Essex Savings Bank Increases Stock Position in Amgen Inc. (NASDAQ:AMGN)

Essex Savings Bank increased its position in Amgen Inc. (NASDAQ:AMGN) by 3.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,219 shares of the medical research company’s stock after purchasing an additional 160 shares during the quarter. Essex Savings Bank’s holdings in Amgen were worth $1,359,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in AMGN. Capital Performance Advisors LLP acquired a new stake in Amgen in the third quarter valued at $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Amgen during the second quarter worth $26,000. Hershey Financial Advisers LLC acquired a new stake in shares of Amgen during the second quarter worth $30,000. nVerses Capital LLC acquired a new stake in shares of Amgen during the second quarter worth $31,000. Finally, Bbjs Financial Advisors LLC acquired a new stake in shares of Amgen during the second quarter worth $33,000. 76.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AMGN. 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. Barclays increased their target price on shares of Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $380.00 price objective (up previously from $375.00) on shares of Amgen in a report on Wednesday, August 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $362.00 price objective on shares of Amgen in a report on Thursday, September 26th. Finally, Dbs Bank raised shares of Amgen to a “strong-buy” rating in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $333.50.

Amgen Price Performance

AMGN stock opened at $325.28 on Friday. The firm has a 50-day moving average of $323.61 and a two-hundred day moving average of $317.08. 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 $174.85 billion, a PE ratio of 41.65, a P/E/G ratio of 2.87 and a beta of 0.60. Amgen Inc. has a one year low of $260.52 and a one year high of $346.85.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. The business had revenue of $8.50 billion during 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 firm’s revenue was up 23.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.96 earnings per share. On average, analysts forecast that Amgen Inc. will post 19.51 earnings per share for the current year.

Amgen Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be given a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a yield of 2.77%. The ex-dividend date is Monday, November 18th. Amgen’s payout ratio is presently 115.24%.

Amgen 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.