Amgen Inc. (NASDAQ:AMGN) Position Boosted by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. lifted its position in shares of Amgen Inc. (NASDAQ:AMGN) by 0.6% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 9,695 shares of the medical research company’s stock after purchasing an additional 55 shares during the quarter. Amgen comprises approximately 2.2% of Pinnacle West Asset Management Inc.’s holdings, making the stock its 10th largest holding. Pinnacle West Asset Management Inc.’s holdings in Amgen were worth $3,124,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Sovereign Financial Group Inc. boosted its position in Amgen by 11.0% during the 1st quarter. Sovereign Financial Group Inc. now owns 1,451 shares of the medical research company’s stock worth $413,000 after acquiring an additional 144 shares during the period. GoalVest Advisory LLC raised its stake in shares of Amgen by 215.9% in the 1st quarter. GoalVest Advisory LLC now owns 537 shares of the medical research company’s stock worth $153,000 after buying an additional 367 shares in the last quarter. Key Client Fiduciary Advisors LLC grew its holdings in Amgen by 18.0% during the first quarter. Key Client Fiduciary Advisors LLC now owns 1,134 shares of the medical research company’s stock worth $323,000 after acquiring an additional 173 shares during the period. Wealthcare Advisory Partners LLC lifted its holdings in Amgen by 10.4% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 12,744 shares of the medical research company’s stock valued at $3,623,000 after acquiring an additional 1,198 shares during the last quarter. Finally, Thrive Wealth Management LLC boosted its position in shares of Amgen by 18.7% during the 1st quarter. Thrive Wealth Management LLC now owns 2,772 shares of the medical research company’s stock valued at $788,000 after purchasing an additional 436 shares in the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

Amgen Stock Up 0.2 %

Shares of NASDAQ:AMGN traded up $0.51 on Thursday, reaching $315.41. The company had a trading volume of 360,044 shares, compared to its average volume of 2,427,269. The stock has a 50-day moving average price of $325.77 and a 200 day moving average price of $313.12. The company has a quick ratio of 0.89, a current ratio of 1.26 and a debt-to-equity ratio of 9.64. Amgen Inc. has a twelve month low of $249.70 and a twelve month high of $346.85. The stock has a market capitalization of $169.20 billion, a P/E ratio of 44.99, a P/E/G ratio of 2.86 and a beta of 0.61.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing the consensus estimate of $5.01 by ($0.04). Amgen had a net margin of 10.12% and a return on equity of 161.72%. The company had revenue of $8.39 billion for the quarter, compared to analyst estimates of $8.35 billion. During the same quarter last year, the business earned $5.00 EPS. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. On average, equities analysts expect that Amgen Inc. will post 19.49 EPS for the current year.

Amgen Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, August 16th were issued a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date was Friday, August 16th. Amgen’s dividend payout ratio (DPR) is 128.57%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AMGN. Cantor Fitzgerald reissued an “overweight” rating and set a $405.00 target price on shares of Amgen in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reissued 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. Argus boosted their target price on Amgen from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Bank of America increased their price target on Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Robert W. Baird reissued an “underperform” rating and issued a $215.00 price target on shares of Amgen in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $332.55.

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.