Cornerstone Wealth Group LLC Grows Holdings in Amgen Inc. (NASDAQ:AMGN)

Cornerstone Wealth Group LLC grew its stake in shares of Amgen Inc. (NASDAQ:AMGN) by 2.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 13,307 shares of the medical research company’s stock after buying an additional 363 shares during the period. Cornerstone Wealth Group LLC’s holdings in Amgen were worth $3,468,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Talbot Financial LLC raised its position in Amgen by 5.6% during the fourth quarter. Talbot Financial LLC now owns 42,791 shares of the medical research company’s stock valued at $11,153,000 after purchasing an additional 2,274 shares in the last quarter. Swiss National Bank increased its position in shares of Amgen by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,592,233 shares of the medical research company’s stock valued at $513,033,000 after purchasing an additional 5,500 shares during the last quarter. Asset Advisors Investment Management LLC raised its holdings in shares of Amgen by 9.0% during the 3rd quarter. Asset Advisors Investment Management LLC now owns 35,934 shares of the medical research company’s stock valued at $11,578,000 after buying an additional 2,954 shares in the last quarter. Principal Financial Group Inc. lifted its position in Amgen by 6.0% in the 3rd quarter. Principal Financial Group Inc. now owns 635,172 shares of the medical research company’s stock worth $204,659,000 after buying an additional 35,785 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its position in Amgen by 3.2% in the 3rd quarter. First Horizon Advisors Inc. now owns 60,769 shares of the medical research company’s stock worth $19,581,000 after buying an additional 1,872 shares during the last quarter. 76.50% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on AMGN shares. Cantor Fitzgerald reissued an “overweight” rating and set a $405.00 price target on shares of Amgen in a research note on Tuesday, October 22nd. Sanford C. Bernstein began coverage on shares of Amgen in a research report on Thursday, October 17th. They issued an “outperform” rating and a $380.00 target price on the stock. Jefferies Financial Group restated a “buy” rating and set a $380.00 price target on shares of Amgen in a research report on Tuesday, November 12th. William Blair reiterated an “outperform” rating on shares of Amgen in a report on Tuesday, November 12th. Finally, Piper Sandler Companies restated an “overweight” rating and set a $310.00 target price on shares of Amgen in a report on Thursday, January 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $314.65.

Amgen Trading Down 0.9 %

AMGN opened at $275.42 on Monday. 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 Inc. has a 52 week low of $253.30 and a 52 week high of $346.85. 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 $305.92.

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

Amgen Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a $2.38 dividend. This is a boost from Amgen’s previous quarterly dividend of $2.25. The ex-dividend date of this dividend is Friday, February 14th. This represents a $9.52 dividend on an annualized basis and a yield of 3.46%. Amgen’s payout ratio is presently 115.24%.

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.