Prestige Wealth Management Group LLC Boosts Stake in Amgen Inc. (NASDAQ:AMGN)

Prestige Wealth Management Group LLC lifted its position in Amgen Inc. (NASDAQ:AMGN) by 252.2% in the second quarter, Holdings Channel reports. The firm owned 1,349 shares of the medical research company’s stock after acquiring an additional 966 shares during the period. Prestige Wealth Management Group LLC’s holdings in Amgen were worth $422,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Strategic Financial Concepts LLC purchased a new position in shares of Amgen during the second quarter worth approximately $26,000. Horizon Financial Services LLC purchased a new position in Amgen during the 1st quarter worth $28,000. United Community Bank acquired a new position in Amgen in the fourth quarter valued at $29,000. nVerses Capital LLC acquired a new position in Amgen in the second quarter valued at $31,000. Finally, Bbjs Financial Advisors LLC purchased a new stake in shares of Amgen in the second quarter valued at about $33,000. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Amgen Price Performance

Shares of Amgen stock traded down $3.80 on Friday, hitting $320.56. The company’s stock had a trading volume of 2,242,451 shares, compared to its average volume of 2,541,291. Amgen Inc. has a 52-week low of $249.70 and a 52-week high of $346.85. The company has a quick ratio of 0.89, a current ratio of 1.26 and a debt-to-equity ratio of 9.64. The firm has a fifty day moving average price of $326.26 and a 200-day moving average price of $302.25. The company has a market capitalization of $171.96 billion, a P/E ratio of 45.79, a price-to-earnings-growth ratio of 2.96 and a beta of 0.61.

Amgen (NASDAQ:AMGN) last released its earnings results on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing the consensus estimate of $5.01 by ($0.04). Amgen had a return on equity of 161.72% and a net margin of 10.12%. The firm had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.35 billion. During the same period in the previous year, the firm posted $5.00 earnings per share. The firm’s revenue was up 20.1% on a year-over-year basis. On average, equities research analysts expect that Amgen Inc. will post 19.49 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, August 16th were paid a dividend of $2.25 per share. The ex-dividend date was Friday, August 16th. This represents a $9.00 annualized dividend and a yield of 2.81%. Amgen’s dividend payout ratio is presently 128.57%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AMGN. TD Cowen boosted their price target on Amgen from $360.00 to $381.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Wells Fargo & Company downgraded Amgen from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $320.00 to $335.00 in a research note on Wednesday, August 7th. Royal Bank of Canada upped their price target on Amgen from $332.00 to $362.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Bank of America lifted their price objective on shares of Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Morgan Stanley cut their price objective on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating for the company in a research report on Thursday, July 11th. Eleven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Amgen currently has a consensus rating of “Moderate Buy” and an average price target of $327.28.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.