Amgen (NASDAQ:AMGN) Shares Down 4.6%

Amgen Inc. (NASDAQ:AMGN)’s stock price was down 4.6% during mid-day trading on Wednesday . The company traded as low as $315.76 and last traded at $315.79. Approximately 886,892 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 2,491,990 shares. The stock had previously closed at $330.92.

Analysts Set New Price Targets

AMGN has been the subject of several research analyst reports. Royal Bank of Canada lifted their price objective on Amgen from $332.00 to $362.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Dbs Bank raised Amgen to a “strong-buy” rating in a research note on Monday, September 16th. Robert W. Baird reissued an “underperform” rating and issued a $215.00 target price on shares of Amgen in a research note on Wednesday. Morgan Stanley lowered their target price on Amgen from $310.00 to $303.00 and set an “equal weight” rating for the company in a research note on Thursday, July 11th. Finally, Argus boosted their target price on Amgen from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $321.37.

Amgen Price Performance

The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 9.64. The stock has a market cap of $169.43 billion, a PE ratio of 45.11, a P/E/G ratio of 2.98 and a beta of 0.61. The business has a fifty day simple moving average of $329.63 and a two-hundred day simple moving average of $306.87.

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

Amgen Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, August 16th were paid a $2.25 dividend. The ex-dividend date was Friday, August 16th. This represents a $9.00 annualized dividend and a dividend yield of 2.85%. Amgen’s payout ratio is currently 128.57%.

Hedge Funds Weigh In On Amgen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AMGN. Aveo Capital Partners LLC lifted its position in Amgen by 19.9% in the 4th quarter. Aveo Capital Partners LLC now owns 2,729 shares of the medical research company’s stock valued at $786,000 after acquiring an additional 453 shares in the last quarter. Gryphon Financial Partners LLC lifted its holdings in shares of Amgen by 295.3% during the 4th quarter. Gryphon Financial Partners LLC now owns 3,684 shares of the medical research company’s stock valued at $1,021,000 after buying an additional 2,752 shares during the period. Mitchell Sinkler & Starr PA lifted its holdings in shares of Amgen by 26.0% during the 4th quarter. Mitchell Sinkler & Starr PA now owns 2,905 shares of the medical research company’s stock valued at $837,000 after buying an additional 600 shares during the period. Steward Partners Investment Advisory LLC increased its stake in shares of Amgen by 4.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 70,559 shares of the medical research company’s stock worth $20,322,000 after purchasing an additional 3,077 shares in the last quarter. Finally, Portfolio Design Labs LLC purchased a new position in shares of Amgen during the fourth quarter valued at about $272,000. 76.50% of the stock is owned by institutional investors.

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.