Short Interest in Amgen Inc. (NASDAQ:AMGN) Decreases By 5.9%

Amgen Inc. (NASDAQ:AMGN) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 8,820,000 shares, a drop of 5.9% from the October 15th total of 9,370,000 shares. Currently, 1.6% of the shares of the stock are short sold. Based on an average daily volume of 1,850,000 shares, the days-to-cover ratio is presently 4.8 days.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on AMGN shares. TD Cowen increased their price target on shares of Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a report on Monday, October 21st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $405.00 price target on shares of Amgen in a report on Tuesday, October 22nd. Barclays increased their price target on shares of Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Citigroup started coverage on shares of Amgen in a report on Thursday. They issued a “neutral” rating and a $335.00 price target for the company. Finally, Oppenheimer reiterated an “outperform” rating and issued a $380.00 price target on shares of Amgen in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $333.57.

Amgen Price Performance

Amgen stock opened at $283.61 on Monday. The firm’s 50-day moving average is $320.85 and its two-hundred day moving average is $318.65. 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 has a 12-month low of $260.52 and a 12-month high of $346.85. The stock has a market capitalization of $152.45 billion, a P/E ratio of 36.31, a P/E/G ratio of 2.53 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.11 by $0.47. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The business had revenue of $8.50 billion for the quarter, compared to analysts’ expectations of $8.50 billion. During the same period last year, the company earned $4.96 earnings per share. The company’s quarterly revenue was up 23.2% on a year-over-year basis. Equities analysts predict that Amgen will post 19.51 earnings per share for the current year.

Amgen Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be given a $2.25 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $9.00 annualized dividend and a dividend yield of 3.17%. Amgen’s dividend payout ratio is presently 115.24%.

Institutional Investors Weigh In On Amgen

Hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new stake in shares of Amgen in the third quarter worth approximately $25,000. Strategic Financial Concepts LLC purchased a new position in Amgen in the second quarter valued at approximately $26,000. Legacy Investment Solutions LLC purchased a new position in Amgen in the third quarter valued at approximately $29,000. Hershey Financial Advisers LLC purchased a new position in Amgen in the second quarter valued at approximately $30,000. Finally, nVerses Capital LLC purchased a new position in Amgen in the second quarter valued at approximately $31,000. 76.50% of the stock is owned by institutional investors and hedge funds.

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.