Torray Investment Partners LLC decreased its position in Amgen Inc. (NASDAQ:AMGN – Free Report) by 7.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,136 shares of the medical research company’s stock after selling 4,635 shares during the period. Amgen makes up 3.1% of Torray Investment Partners LLC’s holdings, making the stock its 11th biggest holding. Torray Investment Partners LLC’s holdings in Amgen were worth $23,240,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the company. Wellington Altus USA Inc. grew its holdings in Amgen by 72.3% during the 2nd quarter. Wellington Altus USA Inc. now owns 81 shares of the medical research company’s stock worth $28,000 after acquiring an additional 34 shares during the period. Nvwm LLC raised its position in shares of Amgen by 412.5% in the 3rd quarter. Nvwm LLC now owns 82 shares of the medical research company’s stock worth $35,000 after acquiring an additional 66 shares in the last quarter. PFS Partners LLC lifted its stake in shares of Amgen by 95.5% in the 3rd quarter. PFS Partners LLC now owns 86 shares of the medical research company’s stock valued at $36,000 after purchasing an additional 42 shares during the period. TOWER TRUST & INVESTMENT Co acquired a new position in shares of Amgen in the 3rd quarter valued at about $38,000. Finally, Security National Bank of Sioux City Iowa IA acquired a new position in shares of Amgen in the 2nd quarter valued at about $36,000. Institutional investors own 76.50% of the company’s stock.
Insider Transactions at Amgen
In related news, SVP Nancy Grygiel sold 2,970 shares of the firm’s 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 transaction, the senior vice president owned 7,340 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Also, SVP Rachna Khosla sold 1,252 shares of the firm’s 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 completion of the transaction, the senior vice president directly owned 6,404 shares in the company, valued at approximately $2,666,817.72. The trade was a 16.35% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 6,222 shares of company stock worth $2,540,926 in the last 90 days. 0.85% of the stock is currently owned by company insiders.
Amgen Stock Performance
NASDAQ AMGN opened at $461.26 on Wednesday. The company has a fifty day simple moving average of $420.83 and a 200 day simple moving average of $376.16. Amgen Inc. has a 12-month low of $294.48 and a 12-month high of $475.64. The company has a current ratio of 1.37, a quick ratio of 1.13 and a debt-to-equity ratio of 4.44. The company has a market cap of $249.37 billion, a P/E ratio of 28.67, a PEG ratio of 3.41 and a beta of 0.43.
Amgen (NASDAQ:AMGN – Get Free Report) last released its quarterly earnings data 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. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The firm had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.07 billion. During the same quarter in the prior year, the company posted $5.64 earnings per share. The business’s revenue was up 8.5% on a year-over-year basis. Sell-side analysts predict that Amgen Inc. will post 22.96 earnings per share for the current fiscal year.
Amgen Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 20th will be issued a $2.52 dividend. 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 dividend payout ratio is currently 62.65%.
More 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
Wall Street Analysts Forecast Growth
AMGN has been the topic of several research analyst reports. Guggenheim cut their target price on Amgen from $388.00 to $378.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 13th. Scotiabank lifted their target price on Amgen from $450.00 to $500.00 and gave the stock an “outperform” rating in a report on Monday, September 28th. Bank of America lifted their target price on Amgen from $312.00 to $317.00 and gave the stock an “underperform” rating in a report on Wednesday, August 5th. Weiss Ratings raised Amgen from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. Finally, Morgan Stanley cut their price target on Amgen from $362.00 to $359.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, sixteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $389.71.
Read Our Latest Stock Analysis on Amgen
Amgen Company Profile
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.
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