Amgen Inc. $AMGN Stock Sold by Torray Investment Partners LLC

Torray Investment Partners LLC lessened its holdings in Amgen Inc. (NASDAQ:AMGN) by 7.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 55,136 shares of the medical research company’s stock after selling 4,635 shares during the quarter. Amgen accounts for approximately 3.1% of Torray Investment Partners LLC’s investment portfolio, making the stock its 11th biggest position. Torray Investment Partners LLC’s holdings in Amgen were worth $23,240,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of AMGN. State Street Corp grew its stake in shares of Amgen by 38.2% during the second quarter. State Street Corp now owns 42,205,243 shares of the medical research company’s stock worth $15,283,363,000 after buying an additional 11,656,755 shares during the last quarter. MW Advisory LLC acquired a new position in shares of Amgen during the second quarter worth $1,054,000. Baird Financial Group Inc. increased its holdings in shares of Amgen by 1.6% during the second quarter. Baird Financial Group Inc. now owns 339,825 shares of the medical research company’s stock worth $123,057,000 after buying an additional 5,496 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Amgen by 105.8% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 13,514 shares of the medical research company’s stock worth $5,696,000 after buying an additional 6,947 shares in the last quarter. Finally, Integrated Advisors Network LLC lifted its stake in shares of Amgen by 50.5% in the 1st quarter. Integrated Advisors Network LLC now owns 18,941 shares of the medical research company’s stock valued at $6,664,000 after acquiring an additional 6,356 shares during the last quarter. Institutional investors own 76.50% of the company’s stock.

Amgen Price Performance

Shares of NASDAQ:AMGN opened at $461.26 on Wednesday. The firm has a market cap of $249.37 billion, a PE ratio of 28.67, a price-to-earnings-growth ratio of 3.41 and a beta of 0.43. The firm’s fifty day moving average is $420.83 and its 200-day moving average is $376.16. The company has a debt-to-equity ratio of 4.44, a quick ratio of 1.13 and a current ratio of 1.37. Amgen Inc. has a 52 week low of $294.48 and a 52 week high of $475.64.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Tuesday, November 3rd. The medical research company reported $6.45 earnings per share for the quarter, topping the consensus estimate of $5.79 by $0.66. The company had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $10.07 billion. Amgen had a net margin of 22.95% and a return on equity of 124.14%. Amgen’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.64 earnings per share. Sell-side analysts predict that Amgen Inc. will post 22.96 earnings per share for the current year.

Amgen Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 20th will be given a $2.52 dividend. This represents a $10.08 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, November 20th. Amgen’s payout ratio is 62.65%.

Insider Transactions at Amgen

In other news, SVP Nancy A. Grygiel sold 2,970 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $402.16, for a total transaction of $1,194,415.20. Following the completion of the transaction, the senior vice president directly owned 7,340 shares in the company, valued at $2,951,854.40. This trade represents a 28.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Rachna Khosla sold 1,252 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $416.43, for a total value of $521,370.36. Following the transaction, the senior vice president owned 6,404 shares of the company’s stock, valued at $2,666,817.72. This trade represents a 16.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 6,222 shares of company stock worth $2,540,926 in the last quarter. Corporate insiders own 0.85% of the company’s stock.

Amgen News Summary

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen earned $6.45 per share on $10.37 billion in revenue, beating analyst estimates; revenue rose 8.5% year over year. The company also raised its outlook, with full-year revenue guidance slightly above the consensus estimate. Amgen Raises Outlook After 3Q Profit, Sales Rise
• Positive Sentiment: Sales growth in cholesterol and cancer medicines helped support the quarter, while the company’s broader growth portfolio was reported to be offsetting pressure from the denosumab product cycle. Amgen third quarter sales rise 8%, led by cholesterol, cancer drugs
• Negative Sentiment: Shares fell despite the earnings beat as investors focused on biosimilar competition facing key products, which could pressure future sales. Amgen beats estimates but shares dip on biosimilar concerns
• Negative Sentiment: The FDA issued Amgen a warning letter over promotion of its cancer drug Vectibix, adding a regulatory and reputational concern for investors. Amgen Gets FDA Warning Letter Over Misleading Vectibix Promotion

Analysts Set New Price Targets

Several equities research analysts recently weighed in on AMGN shares. UBS Group raised their price objective on Amgen from $430.00 to $470.00 and gave the company a “buy” rating in a report on Friday, October 9th. BMO Capital Markets reduced their price objective on Amgen from $450.00 to $415.00 and set a “market perform” rating on the stock in a research report on Monday, October 12th. Bank of America upped their target price on Amgen from $312.00 to $317.00 and gave the stock an “underperform” rating in a report on Wednesday, August 5th. Canaccord Genuity Group increased their target price on Amgen from $366.00 to $384.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Finally, Citigroup lifted their price target on Amgen from $345.00 to $405.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, sixteen have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $389.71.

Amgen Company Profile

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research focuses on areas including oncology, cardiovascular disease, inflammation, bone health, nephrology and neuroscience.

The company’s products include biologic and specialty medicines such as Enbrel for inflammatory diseases, Prolia and Evenity for osteoporosis, Xgeva for skeletal-related complications, Repatha for cardiovascular risk reduction, Otezla for inflammatory conditions, Tezspire for severe asthma, Blincyto for certain blood cancers, and Lumakras for specific cancers.

Founded in 1980, Amgen is headquartered in Thousand Oaks, California.