Corundum Group Inc. Grows Stock Position in Amgen Inc. (NASDAQ:AMGN)

Corundum Group Inc. boosted its holdings in shares of Amgen Inc. (NASDAQ:AMGN) by 103.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,996 shares of the medical research company’s stock after acquiring an additional 2,030 shares during the period. Corundum Group Inc.’s holdings in Amgen were worth $1,042,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of AMGN. Capital Performance Advisors LLP purchased a new position in shares of Amgen in the 3rd quarter worth $25,000. Legacy Investment Solutions LLC bought a new position in Amgen during the 3rd quarter valued at $29,000. Hershey Financial Advisers LLC acquired a new position in Amgen during the 2nd quarter worth $30,000. Matrix Trust Co bought a new stake in shares of Amgen in the 3rd quarter worth about $36,000. Finally, Livelsberger Financial Advisory acquired a new stake in shares of Amgen in the 3rd quarter valued at about $56,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen Price Performance

NASDAQ:AMGN opened at $272.11 on Monday. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. The business’s 50-day moving average price is $273.95 and its 200 day moving average price is $307.20. Amgen Inc. has a 52-week low of $253.30 and a 52-week high of $346.85. The firm has a market cap of $146.27 billion, a P/E ratio of 34.84, a PEG ratio of 2.68 and a beta of 0.56.

Amgen (NASDAQ:AMGN) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. The business had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The business’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same period in the previous year, the firm earned $4.96 EPS. As a group, sell-side analysts predict that Amgen Inc. will post 19.57 earnings per share for the current fiscal year.

Amgen Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors 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 3.50%. 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 payout ratio is presently 115.24%.

Analyst Ratings Changes

A number of research analysts have commented on AMGN shares. Deutsche Bank Aktiengesellschaft reduced their target price on Amgen from $305.00 to $285.00 in a report on Wednesday, November 27th. Truist Financial reduced their price target on shares of Amgen from $333.00 to $298.00 and set a “hold” rating on the stock in a research report on Wednesday, January 8th. Sanford C. Bernstein began coverage on Amgen in a research note on Thursday, October 17th. They issued an “outperform” rating and a $380.00 target price for the company. Royal Bank of Canada dropped their price target on Amgen from $360.00 to $330.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 27th. Finally, Jefferies Financial Group reiterated 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 given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $314.91.

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.