W.H. Cornerstone Investments Inc. Boosts Holdings in Amgen Inc. (NASDAQ:AMGN)

W.H. Cornerstone Investments Inc. lifted its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 10.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,000 shares of the medical research company’s stock after purchasing an additional 95 shares during the period. W.H. Cornerstone Investments Inc.’s holdings in Amgen were worth $322,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Meyer Handelman Co. raised its holdings in shares of Amgen by 7.2% during the second quarter. Meyer Handelman Co. now owns 129,831 shares of the medical research company’s stock valued at $40,566,000 after acquiring an additional 8,700 shares during the last quarter. EP Wealth Advisors LLC increased its position in shares of Amgen by 11.0% during the first quarter. EP Wealth Advisors LLC now owns 23,769 shares of the medical research company’s stock worth $6,758,000 after purchasing an additional 2,353 shares in the last quarter. Stanley Laman Group Ltd. acquired a new position in Amgen in the 2nd quarter valued at $3,354,000. Verity & Verity LLC lifted its holdings in Amgen by 2.7% in the 2nd quarter. Verity & Verity LLC now owns 82,368 shares of the medical research company’s stock valued at $25,736,000 after purchasing an additional 2,182 shares in the last quarter. Finally, Matrix Asset Advisors Inc. NY boosted its stake in Amgen by 9.3% during the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 45,068 shares of the medical research company’s stock worth $14,081,000 after purchasing an additional 3,845 shares during the last quarter. Institutional investors and hedge funds own 76.50% of the company’s stock.

Amgen Stock Down 0.7 %

Shares of NASDAQ:AMGN opened at $316.91 on Tuesday. The firm’s 50-day moving average is $324.27 and its two-hundred day moving average is $316.29. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96. Amgen Inc. has a 1 year low of $260.52 and a 1 year high of $346.85. The firm has a market capitalization of $170.28 billion, a PE ratio of 40.58, a price-to-earnings-growth ratio of 2.81 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. The company 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%. The firm’s quarterly revenue was up 23.2% on a year-over-year basis. During the same period in the prior year, the business earned $4.96 EPS. Analysts predict that Amgen Inc. will post 19.49 EPS for the current year.

Amgen Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be paid a dividend of $2.25 per share. The ex-dividend date is Monday, November 18th. This represents a $9.00 annualized dividend and a yield of 2.84%. Amgen’s payout ratio is 115.24%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on AMGN shares. Truist Financial downgraded shares of Amgen from a “buy” rating to a “hold” rating and raised their price target for the stock from $320.00 to $333.00 in a research note on Monday, October 14th. Royal Bank of Canada restated an “outperform” rating and issued a $362.00 price target on shares of Amgen in a research report on Thursday, September 26th. Wells Fargo & Company downgraded Amgen from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $320.00 to $335.00 in a research report on Wednesday, August 7th. TD Cowen upped their target price on Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Bank of America lifted their price target on Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Amgen currently has an average rating of “Moderate Buy” and an average price target of $333.50.

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.