Connor Clark & Lunn Investment Management Ltd. Lowers Stake in Amgen Inc. (NASDAQ:AMGN)

Connor Clark & Lunn Investment Management Ltd. cut its position in Amgen Inc. (NASDAQ:AMGN) by 50.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,635 shares of the medical research company’s stock after selling 29,127 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Amgen were worth $9,226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in Amgen during the third quarter valued at about $25,000. Hershey Financial Advisers LLC purchased a new position in Amgen in the 2nd quarter worth approximately $30,000. nVerses Capital LLC bought a new position in Amgen in the 2nd quarter worth approximately $31,000. Bbjs Financial Advisors LLC purchased a new stake in Amgen during the 2nd quarter valued at approximately $33,000. Finally, Matrix Trust Co bought a new stake in shares of Amgen during the third quarter valued at approximately $36,000. 76.50% of the stock is currently owned by institutional investors.

Amgen Trading Up 0.7 %

Shares of AMGN opened at $289.77 on Friday. The firm has a market capitalization of $155.76 billion, a price-to-earnings ratio of 37.10, a PEG ratio of 2.50 and a beta of 0.60. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96. Amgen Inc. has a 1-year low of $260.68 and a 1-year high of $346.85. The company has a 50-day moving average of $317.28 and a 200 day moving average of $318.02.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results 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 firm had revenue of $8.50 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm posted $4.96 earnings per share. On average, research analysts expect that Amgen Inc. will post 19.51 EPS for the current year.

Amgen Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, November 18th will be paid a dividend of $2.25 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $9.00 annualized dividend and a dividend yield of 3.11%. Amgen’s dividend payout ratio is currently 115.24%.

Analyst Upgrades and Downgrades

AMGN has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $362.00 target price on shares of Amgen in a research note on Thursday, September 26th. UBS Group reduced their price objective on Amgen from $335.00 to $326.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Sanford C. Bernstein assumed coverage on Amgen in a research report on Thursday, October 17th. They set an “outperform” rating and a $380.00 target price for the company. Dbs Bank upgraded shares of Amgen to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Bank of America increased their price objective on shares of Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $333.57.

About Amgen

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.