Portside Wealth Group LLC Cuts Holdings in Amgen Inc. (NASDAQ:AMGN)

Portside Wealth Group LLC lowered its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 3.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,478 shares of the medical research company’s stock after selling 60 shares during the period. Portside Wealth Group LLC’s holdings in Amgen were worth $476,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AMGN. Keynote Financial Services LLC raised its position in Amgen by 0.6% during the second quarter. Keynote Financial Services LLC now owns 4,898 shares of the medical research company’s stock valued at $1,530,000 after purchasing an additional 30 shares in the last quarter. Ascent Group LLC increased its position in shares of Amgen by 0.3% during the 2nd quarter. Ascent Group LLC now owns 10,949 shares of the medical research company’s stock valued at $3,421,000 after purchasing an additional 31 shares during the last quarter. RFP Financial Group LLC raised its holdings in shares of Amgen by 17.1% during the 1st quarter. RFP Financial Group LLC now owns 219 shares of the medical research company’s stock valued at $62,000 after buying an additional 32 shares in the last quarter. Hofer & Associates. Inc lifted its position in Amgen by 0.5% in the 2nd quarter. Hofer & Associates. Inc now owns 6,477 shares of the medical research company’s stock worth $2,024,000 after buying an additional 32 shares during the last quarter. Finally, Cadinha & Co. LLC boosted its stake in Amgen by 0.6% in the third quarter. Cadinha & Co. LLC now owns 5,209 shares of the medical research company’s stock worth $1,678,000 after buying an additional 32 shares in the last quarter. 76.50% of the stock is owned by institutional investors.

Amgen Trading Up 1.0 %

NASDAQ AMGN opened at $325.28 on Friday. The stock’s 50 day moving average is $323.61 and its 200 day moving average is $317.08. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. The firm has a market capitalization of $174.85 billion, a PE ratio of 41.65, a P/E/G ratio of 2.79 and a beta of 0.60. Amgen Inc. has a twelve month low of $260.52 and a twelve month high of $346.85.

Amgen (NASDAQ:AMGN) last announced its earnings results on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. The firm had revenue of $8.50 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.96 EPS. Research analysts forecast that Amgen Inc. will post 19.51 earnings per share for the current fiscal year.

Amgen Dividend Announcement

The firm 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 dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend is Monday, November 18th. Amgen’s dividend payout ratio is 115.24%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on AMGN shares. Oppenheimer restated an “outperform” rating and issued a $380.00 price objective on shares of Amgen in a report on Wednesday, August 7th. Dbs Bank raised shares of Amgen to a “strong-buy” rating in a research note on Monday, September 16th. Robert W. Baird reaffirmed an “underperform” rating and set a $215.00 price objective on shares of Amgen in a research note on Wednesday, September 25th. Wells Fargo & Company lowered Amgen from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $320.00 to $335.00 in a research note on Wednesday, August 7th. Finally, Barclays raised their price target on Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $333.50.

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.