Granite Group Advisors LLC Has $2.29 Million Stock Position in Amgen Inc. (NASDAQ:AMGN)

Granite Group Advisors LLC boosted its position in Amgen Inc. (NASDAQ:AMGN) by 31.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 8,791 shares of the medical research company’s stock after purchasing an additional 2,114 shares during the period. Amgen comprises 1.5% of Granite Group Advisors LLC’s holdings, making the stock its 15th largest position. Granite Group Advisors LLC’s holdings in Amgen were worth $2,291,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Texas Capital Bank Wealth Management Services Inc acquired a new stake in Amgen during the 2nd quarter worth approximately $224,000. Ascent Group LLC increased its position in Amgen by 0.3% during the 2nd quarter. Ascent Group LLC now owns 10,949 shares of the medical research company’s stock worth $3,421,000 after buying an additional 31 shares during the period. Aviso Wealth Management lifted its holdings in shares of Amgen by 64.8% during the second quarter. Aviso Wealth Management now owns 3,013 shares of the medical research company’s stock worth $941,000 after buying an additional 1,185 shares in the last quarter. Buck Wealth Strategies LLC bought a new stake in shares of Amgen in the second quarter valued at about $7,169,000. Finally, Magnolia Capital Advisors LLC bought a new stake in shares of Amgen in the second quarter valued at about $486,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AMGN. Redburn Partners reduced their target price on shares of Amgen from $200.00 to $195.00 in a research report on Wednesday, November 27th. Piper Sandler reduced their target price on shares of Amgen from $344.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, January 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $405.00 target price on shares of Amgen in a research report on Tuesday, October 22nd. Truist Financial reduced their target price on shares of Amgen from $333.00 to $298.00 and set a “hold” rating for the company in a research report on Wednesday, January 8th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $380.00 price objective on shares of Amgen in a research report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $314.65.

Amgen Stock Performance

Amgen stock opened at $275.42 on Monday. The business has a 50 day moving average of $271.39 and a 200-day moving average of $305.92. Amgen Inc. has a 1 year low of $253.30 and a 1 year high of $346.85. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96. The company has a market capitalization of $148.05 billion, a P/E ratio of 35.27, a P/E/G ratio of 2.78 and a beta of 0.56.

Amgen (NASDAQ:AMGN) last released its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.11 by $0.47. The company had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The firm’s revenue was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.96 earnings per share. On average, equities research analysts predict that Amgen Inc. will post 19.56 earnings per share for the current year.

Amgen Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a dividend of $2.38 per share. This represents a $9.52 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Friday, February 14th. This is an increase from Amgen’s previous quarterly dividend of $2.25. Amgen’s dividend payout ratio is currently 115.24%.

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.