Amgen Inc. (NASDAQ:AMGN) is Cornerstone Capital Inc.’s 8th Largest Position

Cornerstone Capital Inc. raised its position in shares of Amgen Inc. (NASDAQ:AMGN) by 3.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 106,538 shares of the medical research company’s stock after acquiring an additional 3,260 shares during the period. Amgen makes up about 3.2% of Cornerstone Capital Inc.’s investment portfolio, making the stock its 8th largest position. Cornerstone Capital Inc.’s holdings in Amgen were worth $34,328,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Meyer Handelman Co. lifted its stake in Amgen by 7.2% during the 2nd quarter. Meyer Handelman Co. now owns 129,831 shares of the medical research company’s stock valued at $40,566,000 after acquiring an additional 8,700 shares during the period. EP Wealth Advisors LLC grew its position in Amgen by 11.0% during the 1st quarter. EP Wealth Advisors LLC now owns 23,769 shares of the medical research company’s stock worth $6,758,000 after purchasing an additional 2,353 shares during the period. Stanley Laman Group Ltd. purchased a new position in shares of Amgen during the 2nd quarter valued at about $3,354,000. Verity & Verity LLC lifted its holdings in shares of Amgen by 2.7% in the 2nd quarter. Verity & Verity LLC now owns 82,368 shares of the medical research company’s stock valued at $25,736,000 after buying an additional 2,182 shares during the period. Finally, Matrix Asset Advisors Inc. NY boosted its stake in shares of Amgen by 9.3% in the second quarter. Matrix Asset Advisors Inc. NY now owns 45,068 shares of the medical research company’s stock worth $14,081,000 after buying an additional 3,845 shares during the last quarter. Hedge funds and other institutional investors own 76.50% of the company’s stock.

Amgen Price Performance

NASDAQ AMGN traded up $0.69 on Tuesday, reaching $317.60. 265,869 shares of the company’s stock traded hands, compared to its average volume of 2,406,500. The stock has a market cap of $170.66 billion, a PE ratio of 40.58, a P/E/G ratio of 2.81 and a beta of 0.60. Amgen Inc. has a 12 month low of $260.52 and a 12 month high of $346.85. The stock has a 50-day simple moving average of $324.27 and a 200 day simple moving average of $316.29. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.11 by $0.47. The business had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The company’s revenue was up 23.2% on a year-over-year basis. During the same period in the prior year, the business posted $4.96 earnings per share. As a group, research analysts predict that Amgen Inc. will post 19.49 earnings per share for the current year.

Amgen Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be issued a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Monday, November 18th. Amgen’s payout ratio is 115.24%.

Analyst Ratings Changes

Several research firms have commented on AMGN. Truist Financial lowered Amgen from a “buy” rating to a “hold” rating and upped their price objective for the stock from $320.00 to $333.00 in a research report on Monday, October 14th. Morgan Stanley lowered their price objective on Amgen from $310.00 to $303.00 and set an “equal weight” rating for the company in a research report on Thursday, July 11th. Dbs Bank raised shares of Amgen to a “strong-buy” rating in a research report on Monday, September 16th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $305.00 target price (down from $310.00) on shares of Amgen in a report on Wednesday, August 7th. Finally, Wells Fargo & Company downgraded Amgen from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $320.00 to $335.00 in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $333.50.

Amgen Company 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.