Perennial Investment Advisors LLC Reduces Holdings in Amgen Inc. (NASDAQ:AMGN)

Perennial Investment Advisors LLC reduced its position in Amgen Inc. (NASDAQ:AMGN) by 8.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,637 shares of the medical research company’s stock after selling 253 shares during the period. Perennial Investment Advisors LLC’s holdings in Amgen were worth $824,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Tower Wealth Partners Inc. grew its position in shares of Amgen by 41.6% during the second quarter. Tower Wealth Partners Inc. now owns 1,120 shares of the medical research company’s stock worth $350,000 after buying an additional 329 shares in the last quarter. Alpha Financial Partners LLC bought a new position in Amgen during the 2nd quarter valued at $244,000. Luts & Greenleigh Group Inc. bought a new position in Amgen during the 2nd quarter valued at $207,000. WealthPLAN Partners LLC acquired a new position in Amgen during the 2nd quarter worth $3,855,000. Finally, Citizens Financial Group Inc. RI increased its position in shares of Amgen by 28.5% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 14,218 shares of the medical research company’s stock worth $4,442,000 after purchasing an additional 3,156 shares during the last quarter. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen Stock Performance

Shares of AMGN stock opened at $332.80 on Wednesday. Amgen Inc. has a 12-month low of $249.70 and a 12-month high of $346.85. The company has a debt-to-equity ratio of 9.64, a current ratio of 1.26 and a quick ratio of 0.89. The firm has a market capitalization of $178.53 billion, a price-to-earnings ratio of 47.54, a price-to-earnings-growth ratio of 2.93 and a beta of 0.61. The business has a 50 day simple moving average of $329.00 and a 200 day simple moving average of $304.81.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Tuesday, August 6th. The medical research company reported $4.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.01 by ($0.04). The business had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.35 billion. Amgen had a return on equity of 161.72% and a net margin of 10.12%. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the previous year, the company posted $5.00 EPS. On average, equities research analysts anticipate that Amgen Inc. will post 19.49 EPS for the current year.

Amgen Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, August 16th were given a dividend of $2.25 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.70%. Amgen’s dividend payout ratio (DPR) is 128.57%.

Wall Street Analyst Weigh In

A number of research firms recently commented on AMGN. TD Cowen lifted their price target on Amgen from $360.00 to $381.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Morgan Stanley decreased their target price on Amgen from $310.00 to $303.00 and set an “equal weight” rating for the company in a research report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $305.00 price target (down from $310.00) on shares of Amgen in a research report on Wednesday, August 7th. 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 report on Wednesday, August 7th. Finally, Oppenheimer reissued an “outperform” rating and set a $380.00 target price on shares of Amgen in a report on Wednesday, August 7th. Eleven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $327.28.

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.