Alpha Cubed Investments LLC Has $5.35 Million Position in Amgen Inc. (NASDAQ:AMGN)

Alpha Cubed Investments LLC reduced its stake in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 86.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,528 shares of the medical research company's stock after selling 126,041 shares during the quarter. Alpha Cubed Investments LLC's holdings in Amgen were worth $5,350,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AMGN. XTX Topco Ltd acquired a new position in shares of Amgen in the 2nd quarter worth approximately $661,000. Pacer Advisors Inc. boosted its stake in Amgen by 8.9% in the second quarter. Pacer Advisors Inc. now owns 74,039 shares of the medical research company's stock worth $23,133,000 after purchasing an additional 6,048 shares in the last quarter. Certified Advisory Corp grew its holdings in shares of Amgen by 16.0% during the second quarter. Certified Advisory Corp now owns 1,460 shares of the medical research company's stock worth $456,000 after purchasing an additional 201 shares during the last quarter. Steel Grove Capital Advisors LLC grew its holdings in shares of Amgen by 5.8% during the second quarter. Steel Grove Capital Advisors LLC now owns 1,357 shares of the medical research company's stock worth $424,000 after purchasing an additional 74 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its stake in shares of Amgen by 74.2% in the second quarter. Public Sector Pension Investment Board now owns 20,647 shares of the medical research company's stock valued at $6,451,000 after buying an additional 8,795 shares in the last quarter. Institutional investors and hedge funds own 76.50% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. TD Cowen increased their price objective on shares of Amgen from $381.00 to $383.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Royal Bank of Canada decreased their price target on shares of Amgen from $360.00 to $330.00 and set an "outperform" rating on the stock in a research note on Wednesday, November 27th. Leerink Partners lowered their price target on shares of Amgen from $349.00 to $302.00 in a report on Wednesday, November 27th. Wolfe Research initiated coverage on Amgen in a report on Friday, November 15th. They set a "peer perform" rating on the stock. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $380.00 target price on shares of Amgen in a research note on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $314.91.

Amgen Stock Up 1.3 %

Shares of NASDAQ AMGN traded up $3.61 during mid-day trading on Tuesday, hitting $275.72. The company had a trading volume of 1,329,470 shares, compared to its average volume of 2,956,558. The firm has a 50-day simple moving average of $272.95 and a two-hundred day simple moving average of $306.92. Amgen Inc. has a one year low of $253.30 and a one year high of $346.85. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55. The company has a market capitalization of $148.21 billion, a PE ratio of 35.29, a price-to-earnings-growth ratio of 2.78 and a beta of 0.56.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.11 by $0.47. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The company had revenue of $8.50 billion for the quarter, compared to analysts' expectations of $8.50 billion. During the same quarter in the prior year, the business posted $4.96 EPS. The business's revenue was up 23.2% compared to the same quarter last year. On average, equities analysts expect that Amgen Inc. will post 19.57 EPS for the current year.

Amgen Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a $2.38 dividend. This represents a $9.52 dividend on an annualized basis and a dividend yield of 3.45%. This is a boost from Amgen's previous quarterly dividend of $2.25. The ex-dividend date of this dividend is Friday, February 14th. Amgen's dividend payout ratio is presently 115.24%.

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.