnings ratio of 48.20, a price-to-earnings-growth ratio of 2.93 and a beta of 0.61. The company has a debt-to-equity ratio of 9.64, a current ratio of 1.26 and a quick ratio of 0.89.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Tuesday, August 6th. The medical research company reported $4.97 earnings per share for the quarter, missing analysts’ consensus estimates of $5.01 by ($0.04). Amgen had a return on equity of 161.72% and a net margin of 10.12%. The firm had revenue of $8.39 billion during the quarter, compared to analyst estimates of $8.35 billion. During the same quarter last year, the company posted $5.00 EPS. The company’s revenue was up 20.1% on a year-over-year basis. Equities research analysts forecast that Amgen Inc. will post 19.49 EPS for the current year.

Amgen Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, August 16th were issued a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend was Friday, August 16th. Amgen’s payout ratio is currently 128.57%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AMGN. Wells Fargo & Company downgraded shares of Amgen from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $320.00 to $335.00 in a report on Wednesday, August 7th. Oppenheimer reiterated an “outperform” rating and set a $380.00 price objective on shares of Amgen in a research note on Wednesday, August 7th. Dbs Bank raised Amgen to a “strong-buy” rating in a research report on Monday, September 16th. Bank of America raised their target price on Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $305.00 price target (down previously from $310.00) on shares of Amgen in a research note on Wednesday, August 7th. Eleven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Amgen currently has a consensus rating of “Moderate Buy” and a consensus price target of $327.28.

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.