Investors Buy Amgen Inc. (AMGN) on Weakness After Analyst Downgrade
Traders purchased shares of Amgen Inc. (NASDAQ:AMGN) on weakness during trading on Thursday after Citigroup lowered their price target on the stock from $175.00 to $172.00. $161.61 million flowed into the stock on the tick-up and $127.21 million flowed out of the stock on the tick-down, for a money net flow of $34.40 million into the stock. Of all stocks tracked, Amgen had the 17th highest net in-flow for the day. Amgen traded down ($4.26) for the day and closed at $165.45
Several other equities research analysts also recently issued reports on AMGN. Leerink Swann restated a “hold” rating on shares of Amgen in a report on Saturday, September 17th. Credit Suisse Group AG set a $206.00 price objective on Amgen and gave the stock a “buy” rating in a report on Saturday, September 17th. Vetr upgraded Amgen from a “hold” rating to a “buy” rating and set a $159.50 price objective on the stock in a report on Monday, June 13th. Jefferies Group restated a “buy” rating and set a $187.00 price objective on shares of Amgen in a report on Wednesday, July 13th. Finally, Robert W. Baird restated a “neutral” rating and set a $157.00 price objective on shares of Amgen in a report on Friday, July 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Amgen presently has an average rating of “Buy” and an average target price of $185.06.
In related news, VP Annette Louise Such sold 3,000 shares of the company’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $174.59, for a total transaction of $523,770.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of AMGN. Raymond James Trust N.A. raised its position in Amgen by 59.9% in the first quarter. Raymond James Trust N.A. now owns 28,653 shares of the medical research company’s stock valued at $4,296,000 after buying an additional 10,739 shares during the last quarter. Narwhal Capital Management raised its position in Amgen by 2.5% in the first quarter. Narwhal Capital Management now owns 10,245 shares of the medical research company’s stock valued at $1,536,000 after buying an additional 250 shares during the last quarter. Carl Domino Inc raised its position in Amgen by 483.9% in the first quarter. Carl Domino Inc now owns 9,062 shares of the medical research company’s stock valued at $1,359,000 after buying an additional 7,510 shares during the last quarter. Kelman Lazarov Inc. acquired a new position in Amgen during the first quarter valued at $252,000. Finally, FirstMerit Bank N A Trustee raised its position in Amgen by 5.3% in the first quarter. FirstMerit Bank N A Trustee now owns 32,630 shares of the medical research company’s stock valued at $4,893,000 after buying an additional 1,632 shares during the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market cap of $123.82 billion, a PE ratio of 16.93 and a beta of 0.87. The firm’s 50-day moving average is $171.84 and its 200-day moving average is $160.86.
Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Wednesday, July 27th. The medical research company reported $2.84 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.74 by $0.10. The business had revenue of $5.69 billion for the quarter, compared to the consensus estimate of $5.58 billion. Amgen had a return on equity of 29.30% and a net margin of 33.07%. The firm’s revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.57 EPS. On average, equities research analysts predict that Amgen Inc. will post $11.36 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Wednesday, August 17th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Monday, August 15th. Amgen’s payout ratio is presently 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).
Receive News & Stock Ratings for Amgen Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Amgen Inc. and related stocks with our FREE daily email newsletter.