Pinnacle Associates Ltd. Sells 3,296 Shares of Amgen Inc. (NASDAQ:AMGN)

Pinnacle Associates Ltd. lowered its position in shares of Amgen Inc. (NASDAQ:AMGN) by 5.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,555 shares of the medical research company’s stock after selling 3,296 shares during the period. Pinnacle Associates Ltd.’s holdings in Amgen were worth $18,223,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hershey Financial Advisers LLC purchased a new position in shares of Amgen during the second quarter valued at approximately $30,000. nVerses Capital LLC bought a new position in shares of Amgen during the 2nd quarter valued at $31,000. Bbjs Financial Advisors LLC purchased a new position in shares of Amgen in the 2nd quarter worth $33,000. Matrix Trust Co bought a new stake in shares of Amgen in the third quarter worth $36,000. Finally, FSA Wealth Management LLC increased its position in Amgen by 182.0% during the first quarter. FSA Wealth Management LLC now owns 141 shares of the medical research company’s stock valued at $40,000 after acquiring an additional 91 shares during the last quarter. 76.50% of the stock is owned by institutional investors.

Amgen Trading Down 0.0 %

NASDAQ AMGN traded down $0.05 during trading on Wednesday, hitting $315.95. The stock had a trading volume of 622,990 shares, compared to its average volume of 2,411,583. The stock has a market capitalization of $169.49 billion, a price-to-earnings ratio of 45.14, a P/E/G ratio of 2.86 and a beta of 0.61. The stock has a 50 day simple moving average of $325.02 and a 200 day simple moving average of $314.78. Amgen Inc. has a one year low of $249.70 and a one year high of $346.85. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.89 and a current ratio of 1.26.

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

Amgen Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Stockholders 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 2.85%. The ex-dividend date of this dividend is Monday, November 18th. Amgen’s dividend payout ratio (DPR) is presently 128.57%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AMGN. Truist Financial downgraded Amgen from a “buy” rating to a “hold” rating and boosted their price target for the company from $320.00 to $333.00 in a research note on Monday, October 14th. Royal Bank of Canada reissued an “outperform” rating and set a $362.00 price objective on shares of Amgen in a research report on Thursday, September 26th. TD Cowen boosted their price target on Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a report on Monday, October 21st. Sanford C. Bernstein assumed coverage on shares of Amgen in a research note on Thursday, October 17th. They set an “outperform” rating and a $380.00 target price on the stock. Finally, Morgan Stanley decreased their price objective on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Amgen has an average rating of “Moderate Buy” and an average price target of $332.55.

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.