Orrstown Financial Services Inc. Increases Stake in Amgen Inc. (NASDAQ:AMGN)

Orrstown Financial Services Inc. raised its holdings in shares of Amgen Inc. (NASDAQ:AMGN) by 96.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 3,019 shares of the medical research company’s stock after acquiring an additional 1,481 shares during the quarter. Orrstown Financial Services Inc.’s holdings in Amgen were worth $973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of AMGN. Autumn Glory Partners LLC grew its stake in shares of Amgen by 23.5% during the 3rd quarter. Autumn Glory Partners LLC now owns 798 shares of the medical research company’s stock valued at $268,000 after acquiring an additional 152 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Amgen by 0.6% in the third quarter. Nisa Investment Advisors LLC now owns 169,843 shares of the medical research company’s stock worth $54,725,000 after purchasing an additional 1,037 shares during the period. Patriot Financial Group Insurance Agency LLC increased its stake in shares of Amgen by 2.3% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 4,315 shares of the medical research company’s stock worth $1,390,000 after purchasing an additional 97 shares in the last quarter. Concord Wealth Partners raised its position in shares of Amgen by 4.2% during the 3rd quarter. Concord Wealth Partners now owns 8,524 shares of the medical research company’s stock valued at $2,747,000 after purchasing an additional 341 shares during the period. Finally, Vivid Wealth Management LLC lifted its stake in shares of Amgen by 806.9% during the 3rd quarter. Vivid Wealth Management LLC now owns 6,711 shares of the medical research company’s stock valued at $2,162,000 after buying an additional 5,971 shares in the last quarter. Institutional investors own 76.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on AMGN. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $305.00 price target (down from $310.00) on shares of Amgen in a report on Wednesday, August 7th. Wells Fargo & Company cut Amgen from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $320.00 to $335.00 in a report on Wednesday, August 7th. Truist Financial lowered shares of Amgen from a “buy” rating to a “hold” rating and increased their price objective for the company from $320.00 to $333.00 in a report on Monday, October 14th. Morgan Stanley lowered their target price on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Finally, Bank of America raised their target price on shares of Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $332.55.

Amgen Stock Up 0.1 %

Shares of NASDAQ AMGN opened at $317.17 on Tuesday. Amgen Inc. has a 1 year low of $249.70 and a 1 year high of $346.85. The firm has a 50-day simple moving average of $325.27 and a two-hundred day simple moving average of $314.44. The company has a market cap of $170.14 billion, a P/E ratio of 45.31, a PEG ratio of 2.86 and a beta of 0.61. The company has a debt-to-equity ratio of 9.64, a current ratio of 1.26 and a quick ratio of 0.89.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Tuesday, August 6th. The medical research company reported $4.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.01 by ($0.04). Amgen had a net margin of 10.12% and a return on equity of 161.72%. The business had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.35 billion. During the same quarter in the previous year, the firm earned $5.00 EPS. Amgen’s revenue was up 20.1% compared to the same quarter last year. Research analysts anticipate that Amgen Inc. will post 19.49 earnings per share for the current year.

Amgen Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be paid a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 2.84%. The ex-dividend date is Monday, November 18th. Amgen’s dividend payout ratio is presently 128.57%.

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.