Granite Bay Wealth Management LLC Trims Stock Position in Amgen Inc. (NASDAQ:AMGN)

Granite Bay Wealth Management LLC lessened its holdings in shares of Amgen Inc. (NASDAQ:AMGN) by 98.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,064 shares of the medical research company’s stock after selling 741,396 shares during the period. Amgen makes up 2.7% of Granite Bay Wealth Management LLC’s holdings, making the stock its 14th biggest position. Granite Bay Wealth Management LLC’s holdings in Amgen were worth $4,854,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Apella Capital LLC raised its holdings in shares of Amgen by 4.4% during the third quarter. Apella Capital LLC now owns 1,282 shares of the medical research company’s stock worth $410,000 after purchasing an additional 54 shares during the last quarter. Canandaigua National Bank & Trust Co. raised its holdings in shares of Amgen by 1.0% during the third quarter. Canandaigua National Bank & Trust Co. now owns 12,907 shares of the medical research company’s stock worth $4,159,000 after purchasing an additional 125 shares during the last quarter. Czech National Bank raised its holdings in shares of Amgen by 7.1% during the third quarter. Czech National Bank now owns 109,459 shares of the medical research company’s stock worth $35,269,000 after purchasing an additional 7,237 shares during the last quarter. AMF Tjanstepension AB raised its holdings in shares of Amgen by 16.9% during the third quarter. AMF Tjanstepension AB now owns 120,389 shares of the medical research company’s stock worth $38,825,000 after purchasing an additional 17,387 shares during the last quarter. Finally, Kades & Cheifetz LLC raised its holdings in shares of Amgen by 3.4% during the third quarter. Kades & Cheifetz LLC now owns 1,052 shares of the medical research company’s stock worth $339,000 after purchasing an additional 35 shares during the last quarter. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Robert W. Baird reaffirmed an “underperform” rating and issued a $215.00 price objective on shares of Amgen in a report on Wednesday, September 25th. Wells Fargo & Company lowered shares of Amgen from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $320.00 to $335.00 in a research report on Wednesday, August 7th. Oppenheimer reiterated an “outperform” rating and issued a $380.00 target price on shares of Amgen in a research report on Wednesday, August 7th. Argus lifted their target price on shares of Amgen from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $362.00 target price on shares of Amgen in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $325.55.

Amgen Trading Down 0.7 %

Shares of NASDAQ AMGN opened at $317.48 on Friday. The stock has a market capitalization of $170.31 billion, a P/E ratio of 45.35, a PEG ratio of 2.98 and a beta of 0.61. The stock’s 50 day moving average price is $327.58 and its two-hundred day moving average price is $308.62. The company has a quick ratio of 0.89, a current ratio of 1.26 and a debt-to-equity ratio of 9.64. Amgen Inc. has a 52-week low of $249.70 and a 52-week high of $346.85.

Amgen (NASDAQ:AMGN) last issued its earnings results on Tuesday, August 6th. The medical research company reported $4.97 earnings per share (EPS) 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 business had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.35 billion. During the same period in the prior year, the business earned $5.00 EPS. The business’s revenue was up 20.1% on a year-over-year basis. On average, analysts anticipate that Amgen Inc. will post 19.49 earnings per share for the current fiscal year.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, August 16th were given a dividend of $2.25 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $9.00 dividend on an annualized basis and a yield of 2.83%. Amgen’s dividend payout ratio (DPR) is presently 128.57%.

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.