Proactive Wealth Strategies LLC Acquires New Holdings in Amgen Inc. (NASDAQ:AMGN)

Proactive Wealth Strategies LLC bought a new stake in Amgen Inc. (NASDAQ:AMGN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,436 shares of the medical research company’s stock, valued at approximately $1,107,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Meyer Handelman Co. grew its holdings in Amgen by 7.2% during the 2nd quarter. Meyer Handelman Co. now owns 129,831 shares of the medical research company’s stock worth $40,566,000 after acquiring an additional 8,700 shares during the last quarter. EP Wealth Advisors LLC grew its stake in shares of Amgen by 11.0% in the first quarter. EP Wealth Advisors LLC now owns 23,769 shares of the medical research company’s stock worth $6,758,000 after purchasing an additional 2,353 shares during the last quarter. Cornerstone Capital Inc. increased its holdings in Amgen by 3.2% in the third quarter. Cornerstone Capital Inc. now owns 106,538 shares of the medical research company’s stock valued at $34,328,000 after purchasing an additional 3,260 shares during the period. Stanley Laman Group Ltd. bought a new position in Amgen during the 2nd quarter worth $3,354,000. Finally, Verity & Verity LLC grew its position in shares of Amgen by 2.7% in the 2nd quarter. Verity & Verity LLC now owns 82,368 shares of the medical research company’s stock valued at $25,736,000 after buying an additional 2,182 shares during the last quarter. Institutional investors own 76.50% of the company’s stock.

Wall Street Analyst Weigh In

AMGN has been the topic of several analyst reports. Bank of America upped their target price on Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. TD Cowen boosted their target price on shares of Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a report on Monday, October 21st. UBS Group lowered their price objective on Amgen from $335.00 to $326.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Jefferies Financial Group restated a “buy” rating and set a $380.00 target price (up previously from $375.00) on shares of Amgen in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $362.00 target price on shares of Amgen in a report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $333.50.

Amgen Trading Down 1.1 %

Shares of Amgen stock opened at $321.81 on Tuesday. The company has a market capitalization of $172.98 billion, a P/E ratio of 41.20, a price-to-earnings-growth ratio of 2.90 and a beta of 0.60. The stock has a fifty day simple moving average of $323.37 and a 200 day simple moving average of $318.07. Amgen Inc. has a 12-month low of $260.52 and a 12-month high of $346.85. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, topping the consensus estimate of $5.11 by $0.47. The business had revenue of $8.50 billion for the quarter, compared to analysts’ expectations of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The firm’s revenue for the quarter was up 23.2% compared to the same quarter last year. During the same period in the previous year, the company earned $4.96 earnings per share. On average, sell-side analysts anticipate that Amgen Inc. will post 19.51 earnings per share for the current fiscal year.

Amgen Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be issued a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date is Monday, November 18th. Amgen’s dividend payout ratio (DPR) is currently 115.24%.

About Amgen

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.