Amgen Inc. (NASDAQ:AMGN) is Cornerstone Capital Inc.’s 8th Largest Position

Cornerstone Capital Inc. boosted its position in Amgen Inc. (NASDAQ:AMGN) by 3.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 106,538 shares of the medical research company’s stock after purchasing an additional 3,260 shares during the period. Amgen makes up approximately 3.2% of Cornerstone Capital Inc.’s investment portfolio, making the stock its 8th biggest holding. Cornerstone Capital Inc.’s holdings in Amgen were worth $34,328,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Central Pacific Bank Trust Division purchased a new position in shares of Amgen in the first quarter worth $414,000. Proficio Capital Partners LLC lifted its holdings in Amgen by 10.5% during the first quarter. Proficio Capital Partners LLC now owns 1,611 shares of the medical research company’s stock valued at $458,000 after purchasing an additional 153 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its holdings in Amgen by 112.1% in the 1st quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 1,898 shares of the medical research company’s stock valued at $540,000 after buying an additional 1,003 shares in the last quarter. Mediolanum International Funds Ltd acquired a new position in Amgen in the 1st quarter valued at about $6,534,000. Finally, Avidian Wealth Solutions LLC raised its position in shares of Amgen by 10.2% during the 1st quarter. Avidian Wealth Solutions LLC now owns 3,304 shares of the medical research company’s stock valued at $939,000 after buying an additional 307 shares during the period. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AMGN has been the topic of a number of research analyst reports. Barclays lifted their target price on Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Jefferies Financial Group reissued a “buy” rating and issued a $380.00 price target (up from $375.00) on shares of Amgen in a research report on Wednesday, August 7th. Robert W. Baird reiterated an “underperform” rating and issued a $215.00 target price on shares of Amgen in a research note on Wednesday, September 25th. TD Cowen increased their target price on shares of Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Sanford C. Bernstein assumed coverage on Amgen in a research report on Thursday, October 17th. They issued an “outperform” rating and a $380.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Amgen has an average rating of “Moderate Buy” and an average target price of $333.50.

Amgen Price Performance

NASDAQ AMGN traded up $0.69 during trading hours on Tuesday, reaching $317.60. 265,869 shares of the company’s stock were exchanged, compared to its average volume of 2,406,500. The firm has a fifty day moving average of $324.27 and a 200-day moving average of $316.29. 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 stock has a market cap of $170.66 billion, a PE ratio of 40.58, a price-to-earnings-growth ratio of 2.81 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 announced its quarterly earnings data 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 business had revenue of $8.50 billion for 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%. Amgen’s revenue was up 23.2% compared to the same quarter last year. During the same period in the prior year, the business posted $4.96 earnings per share. On average, equities research analysts predict that Amgen Inc. will post 19.49 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 18th will be paid a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 2.83%. The ex-dividend date is Monday, November 18th. Amgen’s payout ratio is 115.24%.

Amgen Company 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.