Rakuten Investment Management Inc. Purchases New Holdings in Amgen Inc. $AMGN

Rakuten Investment Management Inc. purchased a new position in Amgen Inc. (NASDAQ:AMGN) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 143,877 shares of the medical research company’s stock, valued at approximately $60,952,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Altus USA Inc. lifted its position in shares of Amgen by 72.3% during the 2nd quarter. Wellington Altus USA Inc. now owns 81 shares of the medical research company’s stock valued at $28,000 after buying an additional 34 shares during the last quarter. Nvwm LLC raised its stake in Amgen by 412.5% in the 3rd quarter. Nvwm LLC now owns 82 shares of the medical research company’s stock valued at $35,000 after acquiring an additional 66 shares during the period. PFS Partners LLC raised its stake in Amgen by 95.5% in the 3rd quarter. PFS Partners LLC now owns 86 shares of the medical research company’s stock valued at $36,000 after acquiring an additional 42 shares during the period. TOWER TRUST & INVESTMENT Co purchased a new stake in Amgen during the third quarter valued at about $38,000. Finally, Security National Bank of Sioux City Iowa IA purchased a new stake in shares of Amgen during the 2nd quarter valued at approximately $36,000. 76.50% of the stock is owned by institutional investors.

Amgen News Summary

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen earned $6.45 per share on $10.37 billion in revenue, beating analyst estimates; revenue rose 8.5% year over year. The company also raised its outlook, with full-year revenue guidance slightly above the consensus estimate. Amgen Raises Outlook After 3Q Profit, Sales Rise
• Positive Sentiment: Sales growth in cholesterol and cancer medicines helped support the quarter, while the company’s broader growth portfolio was reported to be offsetting pressure from the denosumab product cycle. Amgen third quarter sales rise 8%, led by cholesterol, cancer drugs
• Negative Sentiment: Shares fell despite the earnings beat as investors focused on biosimilar competition facing key products, which could pressure future sales. Amgen beats estimates but shares dip on biosimilar concerns
• Negative Sentiment: The FDA issued Amgen a warning letter over promotion of its cancer drug Vectibix, adding a regulatory and reputational concern for investors. Amgen Gets FDA Warning Letter Over Misleading Vectibix Promotion

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. William Blair reiterated an “outperform” rating on shares of Amgen in a research report on Wednesday. Piper Sandler increased their price objective on Amgen from $427.00 to $457.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. UBS Group raised their target price on Amgen from $430.00 to $470.00 and gave the stock a “buy” rating in a research note on Friday, October 9th. Bank of America lifted their target price on Amgen from $312.00 to $317.00 and gave the company an “underperform” rating in a report on Wednesday, August 5th. Finally, Weiss Ratings upgraded Amgen from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, sixteen have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $389.71.

Insider Transactions at Amgen

In other news, SVP Nancy A. Grygiel sold 2,970 shares of Amgen stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $402.16, for a total transaction of $1,194,415.20. Following the completion of the sale, the senior vice president owned 7,340 shares in the company, valued at approximately $2,951,854.40. This trade represents a 28.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Rachna Khosla sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $412.57, for a total transaction of $825,140.00. Following the completion of the transaction, the senior vice president owned 6,404 shares in the company, valued at approximately $2,642,098.28. This trade represents a 23.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,222 shares of company stock worth $2,540,926 over the last 90 days. Corporate insiders own 0.85% of the company’s stock.

Amgen Stock Down 0.9%

Shares of NASDAQ:AMGN opened at $461.26 on Wednesday. The firm has a fifty day moving average price of $420.83 and a two-hundred day moving average price of $376.16. The company has a market cap of $249.37 billion, a price-to-earnings ratio of 28.67, a PEG ratio of 3.41 and a beta of 0.43. The company has a debt-to-equity ratio of 4.44, a current ratio of 1.37 and a quick ratio of 1.13. Amgen Inc. has a one year low of $294.48 and a one year high of $475.64.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Tuesday, November 3rd. The medical research company reported $6.45 earnings per share for the quarter, topping the consensus estimate of $5.79 by $0.66. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The firm had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $10.07 billion. During the same quarter in the prior year, the firm posted $5.64 earnings per share. The business’s quarterly revenue was up 8.5% on a year-over-year basis. Analysts anticipate that Amgen Inc. will post 22.96 EPS for the current fiscal year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 20th will be given a dividend of $2.52 per share. This represents a $10.08 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, November 20th. Amgen’s payout ratio is presently 62.65%.

Amgen Profile

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research focuses on areas including oncology, cardiovascular disease, inflammation, bone health, nephrology and neuroscience.

The company’s products include biologic and specialty medicines such as Enbrel for inflammatory diseases, Prolia and Evenity for osteoporosis, Xgeva for skeletal-related complications, Repatha for cardiovascular risk reduction, Otezla for inflammatory conditions, Tezspire for severe asthma, Blincyto for certain blood cancers, and Lumakras for specific cancers.

Founded in 1980, Amgen is headquartered in Thousand Oaks, California.