Beacon Harbor Wealth Advisors Inc. Lowers Stock Position in Amgen Inc. (NASDAQ:AMGN)

Beacon Harbor Wealth Advisors Inc. cut its holdings in shares of Amgen Inc. (NASDAQ:AMGN) by 6.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,993 shares of the medical research company’s stock after selling 910 shares during the period. Beacon Harbor Wealth Advisors Inc.’s holdings in Amgen were worth $3,742,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AMGN. International Assets Investment Management LLC purchased a new position in Amgen in the 4th quarter valued at $4,589,900,000. Assenagon Asset Management S.A. grew its position in Amgen by 486.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 899,232 shares of the medical research company’s stock valued at $258,997,000 after buying an additional 745,929 shares during the last quarter. abrdn plc grew its position in Amgen by 150.4% in the 4th quarter. abrdn plc now owns 1,043,609 shares of the medical research company’s stock valued at $300,580,000 after buying an additional 626,810 shares during the last quarter. Los Angeles Capital Management LLC grew its position in Amgen by 111.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 989,061 shares of the medical research company’s stock valued at $284,869,000 after buying an additional 522,367 shares during the last quarter. Finally, Royal Bank of Canada grew its position in Amgen by 11.4% in the 3rd quarter. Royal Bank of Canada now owns 5,079,677 shares of the medical research company’s stock valued at $1,365,213,000 after buying an additional 518,689 shares during the last quarter. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AMGN has been the topic of a number of analyst reports. Truist Financial reiterated a “buy” rating and issued a $320.00 price objective on shares of Amgen in a research report on Friday, April 12th. Oppenheimer restated an “outperform” rating and issued a $350.00 price target on shares of Amgen in a report on Thursday, February 1st. Morgan Stanley decreased their target price on Amgen from $281.00 to $278.00 and set an “equal weight” rating for the company in a report on Wednesday, February 7th. UBS Group decreased their price target on Amgen from $314.00 to $284.00 and set a “neutral” rating for the company in a report on Wednesday, April 17th. Finally, The Goldman Sachs Group upped their target price on Amgen from $313.00 to $350.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Ten equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $297.40.

Amgen Stock Performance

NASDAQ:AMGN traded down $0.33 during mid-day trading on Thursday, hitting $277.04. 1,254,057 shares of the stock were exchanged, compared to its average volume of 2,791,824. The stock has a market capitalization of $148.60 billion, a price-to-earnings ratio of 22.11, a price-to-earnings-growth ratio of 2.65 and a beta of 0.60. The firm’s 50-day simple moving average is $274.64 and its 200 day simple moving average is $281.35. The company has a debt-to-equity ratio of 10.14, a quick ratio of 1.13 and a current ratio of 1.65. Amgen Inc. has a fifty-two week low of $211.71 and a fifty-two week high of $329.72.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, February 6th. The medical research company reported $4.71 earnings per share for the quarter, beating the consensus estimate of $4.66 by $0.05. The firm had revenue of $8.20 billion during the quarter, compared to analysts’ expectations of $8.13 billion. Amgen had a return on equity of 154.27% and a net margin of 23.83%. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.09 EPS. As a group, equities analysts anticipate that Amgen Inc. will post 19.43 EPS for the current fiscal year.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a dividend of $2.25 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.25%. Amgen’s dividend payout ratio (DPR) is currently 72.06%.

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.