Amgen (NASDAQ:AMGN) Hits New 1-Year Low – Should You Sell?

Shares of Amgen Inc. (NASDAQ:AMGN) hit a new 52-week low during trading on Tuesday . The stock traded as low as $259.00 and last traded at $265.01, with a volume of 3493849 shares trading hands. The stock had previously closed at $294.00.

Wall Street Analysts Forecast Growth

AMGN has been the subject of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $362.00 price objective on shares of Amgen in a research note on Thursday, September 26th. Truist Financial cut shares of Amgen from a “buy” rating to a “hold” rating and upped their price target for the company from $320.00 to $333.00 in a report on Monday, October 14th. TD Cowen raised their price target on Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a research report on Monday, October 21st. StockNews.com raised Amgen from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 1st. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $405.00 target price on shares of Amgen in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $333.57.

Amgen Stock Down 9.9 %

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 business’s fifty day moving average price is $315.69 and its 200 day moving average price is $318.05. The company has a market capitalization of $142.45 billion, a P/E ratio of 33.93, a P/E/G ratio of 2.63 and a beta of 0.60.

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 the consensus estimate of $5.11 by $0.47. The firm 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 company’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.96 earnings per share. As a group, equities research analysts predict that Amgen Inc. will post 19.52 earnings per share for the current fiscal year.

Amgen Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be paid a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 3.40%. The ex-dividend date is Monday, November 18th. Amgen’s dividend payout ratio is 115.24%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of AMGN. Meyer Handelman Co. lifted its holdings in Amgen by 7.2% during the 2nd quarter. Meyer Handelman Co. now owns 129,831 shares of the medical research company’s stock valued at $40,566,000 after purchasing an additional 8,700 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Amgen by 3.2% during the third quarter. First Horizon Advisors Inc. now owns 60,769 shares of the medical research company’s stock worth $19,581,000 after buying an additional 1,872 shares in the last quarter. Swiss National Bank raised its stake in shares of Amgen by 0.3% in the third quarter. Swiss National Bank now owns 1,592,233 shares of the medical research company’s stock valued at $513,033,000 after acquiring an additional 5,500 shares during the last quarter. Napa Wealth Management acquired a new position in shares of Amgen in the 3rd quarter worth approximately $1,104,000. Finally, Second Half Financial Partners LLC bought a new stake in Amgen during the 3rd quarter worth approximately $3,413,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

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.