Groesbeck Investment Management Corp NJ Reduces Stock Position in Amgen Inc. (NASDAQ:AMGN)

Groesbeck Investment Management Corp NJ cut its stake in Amgen Inc. (NASDAQ:AMGN) by 26.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 2,054 shares of the medical research company’s stock after selling 750 shares during the quarter. Groesbeck Investment Management Corp NJ’s holdings in Amgen were worth $535,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Capital Performance Advisors LLP purchased a new stake in shares of Amgen in the third quarter valued at approximately $25,000. Legacy Investment Solutions LLC purchased a new position in Amgen in the third quarter worth approximately $29,000. Matrix Trust Co purchased a new position in Amgen in the third quarter worth approximately $36,000. Heck Capital Advisors LLC purchased a new position in Amgen in the fourth quarter worth approximately $36,000. Finally, Livelsberger Financial Advisory purchased a new position in Amgen in the third quarter worth approximately $56,000. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Redburn Partners lowered their price objective on Amgen from $200.00 to $195.00 in a research report on Wednesday, November 27th. Truist Financial lowered their price objective on Amgen from $333.00 to $298.00 and set a “hold” rating for the company in a research report on Wednesday, January 8th. Piper Sandler lowered 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. Wells Fargo & Company lowered their price objective on Amgen from $335.00 to $280.00 and set an “equal weight” rating for the company in a research report on Friday, January 10th. Finally, Wolfe Research started coverage on Amgen in a research note on Friday, November 15th. They set a “peer perform” rating on the stock. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Amgen presently has an average rating of “Hold” and a consensus price target of $314.00.

Amgen Stock Up 0.1 %

Amgen stock opened at $289.02 on Wednesday. Amgen Inc. has a 1-year low of $253.30 and a 1-year high of $346.85. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96. The stock has a market cap of $155.36 billion, a PE ratio of 37.01, a P/E/G ratio of 2.87 and a beta of 0.56. The stock’s fifty day moving average is $270.95 and its two-hundred day moving average is $303.82.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Tuesday, February 4th. The medical research company reported $5.31 earnings per share for the quarter, beating analysts’ consensus estimates of $5.04 by $0.27. Amgen had a return on equity of 168.35% and a net margin of 13.00%. On average, sell-side analysts expect that Amgen Inc. will post 19.56 EPS for the current fiscal year.

Amgen Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $2.38 per share. This is a positive change from Amgen’s previous quarterly dividend of $2.25. The ex-dividend date of this dividend is Friday, February 14th. This represents a $9.52 annualized dividend and a dividend yield of 3.29%. Amgen’s dividend payout ratio (DPR) is presently 115.24%.

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.