Groesbeck Investment Management Corp NJ Has $903,000 Position in Amgen Inc. (NASDAQ:AMGN)

Groesbeck Investment Management Corp NJ cut its stake in Amgen Inc. (NASDAQ:AMGN) by 17.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,804 shares of the medical research company’s stock after selling 600 shares during the quarter. Amgen makes up 1.3% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 25th biggest holding. Groesbeck Investment Management Corp NJ’s holdings in Amgen were worth $903,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Strategic Financial Concepts LLC acquired a new stake in shares of Amgen in the second quarter valued at about $26,000. Hershey Financial Advisers LLC bought a new position in Amgen in the 2nd quarter worth approximately $30,000. nVerses Capital LLC bought a new position in Amgen in the 2nd quarter worth approximately $31,000. Bbjs Financial Advisors LLC bought a new position in Amgen in the 2nd quarter worth approximately $33,000. Finally, Matrix Trust Co acquired a new stake in Amgen during the 3rd quarter worth $36,000. 76.50% of the stock is currently owned by institutional investors.

Amgen Stock Up 0.4 %

Shares of NASDAQ AMGN traded up $1.29 during mid-day trading on Friday, reaching $316.98. 1,604,649 shares of the company’s stock traded hands, compared to its average volume of 2,427,964. The stock has a market cap of $170.04 billion, a P/E ratio of 45.28, a PEG ratio of 2.86 and a beta of 0.61. The business has a 50-day simple moving average of $325.49 and a 200 day simple moving average of $313.47. Amgen Inc. has a 1-year low of $249.70 and a 1-year 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.

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

Amgen Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be given a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.84%. Amgen’s payout ratio is currently 128.57%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AMGN. Robert W. Baird reissued an “underperform” rating and issued a $215.00 price target on shares of Amgen in a report on Wednesday, September 25th. Barclays upped their target price on shares of Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Dbs Bank upgraded shares of Amgen to a “strong-buy” rating in a research note on Monday, September 16th. Sanford C. Bernstein started coverage on shares of Amgen in a research report on Thursday, October 17th. They set an “outperform” rating and a $380.00 target price on the stock. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $380.00 price target (up previously from $375.00) on shares of Amgen in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $332.55.

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.