Penobscot Investment Management Company Inc. Lowers Stock Holdings in Amgen Inc. (NASDAQ:AMGN)

Penobscot Investment Management Company Inc. trimmed its position in Amgen Inc. (NASDAQ:AMGN) by 1.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 18,846 shares of the medical research company’s stock after selling 221 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Amgen were worth $5,428,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Briaud Financial Planning Inc bought a new position in shares of Amgen in the third quarter worth approximately $26,000. BOK Financial Private Wealth Inc. bought a new position in shares of Amgen in the fourth quarter worth approximately $29,000. OFI Invest Asset Management bought a new position in shares of Amgen in the third quarter worth approximately $26,000. Planned Solutions Inc. bought a new position in shares of Amgen in the fourth quarter worth approximately $30,000. Finally, Providence Capital Advisors LLC bought a new position in shares of Amgen in the third quarter worth approximately $30,000. 76.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Leerink Partnrs cut shares of Amgen from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 7th. UBS Group reduced their price target on shares of Amgen from $314.00 to $284.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. SVB Leerink cut shares of Amgen from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $324.00 to $318.00 in a research report on Wednesday, February 7th. Truist Financial reiterated a “buy” rating and set a $320.00 price target on shares of Amgen in a research report on Friday, April 12th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $329.00 price target on shares of Amgen in a research report on Wednesday, April 3rd. Ten investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Amgen has a consensus rating of “Moderate Buy” and a consensus target price of $297.40.

Amgen Trading Down 0.8 %

NASDAQ:AMGN traded down $2.21 during trading hours on Tuesday, hitting $274.17. The company had a trading volume of 608,262 shares, compared to its average volume of 2,793,511. The company has a market capitalization of $147.06 billion, a PE ratio of 22.04, a price-to-earnings-growth ratio of 2.61 and a beta of 0.58. The stock has a 50-day moving average price of $274.96 and a 200 day moving average price of $281.45. Amgen Inc. has a 52 week low of $211.71 and a 52 week high of $329.72. The company has a debt-to-equity ratio of 10.14, a current ratio of 1.65 and a quick ratio of 1.13.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Tuesday, February 6th. The medical research company reported $4.71 earnings per share for the quarter, beating the consensus estimate of $4.66 by $0.05. The business had revenue of $8.20 billion for the quarter, compared to analysts’ expectations of $8.13 billion. Amgen had a net margin of 23.83% and a return on equity of 154.27%. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.09 earnings per share. On average, equities research analysts predict that Amgen Inc. will post 19.43 EPS for the current fiscal year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Thursday, May 16th. Amgen’s dividend payout ratio (DPR) is presently 72.06%.

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.