Mcrae Capital Management Inc. Trims Stock Position in Amgen Inc. (NASDAQ:AMGN)

Mcrae Capital Management Inc. decreased its stake in Amgen Inc. (NASDAQ:AMGN) by 16.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,995 shares of the medical research company’s stock after selling 391 shares during the quarter. Mcrae Capital Management Inc.’s holdings in Amgen were worth $643,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Strategic Financial Concepts LLC purchased a new stake in Amgen in the 2nd quarter worth approximately $26,000. Hershey Financial Advisers LLC acquired a new position in shares of Amgen in the second quarter worth about $30,000. nVerses Capital LLC purchased a new stake in shares of Amgen during the 2nd quarter worth about $31,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Amgen during the 2nd quarter valued at about $33,000. Finally, Matrix Trust Co acquired a new position in Amgen in the 3rd quarter worth about $36,000. 76.50% of the stock is owned by institutional investors and hedge funds.

Amgen Stock Performance

Shares of Amgen stock opened at $316.98 on Friday. The stock has a market capitalization of $170.04 billion, a price-to-earnings ratio of 45.28, a price-to-earnings-growth ratio of 2.86 and a beta of 0.61. Amgen Inc. has a 12 month low of $249.70 and a 12 month high of $346.85. The company has a debt-to-equity ratio of 9.64, a current ratio of 1.26 and a quick ratio of 0.89. The business has a 50-day moving average of $325.49 and a 200 day moving average of $313.77.

Amgen (NASDAQ:AMGN) last released its earnings results on Tuesday, August 6th. The medical research company reported $4.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.01 by ($0.04). The company had revenue of $8.39 billion during the quarter, compared to analysts’ expectations of $8.35 billion. Amgen had a net margin of 10.12% and a return on equity of 161.72%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter last year, the business posted $5.00 earnings per share. As a group, sell-side analysts forecast that Amgen Inc. will post 19.49 earnings per share for the current year.

Amgen Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be issued a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 2.84%. Amgen’s dividend payout ratio (DPR) is 128.57%.

Wall Street Analyst Weigh In

AMGN has been the topic of several research analyst reports. Bank of America raised their price objective on Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Morgan Stanley dropped their price target on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 11th. Barclays boosted their target price on shares of Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Truist Financial cut Amgen from a “buy” rating to a “hold” rating and boosted their price target for the stock from $320.00 to $333.00 in a research report on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $305.00 price objective (down previously from $310.00) on shares of Amgen in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $332.55.

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.