Bridges Investment Management Inc. Acquires 63,804 Shares of Amgen Inc. (NASDAQ:AMGN)

Bridges Investment Management Inc. increased its holdings in Amgen Inc. (NASDAQ:AMGN) by 207.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 94,503 shares of the medical research company’s stock after purchasing an additional 63,804 shares during the period. Bridges Investment Management Inc.’s holdings in Amgen were worth $29,527,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Strategic Financial Concepts LLC bought a new position in Amgen in the 2nd quarter valued at $26,000. Horizon Financial Services LLC bought a new position in Amgen in the 1st quarter valued at $28,000. United Community Bank bought a new position in Amgen in the 4th quarter valued at $29,000. nVerses Capital LLC bought a new position in Amgen in the 2nd quarter valued at $31,000. Finally, Bbjs Financial Advisors LLC bought a new position in Amgen in the 2nd quarter valued at $33,000. 76.50% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. Wells Fargo & Company downgraded shares of Amgen from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $320.00 to $335.00 in a report on Wednesday, August 7th. TD Cowen raised their price target on shares of Amgen from $360.00 to $381.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Jefferies Financial Group restated a “buy” rating and set a $380.00 price objective (up previously from $375.00) on shares of Amgen in a research report on Wednesday, August 7th. Morgan Stanley lowered their price objective on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 11th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $305.00 price objective (down previously from $310.00) on shares of Amgen in a research report on Wednesday, August 7th. Eleven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Amgen presently has a consensus rating of “Moderate Buy” and an average price target of $327.28.

Amgen Price Performance

Shares of Amgen stock opened at $335.95 on Friday. The firm has a market cap of $180.22 billion, a PE ratio of 47.99, a price-to-earnings-growth ratio of 2.93 and a beta of 0.61. Amgen Inc. has a 12-month low of $249.70 and a 12-month high of $346.85. The company has a quick ratio of 0.89, a current ratio of 1.26 and a debt-to-equity ratio of 9.64. The company’s fifty day simple moving average is $329.44 and its two-hundred day simple moving average is $305.22.

Amgen (NASDAQ:AMGN) last announced its quarterly 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 firm had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.35 billion. Amgen had a return on equity of 161.72% and a net margin of 10.12%. Amgen’s revenue was up 20.1% on a year-over-year basis. During the same period last year, the business earned $5.00 EPS. As a group, equities analysts expect that Amgen Inc. will post 19.49 EPS for the current year.

Amgen Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend was Friday, August 16th. 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.