Cornerstone Wealth Management LLC Raises Stock Holdings in Amgen Inc. (NASDAQ:AMGN)

Cornerstone Wealth Management LLC boosted its holdings in shares of Amgen Inc. (NASDAQ:AMGN) by 73.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,270 shares of the medical research company’s stock after purchasing an additional 959 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Amgen were worth $732,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Rockland Trust Co. lifted its position in shares of Amgen by 2.1% in the first quarter. Rockland Trust Co. now owns 3,045 shares of the medical research company’s stock valued at $866,000 after acquiring an additional 64 shares in the last quarter. Salem Investment Counselors Inc. lifted its position in shares of Amgen by 17.9% in the first quarter. Salem Investment Counselors Inc. now owns 22,512 shares of the medical research company’s stock valued at $6,401,000 after acquiring an additional 3,423 shares in the last quarter. Armstrong Henry H Associates Inc. lifted its position in shares of Amgen by 27.0% in the first quarter. Armstrong Henry H Associates Inc. now owns 1,106 shares of the medical research company’s stock valued at $314,000 after acquiring an additional 235 shares in the last quarter. Birch Capital Management LLC lifted its position in shares of Amgen by 3.5% in the first quarter. Birch Capital Management LLC now owns 23,179 shares of the medical research company’s stock valued at $6,590,000 after acquiring an additional 783 shares in the last quarter. Finally, Benson Investment Management Company Inc. purchased a new position in shares of Amgen in the first quarter valued at approximately $4,772,000. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AMGN shares. Royal Bank of Canada restated an “outperform” rating and issued a $362.00 target price on shares of Amgen in a research report on Thursday, September 26th. Oppenheimer reaffirmed an “outperform” rating and issued a $380.00 price target on shares of Amgen in a report on Wednesday, August 7th. Wells Fargo & Company cut Amgen from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $320.00 to $335.00 in a report on Wednesday, August 7th. Morgan Stanley cut their price target on Amgen from $310.00 to $303.00 and set an “equal weight” rating for the company in a report on Thursday, July 11th. Finally, Truist Financial cut Amgen from a “buy” rating to a “hold” rating and increased their price target for the company from $320.00 to $333.00 in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $329.48.

Amgen Trading Up 0.1 %

AMGN opened at $321.66 on Friday. Amgen Inc. has a 52 week low of $249.70 and a 52 week high of $346.85. The business has a fifty day simple moving average of $326.07 and a 200-day simple moving average of $311.90. The firm has a market cap of $172.55 billion, a P/E ratio of 45.95, a P/E/G ratio of 2.86 and a beta of 0.61. 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 (NASDAQ:AMGN) last released 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). The company had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.35 billion. Amgen had a net margin of 10.12% and a return on equity of 161.72%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter last year, the business posted $5.00 earnings per share. On average, equities analysts expect that Amgen Inc. will post 19.49 earnings per share for the current year.

Amgen Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, August 16th were issued a $2.25 dividend. The ex-dividend date was Friday, August 16th. This represents a $9.00 dividend on an annualized basis and a yield of 2.80%. Amgen’s dividend payout ratio (DPR) is presently 128.57%.

Amgen 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.