Amgen (NASDAQ:AMGN) Sees Large Volume Increase After Strong Earnings

Amgen Inc. (NASDAQ:AMGNGet Free Report) shares saw unusually-strong trading volume on Wednesday after the company announced better than expected quarterly earnings. Approximately 1,660,409 shares changed hands during mid-day trading, a decline of 36% from the previous session’s volume of 2,614,358 shares.The stock last traded at $306.72 and had previously closed at $316.07.

The medical research company reported $4.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.66 by $0.05. Amgen had a net margin of 23.83% and a return on equity of 152.15%. The company had revenue of $8.20 billion during the quarter, compared to the consensus estimate of $8.13 billion. During the same quarter in the previous year, the company posted $4.09 earnings per share. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year.

Amgen Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 7th. Shareholders of record on Friday, February 16th will be paid a $2.25 dividend. The ex-dividend date is Thursday, February 15th. This represents a $9.00 annualized dividend and a dividend yield of 3.05%. This is a positive change from Amgen’s previous quarterly dividend of $2.13. Amgen’s dividend payout ratio (DPR) is presently 68.21%.

Analyst Ratings Changes

AMGN has been the topic of several analyst reports. Argus raised their price target on shares of Amgen from $280.00 to $310.00 and gave the company a “buy” rating in a research note on Tuesday, October 17th. Morgan Stanley reduced their price target on Amgen from $281.00 to $278.00 and set an “equal weight” rating for the company in a research report on Wednesday. Leerink Partnrs lowered Amgen from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Truist Financial reissued a “buy” rating and set a $320.00 target price on shares of Amgen in a research note on Wednesday, November 29th. Finally, Daiwa Capital Markets raised shares of Amgen from a “neutral” rating to a “buy” rating and raised their target price for the company from $264.00 to $320.00 in a research note on Thursday, December 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $295.30.

Read Our Latest Report on Amgen

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 2,096 shares of Amgen stock in a transaction on Monday, December 4th. The stock was sold at an average price of $273.03, for a total value of $572,270.88. Following the transaction, the senior vice president now directly owns 10,874 shares in the company, valued at approximately $2,968,928.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Amgen

A number of hedge funds have recently modified their holdings of the stock. ING Groep NV grew its position in Amgen by 124.1% during the 4th quarter. ING Groep NV now owns 288,582 shares of the medical research company’s stock worth $83,117,000 after purchasing an additional 159,782 shares in the last quarter. Manchester Capital Management LLC grew its holdings in shares of Amgen by 3.9% during the fourth quarter. Manchester Capital Management LLC now owns 6,312 shares of the medical research company’s stock valued at $1,818,000 after buying an additional 235 shares in the last quarter. W.G. Shaheen & Associates DBA Whitney & Co raised its position in Amgen by 0.7% during the fourth quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 9,921 shares of the medical research company’s stock valued at $2,857,000 after buying an additional 71 shares during the period. Kentucky Retirement Systems Insurance Trust Fund raised its position in Amgen by 4.0% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 19,066 shares of the medical research company’s stock valued at $5,491,000 after buying an additional 734 shares during the period. Finally, Kentucky Retirement Systems lifted its stake in Amgen by 4.3% in the 4th quarter. Kentucky Retirement Systems now owns 42,820 shares of the medical research company’s stock worth $12,333,000 after acquiring an additional 1,760 shares in the last quarter. 74.44% of the stock is currently owned by institutional investors and hedge funds.

Amgen Price Performance

The company has a current ratio of 2.86, a quick ratio of 2.56 and a debt-to-equity ratio of 7.71. The stock has a 50-day simple moving average of $294.92 and a 200 day simple moving average of $273.81. The stock has a market capitalization of $157.80 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 2.84 and a beta of 0.62.

Amgen Company Profile

(Get Free Report)

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta that reduces the chance of infection due a low white blood cell count in patients cancer; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Beh├žet's disease; Aranesp to treat a lower-than-normal number of red blood cells and anemia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; and Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization.

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