Orrstown Financial Services Inc. Decreases Stock Holdings in Amgen Inc. (NASDAQ:AMGN)

Orrstown Financial Services Inc. lowered its holdings in Amgen Inc. (NASDAQ:AMGN) by 12.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,648 shares of the medical research company’s stock after selling 371 shares during the period. Orrstown Financial Services Inc.’s holdings in Amgen were worth $690,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Capital Performance Advisors LLP purchased a new position in shares of Amgen in the third quarter valued at $25,000. Legacy Investment Solutions LLC acquired a new position in Amgen in the 3rd quarter worth $29,000. Matrix Trust Co purchased a new position in Amgen in the 3rd quarter valued at about $36,000. Livelsberger Financial Advisory acquired a new stake in shares of Amgen during the third quarter valued at about $56,000. Finally, Kennebec Savings Bank acquired a new position in shares of Amgen in the third quarter worth about $57,000. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Analyst Upgrades and Downgrades

AMGN has been the topic of several analyst reports. UBS Group dropped their price objective on Amgen from $335.00 to $326.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Wolfe Research assumed coverage on shares of Amgen in a research note on Friday, November 15th. They set a “peer perform” rating on the stock. Truist Financial dropped their target price on shares of Amgen from $333.00 to $298.00 and set a “hold” rating for the company in a research report on Wednesday, January 8th. Citigroup reduced their price target on shares of Amgen from $310.00 to $295.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Leerink Partners lowered their price objective on Amgen from $349.00 to $302.00 in a report on Wednesday, November 27th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $314.00.

Amgen Stock Performance

Shares of NASDAQ AMGN traded up $2.18 during midday trading on Wednesday, reaching $282.48. 94,197 shares of the company traded hands, compared to its average volume of 2,918,206. The stock has a 50-day moving average price of $271.48 and a 200 day moving average price of $305.15. The company has a market cap of $151.84 billion, a price-to-earnings ratio of 36.13, a PEG ratio of 2.78 and a beta of 0.56. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96. Amgen Inc. has a 52 week low of $253.30 and a 52 week high of $346.85.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The company had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.50 billion. During the same period in the prior year, the business posted $4.96 EPS. The business’s revenue for the quarter was up 23.2% compared to the same quarter last year. Sell-side analysts anticipate that Amgen Inc. will post 19.56 earnings per share for the current fiscal year.

Amgen Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a dividend of $2.38 per share. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from Amgen’s previous quarterly dividend of $2.25. This represents a $9.52 annualized dividend and a dividend yield of 3.37%. Amgen’s dividend payout ratio (DPR) is 115.24%.

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.