Investors Buy Shares of Amgen (AMGN) on Weakness

Investors purchased shares of Amgen, Inc. (NASDAQ:AMGN) on weakness during trading on Thursday. $135.47 million flowed into the stock on the tick-up and $87.90 million flowed out of the stock on the tick-down, for a money net flow of $47.57 million into the stock. Of all equities tracked, Amgen had the 20th highest net in-flow for the day. Amgen traded down ($1.60) for the day and closed at $196.02

Several analysts have recently weighed in on the stock. Royal Bank of Canada reiterated a “neutral” rating and set a $193.00 target price on shares of Amgen in a research report on Monday, September 10th. Cann reiterated a “buy” rating and set a $224.00 target price on shares of Amgen in a research report on Monday, July 30th. Piper Jaffray Companies lifted their target price on shares of Amgen from $190.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, July 26th. They noted that the move was a valuation call. Oppenheimer reiterated a “buy” rating and set a $224.00 target price on shares of Amgen in a research report on Tuesday, August 28th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $220.00 target price on shares of Amgen in a research report on Monday, October 1st. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $204.55.

The stock has a market cap of $125.93 billion, a P/E ratio of 15.35, a PEG ratio of 2.05 and a beta of 1.37. The company has a current ratio of 3.08, a quick ratio of 2.84 and a debt-to-equity ratio of 2.05.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Tuesday, October 30th. The medical research company reported $3.69 EPS for the quarter, beating the Zacks’ consensus estimate of $3.45 by $0.24. The firm had revenue of $5.90 billion for the quarter, compared to analyst estimates of $5.78 billion. Amgen had a net margin of 9.44% and a return on equity of 54.14%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business earned $3.27 earnings per share. As a group, equities research analysts forecast that Amgen, Inc. will post 14.24 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 16th will be given a dividend of $1.32 per share. The ex-dividend date is Thursday, November 15th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 2.73%. Amgen’s payout ratio is 41.97%.

Hedge funds have recently made changes to their positions in the company. Beutel Goodman & Co Ltd. acquired a new position in shares of Amgen during the second quarter worth approximately $86,723,000. Mutual Advisors LLC raised its stake in shares of Amgen by 5.8% during the second quarter. Mutual Advisors LLC now owns 4,814 shares of the medical research company’s stock worth $889,000 after buying an additional 265 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Amgen by 2.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 3,207,242 shares of the medical research company’s stock worth $592,025,000 after buying an additional 72,205 shares during the last quarter. Argent Trust Co raised its stake in shares of Amgen by 31.8% during the second quarter. Argent Trust Co now owns 11,691 shares of the medical research company’s stock worth $2,159,000 after buying an additional 2,818 shares during the last quarter. Finally, Lederer & Associates Investment Counsel CA raised its stake in shares of Amgen by 2.4% during the third quarter. Lederer & Associates Investment Counsel CA now owns 13,150 shares of the medical research company’s stock worth $2,726,000 after buying an additional 310 shares during the last quarter. Institutional investors own 82.37% of the company’s stock.

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About Amgen (NASDAQ:AMGN)

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, nephrology, and neuroscience. The company's products include Evenity to treat osteoporosis in postmenopausal women; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Repatha to treat coronary diseases; Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Parsabiv to treat secondary hyperparathyroidism (sHPT); and Aimovig for the prevention of migraine.

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