Investors Buy Shares of Amgen Inc. (AMGN) on Weakness
Traders bought shares of Amgen Inc. (NASDAQ:AMGN) on weakness during trading hours on Thursday. $187.34 million flowed into the stock on the tick-up and $157.19 million flowed out of the stock on the tick-down, for a money net flow of $30.15 million into the stock. Of all equities tracked, Amgen had the 27th highest net in-flow for the day. Amgen traded down ($3.01) for the day and closed at $172.41
A number of brokerages recently commented on AMGN. Zacks Investment Research cut Amgen from a “buy” rating to a “hold” rating in a research note on Monday. Royal Bank Of Canada decreased their price objective on Amgen from $192.00 to $188.00 and set a “sector perform” rating for the company in a research note on Thursday, October 26th. BMO Capital Markets cut Amgen from an “outperform” rating to a “market perform” rating and set a $199.00 price objective for the company. in a research note on Friday, July 21st. They noted that the move was a valuation call. Credit Suisse Group reaffirmed a “neutral” rating and set a $186.00 price objective (up from $177.00) on shares of Amgen in a research note on Friday, September 29th. Finally, Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $203.00 target price on shares of Amgen in a report on Thursday, September 7th. Thirteen investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $190.03.
Amgen (NASDAQ:AMGN) last released its quarterly earnings data on Wednesday, October 25th. The medical research company reported $3.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.11 by $0.16. The company had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.75 billion. Amgen had a net margin of 35.54% and a return on equity of 29.90%. The business’s revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.02 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 17th will be given a dividend of $1.15 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.67%. Amgen’s dividend payout ratio (DPR) is presently 41.63%.
Amgen declared that its board has initiated a share buyback program on Wednesday, October 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the medical research company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, EVP Sean E. Harper sold 1,525 shares of the stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $185.95, for a total transaction of $283,573.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in AMGN. Advisor Partners LLC boosted its position in shares of Amgen by 15.3% during the 1st quarter. Advisor Partners LLC now owns 12,376 shares of the medical research company’s stock worth $2,031,000 after purchasing an additional 1,646 shares in the last quarter. Wright Investors Service Inc. boosted its position in shares of Amgen by 6.2% during the 1st quarter. Wright Investors Service Inc. now owns 19,650 shares of the medical research company’s stock worth $3,224,000 after purchasing an additional 1,150 shares in the last quarter. Delta Capital Management LLC lifted its position in Amgen by 2.6% in the 1st quarter. Delta Capital Management LLC now owns 14,845 shares of the medical research company’s stock valued at $2,436,000 after acquiring an additional 375 shares in the last quarter. Advisory Services Network LLC bought a new position in Amgen in the 1st quarter valued at about $2,474,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Amgen by 3.2% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 119,433 shares of the medical research company’s stock valued at $19,595,000 after acquiring an additional 3,651 shares in the last quarter. 78.13% of the stock is currently owned by institutional investors.
Amgen Inc is a biotechnology company. The Company discovers, develops, manufactures and delivers various human therapeutics. It operates in human therapeutics segment. Its marketed products portfolio includes Neulasta (pegfilgrastim); erythropoiesis-stimulating agents (ESAs), such as Aranesp (darbepoetin alfa) and EPOGEN (epoetin alfa); Sensipar/Mimpara (cinacalcet); XGEVA (denosumab); Prolia (denosumab); NEUPOGEN (filgrastim), and other marketed products, such as KYPROLIS (carfilzomib), Vectibix (panitumumab), Nplate (romiplostim), Repatha (evolocumab), BLINCYTO (blinatumomab), IMLYGIC (talimogene laherparepvec) and Corlanor (ivabradine).
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