Primecap Management Co. CA Has $4.59 Billion Position in Amgen Inc. (NASDAQ:AMGN)

Primecap Management Co. CA reduced its holdings in Amgen Inc. (NASDAQ:AMGN - Free Report) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,255,941 shares of the medical research company's stock after selling 191,186 shares during the quarter. Amgen accounts for 3.4% of Primecap Management Co. CA's holdings, making the stock its 2nd biggest position. Primecap Management Co. CA owned about 2.65% of Amgen worth $4,593,407,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AMGN. Capital Performance Advisors LLP acquired a new position in shares of Amgen in the 3rd quarter valued at $25,000. Strategic Financial Concepts LLC acquired a new position in Amgen in the 2nd quarter worth approximately $26,000. Hershey Financial Advisers LLC purchased a new position in Amgen during the 2nd quarter worth approximately $30,000. nVerses Capital LLC purchased a new stake in shares of Amgen in the second quarter valued at $31,000. Finally, Bbjs Financial Advisors LLC acquired a new position in Amgen during the second quarter valued at $33,000. 76.50% of the stock is owned by institutional investors and hedge funds.

Amgen Price Performance

Shares of NASDAQ:AMGN opened at $287.87 on Thursday. The business's 50 day moving average is $318.08 and its 200-day moving average is $318.22. 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 firm has a market capitalization of $154.74 billion, a PE ratio of 36.86, a PEG ratio of 2.53 and a beta of 0.60. Amgen Inc. has a 1-year low of $260.52 and a 1-year high of $346.85.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, beating analysts' consensus estimates of $5.11 by $0.47. The firm had revenue of $8.50 billion for the quarter, compared to analysts' expectations of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The business's revenue was up 23.2% compared to the same quarter last year. During the same period in the prior year, the business posted $4.96 earnings per share. Sell-side analysts predict that Amgen Inc. will post 19.51 earnings per share for the current year.

Amgen Announces Dividend

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

Wall Street Analysts Forecast Growth

AMGN has been the subject of a number of research reports. Dbs Bank upgraded Amgen to a "strong-buy" rating in a research report on Monday, September 16th. Wells Fargo & Company downgraded shares of Amgen from an "overweight" rating to an "equal weight" rating and boosted their price objective for the company from $320.00 to $335.00 in a research report on Wednesday, August 7th. Jefferies Financial Group restated a "buy" rating and set a $380.00 price target on shares of Amgen in a report on Tuesday, November 12th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $362.00 price target on shares of Amgen in a research note on Thursday, September 26th. Finally, Oppenheimer reissued an "outperform" rating and set a $380.00 price objective on shares of Amgen in a research report on Wednesday, August 7th. 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. According to data from MarketBeat.com, Amgen presently has an average rating of "Moderate Buy" and an average price target of $333.57.

Amgen Company 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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