Cullinan Associates Inc. Sells 3,111 Shares of Amgen Inc. (NASDAQ:AMGN)

Cullinan Associates Inc. trimmed its holdings in shares of Amgen Inc. (NASDAQ:AMGN) by 6.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 47,903 shares of the medical research company’s stock after selling 3,111 shares during the period. Cullinan Associates Inc.’s holdings in Amgen were worth $15,192,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Strategic Financial Concepts LLC bought a new position in shares of Amgen during the second quarter valued at $26,000. Hershey Financial Advisers LLC bought a new position in Amgen during the 2nd quarter valued at about $30,000. nVerses Capital LLC acquired a new position in Amgen in the second quarter valued at about $31,000. Bbjs Financial Advisors LLC bought a new stake in Amgen during the second quarter worth about $33,000. Finally, Matrix Trust Co acquired a new stake in shares of Amgen during the third quarter worth approximately $36,000. Institutional investors own 76.50% of the company’s stock.

Amgen Trading Up 0.9 %

NASDAQ AMGN traded up $2.85 during trading on Friday, reaching $318.54. 106,534 shares of the stock traded hands, compared to its average volume of 2,420,729. The stock’s 50-day moving average price is $325.77 and its 200 day moving average price is $313.12. The company has a quick ratio of 0.89, a current ratio of 1.26 and a debt-to-equity ratio of 9.64. The firm has a market cap of $170.88 billion, a price-to-earnings ratio of 45.10, a price-to-earnings-growth ratio of 2.86 and a beta of 0.61. Amgen Inc. has a fifty-two week low of $249.70 and a fifty-two week high of $346.85.

Amgen (NASDAQ:AMGN) last released its quarterly earnings data 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). The firm 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%. Amgen’s quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.00 EPS. Analysts predict that Amgen Inc. will post 19.49 EPS for the current year.

Amgen Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, August 16th were given a $2.25 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $9.00 annualized dividend and a dividend yield of 2.83%. Amgen’s dividend payout ratio is presently 128.57%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on AMGN shares. Morgan Stanley reduced their target price on Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $305.00 target price (down previously from $310.00) on shares of Amgen in a report on Wednesday, August 7th. Dbs Bank raised Amgen to a “strong-buy” rating in a report on Monday, September 16th. Oppenheimer reissued an “outperform” rating and set a $380.00 price objective on shares of Amgen in a report on Wednesday, August 7th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $380.00 target price (up from $375.00) on shares of Amgen in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Amgen currently has a consensus rating of “Moderate Buy” and a consensus target price 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.