Precedent Wealth Partners LLC Increases Stock Position in Amgen Inc. (NASDAQ:AMGN)

Precedent Wealth Partners LLC boosted its holdings in Amgen Inc. (NASDAQ:AMGN) by 3.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,407 shares of the medical research company’s stock after buying an additional 176 shares during the period. Precedent Wealth Partners LLC’s holdings in Amgen were worth $1,409,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pathway Financial Advisers LLC grew its position in shares of Amgen by 33,125.4% in the third quarter. Pathway Financial Advisers LLC now owns 4,460,181 shares of the medical research company’s stock valued at $1,437,115,000 after purchasing an additional 4,446,757 shares in the last quarter. International Assets Investment Management LLC grew its position in Amgen by 6,812.4% during the third quarter. International Assets Investment Management LLC now owns 2,523,387 shares of the medical research company’s stock worth $8,130,610,000 after buying an additional 2,486,882 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Amgen by 561.5% in the third quarter. Assenagon Asset Management S.A. now owns 1,539,733 shares of the medical research company’s stock worth $496,117,000 after purchasing an additional 1,306,982 shares during the last quarter. Granite Bay Wealth Management LLC raised its stake in Amgen by 9,058.1% in the second quarter. Granite Bay Wealth Management LLC now owns 756,460 shares of the medical research company’s stock valued at $223,897,000 after purchasing an additional 748,200 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in Amgen by 40.7% during the fourth quarter. Nordea Investment Management AB now owns 2,338,665 shares of the medical research company’s stock valued at $609,526,000 after purchasing an additional 676,598 shares during the last quarter. Institutional investors own 76.50% of the company’s stock.

Amgen Trading Down 0.9 %

AMGN opened at $275.42 on Friday. The stock has a market cap of $148.05 billion, a PE ratio of 35.27, a PEG ratio of 2.78 and a beta of 0.56. The business has a 50 day moving average of $271.39 and a 200-day moving average of $305.99. Amgen Inc. has a 52 week low of $253.30 and a 52 week high of $346.85. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55.

Amgen (NASDAQ:AMGN) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The firm had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.50 billion. During the same period in the prior year, the firm earned $4.96 EPS. The company’s revenue was up 23.2% compared to the same quarter last year. Equities research analysts predict that Amgen Inc. will post 19.56 earnings per share for the current fiscal year.

Amgen Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a dividend of $2.38 per share. This represents a $9.52 annualized dividend and a dividend yield of 3.46%. 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. Amgen’s dividend payout ratio (DPR) is presently 115.24%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on AMGN shares. Truist Financial decreased their price target on shares of Amgen from $333.00 to $298.00 and set a “hold” rating on the stock in a report on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft lowered their price target on Amgen from $305.00 to $285.00 in a research report on Wednesday, November 27th. Sanford C. Bernstein began coverage on Amgen in a report on Thursday, October 17th. They issued an “outperform” rating and a $380.00 price objective for the company. Piper Sandler decreased their price objective on Amgen from $344.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday, January 2nd. Finally, UBS Group reduced their price target on shares of Amgen from $335.00 to $326.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $314.65.

Amgen 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.