Meridian Wealth Management LLC Invests $5.11 Million in Amgen Inc. (NASDAQ:AMGN)

Meridian Wealth Management LLC bought a new position in Amgen Inc. (NASDAQ:AMGN) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 15,846 shares of the medical research company’s stock, valued at approximately $5,106,000.

Several other institutional investors have also recently made changes to their positions in the company. Icon Wealth Advisors LLC lifted its holdings in Amgen by 3,955.0% during the 3rd quarter. Icon Wealth Advisors LLC now owns 174,040 shares of the medical research company’s stock valued at $56,000 after buying an additional 169,748 shares in the last quarter. Biltmore Family Office LLC grew its position in shares of Amgen by 4.6% in the 3rd quarter. Biltmore Family Office LLC now owns 3,024 shares of the medical research company’s stock worth $974,000 after buying an additional 133 shares during the last quarter. CFS Investment Advisory Services LLC purchased a new position in shares of Amgen in the 3rd quarter worth approximately $2,835,000. Raymond James Trust N.A. grew its position in shares of Amgen by 28.8% in the 3rd quarter. Raymond James Trust N.A. now owns 84,519 shares of the medical research company’s stock worth $27,233,000 after buying an additional 18,921 shares during the last quarter. Finally, AlphaCore Capital LLC grew its position in shares of Amgen by 13.3% in the 3rd quarter. AlphaCore Capital LLC now owns 4,006 shares of the medical research company’s stock worth $1,291,000 after buying an additional 470 shares during the last quarter. Institutional investors own 76.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Citigroup assumed coverage on shares of Amgen in a research report on Thursday, November 14th. They issued a “neutral” rating and a $335.00 price objective on the stock. TD Cowen boosted their target price on shares of Amgen from $381.00 to $383.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Oppenheimer reissued an “outperform” rating and set a $380.00 target price on shares of Amgen in a research report on Wednesday, August 7th. Royal Bank of Canada restated an “outperform” rating and set a $362.00 price objective on shares of Amgen in a research note on Thursday, September 26th. Finally, 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 note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $333.57.

Amgen Trading Up 0.7 %

Amgen stock opened at $289.90 on Friday. The stock has a market cap of $155.83 billion, a PE ratio of 37.10, a P/E/G ratio of 2.50 and a beta of 0.60. The stock has a 50-day moving average price of $317.28 and a 200 day moving average price of $318.02. Amgen Inc. has a 52 week low of $260.68 and a 52 week 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 posted its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. The firm had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The firm’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter last year, the business posted $4.96 EPS. Equities research analysts predict that Amgen Inc. will post 19.51 earnings per share for the current fiscal year.

Amgen Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, November 18th will be issued a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Monday, November 18th. Amgen’s payout ratio is currently 115.24%.

Amgen 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.