Investors Buy Amgen Inc. (AMGN) on Weakness

Traders bought shares of Amgen Inc. (NASDAQ:AMGN) on weakness during trading hours on Monday. $113.38 million flowed into the stock on the tick-up and $81.94 million flowed out of the stock on the tick-down, for a money net flow of $31.44 million into the stock. Of all equities tracked, Amgen had the 30th highest net in-flow for the day. Amgen traded down ($0.69) for the day and closed at $174.59

Several brokerages have recently commented on AMGN. Morgan Stanley reduced their target price on Amgen from $196.00 to $193.00 and set an “overweight” rating for the company in a research note on Thursday, October 26th. Argus cut Amgen from a “buy” rating to a “hold” rating and lifted their price target for the stock from $175.22 to $195.00 in a report on Wednesday. Mizuho set a $198.00 price target on Amgen and gave the stock a “buy” rating in a report on Sunday. BMO Capital Markets reissued a “market perform” rating and set a $198.00 price target on shares of Amgen in a report on Thursday, October 26th. Finally, Royal Bank Of Canada dropped their price target on Amgen from $192.00 to $188.00 and set a “sector perform” rating for the company in a report on Thursday, October 26th. Thirteen analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $190.03.

The firm has a market cap of $128.59 billion, a P/E ratio of 16.05 and a beta of 1.36. The stock’s 50-day moving average is $184.39 and its 200 day moving average is $172.38.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Wednesday, October 25th. The medical research company reported $3.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.11 by $0.16. Amgen had a return on equity of 29.90% and a net margin of 35.54%. The company had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.75 billion. During the same quarter last year, the business posted $3.02 earnings per share. The firm’s revenue was down .7% compared to the same quarter last year. Equities research analysts expect that Amgen Inc. will post $12.66 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 17th will be given a $1.15 dividend. The ex-dividend date is Thursday, November 16th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.63%. Amgen’s dividend payout ratio (DPR) is presently 41.63%.

Amgen announced that its board has authorized a share buyback plan on Wednesday, October 25th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the medical research company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

In other Amgen news, EVP Sean E. Harper sold 1,525 shares of the firm’s stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $185.95, for a total transaction of $283,573.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.19% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMGN. Waldron LP purchased a new stake in Amgen during the first quarter valued at about $444,000. Canada Pension Plan Investment Board grew its stake in shares of Amgen by 31.9% during the first quarter. Canada Pension Plan Investment Board now owns 1,029,961 shares of the medical research company’s stock valued at $168,986,000 after buying an additional 248,900 shares during the last quarter. Cadence Bank NA grew its stake in shares of Amgen by 6.2% during the first quarter. Cadence Bank NA now owns 3,376 shares of the medical research company’s stock valued at $554,000 after buying an additional 197 shares during the last quarter. Brookstone Capital Management bought a new position in shares of Amgen during the first quarter valued at about $738,000. Finally, Camelot Portfolios LLC bought a new position in shares of Amgen during the first quarter valued at about $1,429,000. Institutional investors and hedge funds own 78.13% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This news story was originally published by Community Financial News and is the property of of Community Financial News. If you are reading this news story on another site, it was illegally copied and republished in violation of United States and international copyright legislation. The correct version of this news story can be viewed at https://www.com-unik.info/2017/11/01/investors-buy-amgen-inc-amgn-on-weakness-3.html.

Amgen Company Profile

Amgen Inc is a biotechnology company. The Company discovers, develops, manufactures and delivers various human therapeutics. It operates in human therapeutics segment. Its marketed products portfolio includes Neulasta (pegfilgrastim); erythropoiesis-stimulating agents (ESAs), such as Aranesp (darbepoetin alfa) and EPOGEN (epoetin alfa); Sensipar/Mimpara (cinacalcet); XGEVA (denosumab); Prolia (denosumab); NEUPOGEN (filgrastim), and other marketed products, such as KYPROLIS (carfilzomib), Vectibix (panitumumab), Nplate (romiplostim), Repatha (evolocumab), BLINCYTO (blinatumomab), IMLYGIC (talimogene laherparepvec) and Corlanor (ivabradine).

What are top analysts saying about Amgen Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Amgen Inc. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit