Corundum Group Inc. Sells 2,147 Shares of Amgen Inc. (NASDAQ:AMGN)

Corundum Group Inc. decreased its position in Amgen Inc. (NASDAQ:AMGN) by 52.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,966 shares of the medical research company’s stock after selling 2,147 shares during the period. Corundum Group Inc.’s holdings in Amgen were worth $633,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMGN. Penn Davis Mcfarland Inc. grew its holdings in Amgen by 1,176.7% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 19,150 shares of the medical research company’s stock worth $6,170,000 after acquiring an additional 17,650 shares during the period. Brown Lisle Cummings Inc. grew its stake in shares of Amgen by 2.2% during the third quarter. Brown Lisle Cummings Inc. now owns 22,692 shares of the medical research company’s stock worth $7,312,000 after purchasing an additional 485 shares during the period. McClarren Financial Advisors Inc. grew its stake in shares of Amgen by 98.1% during the third quarter. McClarren Financial Advisors Inc. now owns 618 shares of the medical research company’s stock worth $199,000 after purchasing an additional 306 shares during the period. Cannon Financial Strategists Inc. increased its holdings in Amgen by 6.6% in the third quarter. Cannon Financial Strategists Inc. now owns 1,200 shares of the medical research company’s stock valued at $387,000 after purchasing an additional 74 shares during the last quarter. Finally, Vest Financial LLC boosted its holdings in Amgen by 2.9% during the third quarter. Vest Financial LLC now owns 6,973 shares of the medical research company’s stock worth $2,247,000 after buying an additional 199 shares during the last quarter. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on AMGN shares. Jefferies Financial Group reiterated a “buy” rating and issued a $380.00 price target (up from $375.00) on shares of Amgen in a research report on Wednesday, August 7th. Truist Financial lowered shares of 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 report on Monday, October 14th. 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 raised their price target for the stock from $320.00 to $335.00 in a research report on Wednesday, August 7th. Finally, Cantor Fitzgerald started coverage on Amgen in a research note on Friday, September 27th. They set an “overweight” rating and a $405.00 target price for the company. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $332.45.

Amgen Stock Performance

Shares of NASDAQ AMGN opened at $321.66 on Monday. The company has a debt-to-equity ratio of 9.64, a current ratio of 1.26 and a quick ratio of 0.89. The firm has a market cap of $172.55 billion, a price-to-earnings ratio of 45.95, a P/E/G ratio of 2.86 and a beta of 0.61. The stock’s fifty day moving average price is $326.07 and its two-hundred day moving average price is $312.41. Amgen Inc. has a one year low of $249.70 and a one year high of $346.85.

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

Amgen Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, August 16th were issued a $2.25 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $9.00 annualized dividend and a yield of 2.80%. Amgen’s dividend payout ratio is presently 128.57%.

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.