Traders Buy Amgen Inc. (AMGN) on Weakness

Investors bought shares of Amgen Inc. (NASDAQ:AMGN) on weakness during trading on Thursday. $144.62 million flowed into the stock on the tick-up and $79.81 million flowed out of the stock on the tick-down, for a money net flow of $64.81 million into the stock. Of all companies tracked, Amgen had the 8th highest net in-flow for the day. Amgen traded down ($0.26) for the day and closed at $189.44

Several brokerages have recently commented on AMGN. UBS AG restated a “neutral” rating and set a $175.00 price objective (up from $174.00) on shares of Amgen in a research report on Tuesday, June 13th. Royal Bank Of Canada began coverage on shares of Amgen in a research report on Thursday. They set a “sector perform” rating and a $192.00 price objective on the stock. BMO Capital Markets restated a “buy” rating and set a $198.00 price objective (down from $200.00) on shares of Amgen in a research report on Monday, May 22nd. Morgan Stanley raised their price objective on shares of Amgen from $183.00 to $184.00 and gave the company an “overweight” rating in a research report on Tuesday, June 13th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $203.00 price objective (up from $189.00) on shares of Amgen in a research report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $186.14.

The stock has a market capitalization of $136.79 billion, a PE ratio of 17.08 and a beta of 1.35. The company has a 50-day moving average price of $175.31 and a 200-day moving average price of $169.32.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, July 25th. The medical research company reported $3.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.11 by $0.16. Amgen had a net margin of 35.46% and a return on equity of 29.85%. The firm had revenue of $5.81 billion during the quarter, compared to analyst estimates of $5.67 billion. During the same quarter in the prior year, the firm posted $2.84 earnings per share. Amgen’s quarterly revenue was up 2.1% on a year-over-year basis. Equities analysts predict that Amgen Inc. will post $12.57 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Thursday, August 17th were issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date was Tuesday, August 15th. Amgen’s dividend payout ratio is currently 41.93%.

Several institutional investors and hedge funds have recently made changes to their positions in AMGN. Janus Henderson Group PLC grew its holdings in shares of Amgen by 3,664.7% in the second quarter. Janus Henderson Group PLC now owns 3,699,351 shares of the medical research company’s stock valued at $637,139,000 after purchasing an additional 3,601,087 shares during the period. FMR LLC grew its holdings in shares of Amgen by 4.8% in the second quarter. FMR LLC now owns 56,999,572 shares of the medical research company’s stock valued at $9,817,037,000 after purchasing an additional 2,587,041 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Amgen by 40.9% in the second quarter. Renaissance Technologies LLC now owns 3,400,145 shares of the medical research company’s stock valued at $585,607,000 after purchasing an additional 986,700 shares during the period. BlackRock Inc. grew its holdings in shares of Amgen by 1.9% in the second quarter. BlackRock Inc. now owns 49,451,203 shares of the medical research company’s stock valued at $8,516,980,000 after purchasing an additional 909,689 shares during the period. Finally, Nordea Investment Management AB grew its holdings in shares of Amgen by 12.9% in the second quarter. Nordea Investment Management AB now owns 7,040,599 shares of the medical research company’s stock valued at $1,212,602,000 after purchasing an additional 806,119 shares during the period. 78.14% of the stock is owned by hedge funds and other institutional investors.

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About Amgen

Amgen Inc is a biotechnology company. The Company discovers, develops, manufactures and delivers various human therapeutics. It operates in human therapeutics segment. Its marketed products portfolio includes Neulasta (pegfilgrastim); erythropoiesis-stimulating agents (ESAs), such as Aranesp (darbepoetin alfa) and EPOGEN (epoetin alfa); Sensipar/Mimpara (cinacalcet); XGEVA (denosumab); Prolia (denosumab); NEUPOGEN (filgrastim), and other marketed products, such as KYPROLIS (carfilzomib), Vectibix (panitumumab), Nplate (romiplostim), Repatha (evolocumab), BLINCYTO (blinatumomab), IMLYGIC (talimogene laherparepvec) and Corlanor (ivabradine).

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