Jennison Associates LLC Sells 78,759 Shares of Amgen Inc. (NASDAQ:AMGN)

Jennison Associates LLC lessened its position in Amgen Inc. (NASDAQ:AMGN) by 12.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 579,465 shares of the medical research company’s stock after selling 78,759 shares during the quarter. Jennison Associates LLC owned 0.11% of Amgen worth $186,709,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Keynote Financial Services LLC raised its holdings in shares of Amgen by 0.6% in the 2nd quarter. Keynote Financial Services LLC now owns 4,898 shares of the medical research company’s stock valued at $1,530,000 after purchasing an additional 30 shares in the last quarter. Ascent Group LLC lifted its holdings in Amgen by 0.3% during the 2nd quarter. Ascent Group LLC now owns 10,949 shares of the medical research company’s stock worth $3,421,000 after buying an additional 31 shares during the last quarter. Hofer & Associates. Inc boosted its position in shares of Amgen by 0.5% during the 2nd quarter. Hofer & Associates. Inc now owns 6,477 shares of the medical research company’s stock worth $2,024,000 after acquiring an additional 32 shares in the last quarter. Cadinha & Co. LLC increased its holdings in shares of Amgen by 0.6% in the 3rd quarter. Cadinha & Co. LLC now owns 5,209 shares of the medical research company’s stock valued at $1,678,000 after acquiring an additional 32 shares during the last quarter. Finally, Lansing Street Advisors lifted its stake in Amgen by 1.3% during the third quarter. Lansing Street Advisors now owns 2,582 shares of the medical research company’s stock worth $832,000 after purchasing an additional 32 shares during the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Amgen Price Performance

Shares of NASDAQ:AMGN opened at $279.95 on Wednesday. The firm has a market capitalization of $150.48 billion, a price-to-earnings ratio of 35.85, a price-to-earnings-growth ratio of 2.53 and a beta of 0.60. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96. The business’s 50 day simple moving average is $318.92 and its 200-day simple moving average is $318.43. Amgen Inc. has a 12 month low of $260.52 and a 12 month high of $346.85.

Amgen (NASDAQ:AMGN) last posted its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, beating the consensus estimate of $5.11 by $0.47. The company had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. Amgen’s revenue was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.96 earnings per share. As a group, equities analysts forecast that Amgen Inc. will post 19.51 earnings per share for the current fiscal year.

Amgen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 18th will be given a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Monday, November 18th. Amgen’s payout ratio is currently 115.24%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AMGN. Truist Financial cut shares of Amgen from a “buy” rating to a “hold” rating and raised their price objective for the stock from $320.00 to $333.00 in a report on Monday, October 14th. Royal Bank of Canada reissued an “outperform” rating and issued a $362.00 price target on shares of Amgen in a research report on Thursday, September 26th. Dbs Bank upgraded shares of Amgen to a “strong-buy” rating in a research note on Monday, September 16th. UBS Group cut their target price on Amgen from $335.00 to $326.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Finally, Robert W. Baird reissued an “underperform” rating and issued a $215.00 target price on shares of Amgen in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $333.57.

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.