Chesapeake Wealth Management Lowers Position in Amgen Inc. (NASDAQ:AMGN)

Chesapeake Wealth Management lowered its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 4.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,716 shares of the medical research company’s stock after selling 177 shares during the period. Chesapeake Wealth Management’s holdings in Amgen were worth $1,161,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. United Community Bank purchased a new stake in shares of Amgen during the 4th quarter worth about $29,000. Horizon Financial Services LLC acquired a new position in Amgen during the first quarter valued at approximately $28,000. nVerses Capital LLC purchased a new stake in Amgen during the second quarter worth approximately $31,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Amgen in the second quarter worth $33,000. Finally, FSA Wealth Management LLC raised its stake in shares of Amgen by 182.0% in the 1st quarter. FSA Wealth Management LLC now owns 141 shares of the medical research company’s stock valued at $40,000 after acquiring an additional 91 shares during the period. Institutional investors and hedge funds own 76.50% of the company’s stock.

Amgen Stock Up 0.4 %

NASDAQ:AMGN opened at $337.38 on Friday. The stock has a 50-day simple moving average of $329.57 and a 200 day simple moving average of $305.62. Amgen Inc. has a one year low of $249.70 and a one year high of $346.85. The company has a market capitalization 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 quick ratio of 0.89 and a current ratio of 1.26.

Amgen (NASDAQ:AMGN) last issued its earnings results on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing the consensus estimate of $5.01 by ($0.04). The firm had revenue of $8.39 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.00 EPS. Sell-side analysts predict that Amgen Inc. will post 19.49 EPS for the current fiscal year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, August 16th were issued 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 dividend yield of 2.67%. Amgen’s dividend payout ratio (DPR) is 128.57%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Dbs Bank upgraded Amgen to a “strong-buy” rating in a report on Monday, September 16th. Argus increased 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. Jefferies Financial Group reissued a “buy” rating and set a $380.00 price target (up from $375.00) on shares of Amgen in a research report on Wednesday, August 7th. TD Cowen increased their price objective on shares of Amgen from $360.00 to $381.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, Bank of America boosted their target price on shares of Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Eleven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $327.28.

About Amgen

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.