Malaga Cove Capital LLC Trims Holdings in Amgen Inc. (NASDAQ:AMGN)

Malaga Cove Capital LLC lessened its position in Amgen Inc. (NASDAQ:AMGN) by 0.6% in the 3rd quarter, Holdings Channel reports. The firm owned 15,078 shares of the medical research company’s stock after selling 85 shares during the period. Amgen accounts for approximately 2.0% of Malaga Cove Capital LLC’s investment portfolio, making the stock its 7th biggest holding. Malaga Cove Capital LLC’s holdings in Amgen were worth $4,858,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Walkner Condon Financial Advisors LLC grew its position in shares of Amgen by 31.7% in the 3rd quarter. Walkner Condon Financial Advisors LLC now owns 1,680 shares of the medical research company’s stock valued at $541,000 after purchasing an additional 404 shares during the period. Advisor Resource Council bought a new position in Amgen in the third quarter valued at approximately $630,000. Graypoint LLC boosted its holdings in shares of Amgen by 3.0% in the third quarter. Graypoint LLC now owns 5,164 shares of the medical research company’s stock valued at $1,664,000 after buying an additional 148 shares during the period. M&G PLC increased its position in shares of Amgen by 676.5% during the third quarter. M&G PLC now owns 283,017 shares of the medical research company’s stock worth $91,131,000 after acquiring an additional 246,568 shares in the last quarter. Finally, Spinnaker Trust raised its holdings in shares of Amgen by 1.6% during the third quarter. Spinnaker Trust now owns 8,311 shares of the medical research company’s stock worth $2,678,000 after acquiring an additional 127 shares during the period. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen Stock Up 0.8 %

AMGN stock opened at $321.79 on Thursday. Amgen Inc. has a 1-year low of $260.52 and a 1-year high of $346.85. The business’s 50 day simple moving average is $323.96 and its 200 day simple moving average is $316.68. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55. The firm has a market capitalization of $172.91 billion, a PE ratio of 41.20, a PEG ratio of 2.81 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, beating the consensus estimate of $5.11 by $0.47. The company had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The company’s revenue was up 23.2% on a year-over-year basis. During the same period in the prior year, the firm earned $4.96 earnings per share. As a group, research analysts anticipate that Amgen Inc. will post 19.49 EPS for the current year.

Amgen Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 18th will be given a dividend of $2.25 per share. The ex-dividend date is Monday, November 18th. This represents a $9.00 annualized dividend and a yield of 2.80%. Amgen’s dividend payout ratio (DPR) is presently 115.24%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. StockNews.com upgraded Amgen from a “buy” rating to a “strong-buy” rating in a report on Friday, November 1st. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $305.00 target price (down previously from $310.00) on shares of Amgen in a research report on Wednesday, August 7th. Wells Fargo & Company downgraded Amgen from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $320.00 to $335.00 in a research report on Wednesday, August 7th. Morgan Stanley lowered their price objective on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Finally, Truist Financial cut shares of Amgen from a “buy” rating to a “hold” rating and increased their target price for the stock from $320.00 to $333.00 in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Amgen currently has a consensus rating of “Moderate Buy” and an average price target of $333.50.

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.