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

Corundum Group Inc. increased its position in shares of Amgen Inc. (NASDAQ:AMGN) by 103.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,996 shares of the medical research company’s stock after purchasing an additional 2,030 shares during the quarter. Corundum Group Inc.’s holdings in Amgen were worth $1,042,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in AMGN. Capital Performance Advisors LLP acquired a new stake in Amgen in the 3rd quarter valued at about $25,000. Hershey Financial Advisers LLC purchased a new stake in shares of Amgen in the second quarter valued at approximately $30,000. Legacy Investment Solutions LLC acquired a new stake in shares of Amgen in the third quarter valued at approximately $29,000. Matrix Trust Co purchased a new position in Amgen during the third quarter worth approximately $36,000. Finally, Livelsberger Financial Advisory acquired a new position in Amgen during the third quarter worth $56,000. 76.50% of the stock is owned by institutional investors and hedge funds.

Amgen Price Performance

Shares of AMGN opened at $272.11 on Monday. The firm has a 50-day simple moving average of $273.95 and a 200-day simple moving average of $307.20. Amgen Inc. has a fifty-two week low of $253.30 and a fifty-two week high of $346.85. The company has a market capitalization of $146.27 billion, a price-to-earnings ratio of 34.84, a price-to-earnings-growth ratio of 2.68 and a beta of 0.56. The company has a debt-to-equity ratio of 7.55, a quick ratio of 0.96 and a current ratio of 1.32.

Amgen (NASDAQ:AMGN) last issued its earnings results 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 the consensus estimate of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The business’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.96 earnings per share. On average, equities research analysts anticipate that Amgen Inc. will post 19.57 earnings per share for the current year.

Amgen Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a $2.38 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $9.52 dividend on an annualized basis and a yield of 3.50%. This is an increase from Amgen’s previous quarterly dividend of $2.25. Amgen’s dividend payout ratio (DPR) is 115.24%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Bank of America reissued an “underperform” rating and issued a $256.00 price target on shares of Amgen in a research note on Tuesday, December 10th. Piper Sandler Companies reiterated an “overweight” rating and issued a $310.00 price objective on shares of Amgen in a research report on Thursday, January 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $405.00 target price on shares of Amgen in a research report on Tuesday, October 22nd. TD Cowen increased their price target on Amgen from $381.00 to $383.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Piper Sandler cut their price objective on Amgen from $344.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Amgen currently has an average rating of “Hold” and a consensus target price of $314.91.

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.