Amgen Inc. $AMGN Stock Position Lessened by Hikari Power Ltd

Hikari Power Ltd trimmed its position in shares of Amgen Inc. (NASDAQ:AMGN) by 78.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,900 shares of the medical research company’s stock after selling 7,000 shares during the period. Amgen comprises 0.2% of Hikari Power Ltd’s portfolio, making the stock its 21st largest position. Hikari Power Ltd’s holdings in Amgen were worth $801,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its position in Amgen by 4.8% during the 2nd quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company’s stock valued at $17,874,974,000 after purchasing an additional 2,261,544 shares during the last quarter. State Street Corp lifted its holdings in Amgen by 38.2% in the 2nd quarter. State Street Corp now owns 42,205,243 shares of the medical research company’s stock worth $15,283,363,000 after buying an additional 11,656,755 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Amgen by 12.7% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,390,910 shares of the medical research company’s stock worth $1,952,156,000 after buying an additional 605,928 shares during the last quarter. Bank of America Corp DE purchased a new stake in Amgen in the second quarter worth $1,831,903,000. Finally, Amundi boosted its holdings in Amgen by 15.2% in the second quarter. Amundi now owns 3,890,189 shares of the medical research company’s stock valued at $1,408,715,000 after acquiring an additional 512,883 shares in the last quarter. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP Nancy A. Grygiel sold 2,970 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $402.16, for a total value of $1,194,415.20. Following the completion of the transaction, the senior vice president directly owned 7,340 shares in the company, valued at $2,951,854.40. This trade represents a 28.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Rachna Khosla sold 1,252 shares of Amgen stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $416.43, for a total transaction of $521,370.36. Following the transaction, the senior vice president directly owned 6,404 shares of the company’s stock, valued at approximately $2,666,817.72. This trade represents a 16.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 6,222 shares of company stock worth $2,540,926. Company insiders own 0.85% of the company’s stock.

Key Amgen News

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen earned $6.45 per share on $10.37 billion in revenue, beating analyst estimates; revenue rose 8.5% year over year. The company also raised its outlook, with full-year revenue guidance slightly above the consensus estimate. Amgen Raises Outlook After 3Q Profit, Sales Rise
• Positive Sentiment: Sales growth in cholesterol and cancer medicines helped support the quarter, while the company’s broader growth portfolio was reported to be offsetting pressure from the denosumab product cycle. Amgen third quarter sales rise 8%, led by cholesterol, cancer drugs
• Negative Sentiment: Shares fell despite the earnings beat as investors focused on biosimilar competition facing key products, which could pressure future sales. Amgen beats estimates but shares dip on biosimilar concerns
• Negative Sentiment: The FDA issued Amgen a warning letter over promotion of its cancer drug Vectibix, adding a regulatory and reputational concern for investors. Amgen Gets FDA Warning Letter Over Misleading Vectibix Promotion

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on AMGN shares. Scotiabank boosted their price objective on shares of Amgen from $450.00 to $500.00 and gave the company an “outperform” rating in a research report on Monday, September 28th. Mizuho upped their price objective on shares of Amgen from $303.00 to $352.00 and gave the stock a “neutral” rating in a report on Tuesday, August 18th. Canaccord Genuity Group raised their target price on shares of Amgen from $366.00 to $384.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. BMO Capital Markets cut their target price on shares of Amgen from $450.00 to $415.00 and set a “market perform” rating on the stock in a research note on Monday, October 12th. Finally, Truist Financial lifted their target price on shares of Amgen from $362.00 to $380.00 and gave the company a “hold” rating in a research note on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, sixteen have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $389.71.

Amgen Trading Down 0.9%

AMGN opened at $461.26 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.37 and a debt-to-equity ratio of 4.44. Amgen Inc. has a 52 week low of $294.48 and a 52 week high of $475.64. The stock has a market cap of $249.37 billion, a PE ratio of 28.67, a PEG ratio of 3.41 and a beta of 0.43. The business has a 50 day moving average of $420.83 and a 200-day moving average of $376.16.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Tuesday, November 3rd. The medical research company reported $6.45 earnings per share for the quarter, topping the consensus estimate of $5.79 by $0.66. The company had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $10.07 billion. Amgen had a return on equity of 124.14% and a net margin of 22.95%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $5.64 earnings per share. Equities research analysts predict that Amgen Inc. will post 22.96 earnings per share for the current fiscal year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 20th will be issued a dividend of $2.52 per share. This represents a $10.08 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, November 20th. Amgen’s payout ratio is 62.65%.

About Amgen

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research focuses on areas including oncology, cardiovascular disease, inflammation, bone health, nephrology and neuroscience.

The company’s products include biologic and specialty medicines such as Enbrel for inflammatory diseases, Prolia and Evenity for osteoporosis, Xgeva for skeletal-related complications, Repatha for cardiovascular risk reduction, Otezla for inflammatory conditions, Tezspire for severe asthma, Blincyto for certain blood cancers, and Lumakras for specific cancers.

Founded in 1980, Amgen is headquartered in Thousand Oaks, California.