State of Michigan Retirement System Cuts Stake in Amgen, Inc. (NASDAQ:AMGN)

State of Michigan Retirement System reduced its stake in Amgen, Inc. (NASDAQ:AMGN) by 0.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 308,594 shares of the medical research company’s stock after selling 1,800 shares during the period. State of Michigan Retirement System’s holdings in Amgen were worth $59,716,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Amgen by 3.4% during the second quarter. BlackRock Inc. now owns 47,717,316 shares of the medical research company’s stock valued at $8,793,346,000 after buying an additional 1,585,911 shares during the period. Morgan Stanley increased its position in shares of Amgen by 0.5% during the second quarter. Morgan Stanley now owns 6,753,145 shares of the medical research company’s stock valued at $1,244,470,000 after buying an additional 34,674 shares during the period. Nuveen Asset Management LLC increased its position in shares of Amgen by 1,334.9% during the second quarter. Nuveen Asset Management LLC now owns 4,942,807 shares of the medical research company’s stock valued at $910,860,000 after buying an additional 4,598,329 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Amgen by 9.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,780,461 shares of the medical research company’s stock valued at $512,383,000 after buying an additional 239,576 shares during the period. Finally, Putnam Investments LLC increased its position in shares of Amgen by 8.9% during the second quarter. Putnam Investments LLC now owns 1,851,073 shares of the medical research company’s stock valued at $341,116,000 after buying an additional 151,910 shares during the period. 76.33% of the stock is currently owned by institutional investors.

In other Amgen news, SVP Cynthia M. Patton sold 13,426 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $208.07, for a total transaction of $2,793,547.82. Following the transaction, the senior vice president now directly owns 32,648 shares in the company, valued at $6,793,069.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director R Sanders Williams sold 425 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $183.04, for a total transaction of $77,792.00. Following the transaction, the director now owns 16,336 shares in the company, valued at $2,990,141.44. The disclosure for this sale can be found here. Insiders have sold 17,851 shares of company stock worth $3,671,900 over the last quarter. Company insiders own 0.25% of the company’s stock.

Shares of AMGN stock traded down $1.34 during trading on Wednesday, hitting $203.49. The company had a trading volume of 886,980 shares, compared to its average volume of 1,935,430. The company has a quick ratio of 2.60, a current ratio of 2.89 and a debt-to-equity ratio of 2.58. The stock’s 50-day moving average is $199.08 and its two-hundred day moving average is $187.03. The stock has a market capitalization of $121.70 billion, a price-to-earnings ratio of 14.13, a price-to-earnings-growth ratio of 2.69 and a beta of 1.11. Amgen, Inc. has a 52 week low of $166.30 and a 52 week high of $211.90.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Tuesday, July 30th. The medical research company reported $3.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.58 by $0.39. Amgen had a net margin of 33.78% and a return on equity of 76.17%. The company had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.67 billion. During the same period in the prior year, the business earned $3.83 earnings per share. Amgen’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, research analysts predict that Amgen, Inc. will post 14.33 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a dividend of $1.45 per share. This represents a $5.80 dividend on an annualized basis and a yield of 2.85%. Amgen’s payout ratio is currently 40.28%.

Several brokerages have recently weighed in on AMGN. William Blair reiterated a “hold” rating on shares of Amgen in a research report on Friday, August 30th. Goldman Sachs Group set a $243.00 price target on Amgen and gave the company a “buy” rating in a research report on Monday, September 30th. Cantor Fitzgerald set a $230.00 price target on Amgen and gave the company a “hold” rating in a research report on Monday, September 30th. Morgan Stanley decreased their price target on Amgen from $211.00 to $207.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Finally, Royal Bank of Canada reiterated a “hold” rating on shares of Amgen in a research report on Monday, September 30th. Eleven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $217.28.

Amgen Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, and neuroscience. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, a pegylated protein to treat cancer patients; Prolia to treat postmenopausal women with osteoporosis; Aranesp to treat anemia; Xgeva for skeletal-related events prevention; Sensipar/Mimpara products to treat sHPT in chronic kidney disease; and EPOGEN to treat a lower-than-normal number of red blood cells.

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Institutional Ownership by Quarter for Amgen (NASDAQ:AMGN)

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