Cornerstone Advisors LLC Buys 2,500 Shares of Amgen Inc. (NASDAQ:AMGN)

Cornerstone Advisors LLC increased its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 10.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,400 shares of the medical research company's stock after acquiring an additional 2,500 shares during the quarter. Cornerstone Advisors LLC's holdings in Amgen were worth $8,184,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of AMGN. Capital Performance Advisors LLP bought a new position in Amgen during the 3rd quarter valued at about $25,000. Strategic Financial Concepts LLC bought a new position in shares of Amgen during the second quarter valued at approximately $26,000. Hershey Financial Advisers LLC bought a new stake in shares of Amgen in the second quarter valued at about $30,000. nVerses Capital LLC bought a new stake in Amgen during the 2nd quarter valued at $31,000. Finally, Bbjs Financial Advisors LLC purchased a new position in Amgen in the second quarter valued at about $33,000. Institutional investors own 76.50% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on AMGN. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $305.00 price objective (down from $310.00) on shares of Amgen in a research note on Wednesday, August 7th. Barclays increased their price objective on shares of Amgen from $300.00 to $315.00 and gave the company an "equal weight" rating in a research report on Monday, October 7th. Wells Fargo & Company downgraded Amgen from an "overweight" rating to an "equal weight" rating and lifted their target price for the company from $320.00 to $335.00 in a research note on Wednesday, August 7th. TD Cowen lifted their price objective on Amgen from $381.00 to $383.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Finally, Bank of America boosted their target price on shares of Amgen from $325.00 to $330.00 and gave the company a "neutral" rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $333.57.

Amgen Stock Up 2.8 %

Shares of Amgen stock opened at $287.87 on Thursday. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55. Amgen Inc. has a twelve month low of $260.52 and a twelve month high of $346.85. The business's 50 day simple moving average is $318.08 and its 200-day simple moving average is $318.22. The stock has a market capitalization of $154.74 billion, a price-to-earnings ratio of 36.86, a PEG ratio of 2.53 and a beta of 0.60.

Amgen (NASDAQ:AMGN - Get Free Report) last announced 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. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The business had revenue of $8.50 billion during the quarter, compared to analysts' expectations of $8.50 billion. During the same quarter last year, the business posted $4.96 earnings per share. The company's quarterly revenue was up 23.2% on a year-over-year basis. Equities research analysts forecast that Amgen Inc. will post 19.51 earnings per share for the current year.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be given a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend is Monday, November 18th. Amgen's payout ratio is 115.24%.

Amgen Profile

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.

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