Corundum Group Inc. Grows Stake in Amgen Inc. (NASDAQ:AMGN)

Corundum Group Inc. increased its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 111.2% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 4,113 shares of the medical research company’s stock after acquiring an additional 2,166 shares during the period. Corundum Group Inc.’s holdings in Amgen were worth $1,285,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. BOK Financial Private Wealth Inc. bought a new position in Amgen during the 4th quarter worth approximately $29,000. United Community Bank bought a new position in Amgen in the 4th quarter valued at about $29,000. Horizon Financial Services LLC acquired a new stake in shares of Amgen in the 1st quarter worth approximately $28,000. Delos Wealth Advisors LLC boosted its holdings in shares of Amgen by 2,500.0% in the fourth quarter. Delos Wealth Advisors LLC now owns 104 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 100 shares in the last quarter. Finally, Bbjs Financial Advisors LLC acquired a new position in shares of Amgen during the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Amgen Stock Up 0.8 %

NASDAQ:AMGN traded up $2.66 during trading hours on Thursday, hitting $325.39. 1,886,797 shares of the company’s stock traded hands, compared to its average volume of 2,623,715. Amgen Inc. has a twelve month low of $248.38 and a twelve month high of $346.85. The firm has a market cap of $174.55 billion, a P/E ratio of 46.48, a P/E/G ratio of 2.78 and a beta of 0.58. The company has a debt-to-equity ratio of 11.96, a quick ratio of 0.98 and a current ratio of 1.42. The stock’s fifty day moving average price is $319.66 and its two-hundred day moving average price is $299.29.

Amgen (NASDAQ:AMGN) last issued its earnings results on Tuesday, August 6th. The medical research company reported $4.97 earnings per share for the quarter, missing analysts’ consensus estimates of $5.01 by ($0.04). Amgen had a net margin of 12.74% and a return on equity of 156.21%. The business had revenue of $8.39 billion during the quarter, compared to analyst estimates of $8.35 billion. During the same quarter in the prior year, the company earned $5.00 EPS. Amgen’s revenue for the quarter was up 20.1% on a year-over-year basis. On average, research analysts expect that Amgen Inc. will post 19.5 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, August 16th were issued a dividend of $2.25 per share. The ex-dividend date was Friday, August 16th. This represents a $9.00 annualized dividend and a dividend yield of 2.77%. Amgen’s dividend payout ratio is 128.57%.

Analysts Set New Price Targets

A number of brokerages have issued reports on AMGN. Royal Bank of Canada increased their price target on Amgen from $332.00 to $362.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. TD Cowen raised their target price on Amgen from $360.00 to $381.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. BMO Capital Markets boosted their price target on shares of Amgen from $336.00 to $355.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Argus raised their price objective on shares of Amgen from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Finally, Bank of America lifted their price objective on shares of Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Eleven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Amgen has an average rating of “Moderate Buy” and a consensus target price of $326.89.

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.