Traders Buy Amgen Inc. (AMGN) on Weakness After Analyst Downgrade
Investors bought shares of Amgen Inc. (NASDAQ:AMGN) on weakness during trading on Wednesday after Citigroup lowered their price target on the stock from $175.00 to $172.00. $149.20 million flowed into the stock on the tick-up and $121.34 million flowed out of the stock on the tick-down, for a money net flow of $27.86 million into the stock. Of all companies tracked, Amgen had the 10th highest net in-flow for the day. Amgen traded down ($1.92) for the day and closed at $169.71
AMGN has been the subject of several other reports. Robert W. Baird reiterated an “outperform” rating and issued a $157.00 target price on shares of Amgen in a research report on Friday, August 26th. Jefferies Group reiterated a “buy” rating and issued a $198.00 target price on shares of Amgen in a research report on Tuesday, August 23rd. Gabelli initiated coverage on shares of Amgen in a research report on Friday, August 26th. They set a “hold” rating for the company. BMO Capital Markets restated an “outperform” rating and set a $190.00 price target on shares of Amgen in a research report on Thursday, September 22nd. Finally, Leerink Swann restated a “hold” rating on shares of Amgen in a research report on Sunday, June 26th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $184.51.
In related news, VP Annette Louise Such sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $174.59, for a total value of $523,770.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.20% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Oakworth Capital Inc. boosted its stake in shares of Amgen by 16.6% in the second quarter. Oakworth Capital Inc. now owns 701 shares of the medical research company’s stock valued at $111,000 after buying an additional 100 shares in the last quarter. Valley National Advisers Inc. boosted its stake in shares of Amgen by 4.8% in the second quarter. Valley National Advisers Inc. now owns 714 shares of the medical research company’s stock valued at $109,000 after buying an additional 33 shares in the last quarter. Glassman Wealth Services boosted its stake in shares of Amgen by 480.0% in the second quarter. Glassman Wealth Services now owns 725 shares of the medical research company’s stock valued at $110,000 after buying an additional 600 shares in the last quarter. Integrated Wealth Management boosted its stake in shares of Amgen by 0.3% in the second quarter. Integrated Wealth Management now owns 930 shares of the medical research company’s stock valued at $141,000 after buying an additional 3 shares in the last quarter. Finally, Delta Asset Management LLC TN boosted its stake in shares of Amgen by 9.1% in the second quarter. Delta Asset Management LLC TN now owns 1,020 shares of the medical research company’s stock valued at $155,000 after buying an additional 85 shares in the last quarter. Institutional investors own 79.15% of the company’s stock.
The company has a market cap of $127.00 billion, a P/E ratio of 17.37 and a beta of 0.87. The stock has a 50 day moving average of $172.00 and a 200 day moving average of $160.83.
Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Wednesday, July 27th. The medical research company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.74 by $0.10. Amgen had a net margin of 33.07% and a return on equity of 29.30%. The company earned $5.69 billion during the quarter, compared to analyst estimates of $5.58 billion. During the same quarter last year, the business posted $2.57 EPS. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. On average, equities analysts expect that Amgen Inc. will post $11.36 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Stockholders of record on Wednesday, August 17th were issued a $1.00 dividend. The ex-dividend date of this dividend was Monday, August 15th. This represents a $4.00 annualized dividend and a dividend yield of 2.36%. Amgen’s dividend payout ratio is currently 40.90%.
Amgen Company Profile
Amgen Inc is a biotechnology company. The Company discovers, develops, manufactures and delivers various human therapeutics. The Company’s business segment is human therapeutics. 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 Vectibix (panitumumab), Nplate (romiplostim) and Corlanor (ivabradine).
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