Amgen (NASDAQ:AMGN) Posts Quarterly Earnings Results, Beats Expectations By $0.63 EPS

Amgen (NASDAQ:AMGN) posted its quarterly earnings data on Tuesday. The medical research company reported $5.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.01 by $0.63, Zacks reports. Amgen had a return on equity of 174.71% and a net margin of 18.96%.

Amgen Price Performance

Shares of NASDAQ AMGN traded up $0.40 during mid-day trading on Tuesday, reaching $296.70. The company’s stock had a trading volume of 3,336,161 shares, compared to its average volume of 2,714,783. The company has a debt-to-equity ratio of 7.24, a current ratio of 1.31 and a quick ratio of 0.98. Amgen has a 52 week low of $253.30 and a 52 week high of $335.88. The stock has a fifty day moving average of $287.91 and a two-hundred day moving average of $287.63. The firm has a market capitalization of $159.73 billion, a PE ratio of 24.26, a P/E/G ratio of 2.61 and a beta of 0.49.

Amgen Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 21st will be issued a dividend of $2.38 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $9.52 dividend on an annualized basis and a yield of 3.2%. Amgen’s dividend payout ratio (DPR) is currently 77.84%.

Insider Buying and Selling

In other Amgen news, SVP Nancy A. Grygiel sold 1,267 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total value of $376,286.33. Following the completion of the transaction, the senior vice president directly owned 7,209 shares in the company, valued at $2,141,000.91. This represents a 14.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.76% of the company’s stock.

Hedge Funds Weigh In On Amgen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 44 Wealth Management LLC increased its position in Amgen by 5.0% in the second quarter. 44 Wealth Management LLC now owns 1,257 shares of the medical research company’s stock worth $351,000 after purchasing an additional 60 shares during the last quarter. MUFG Securities EMEA plc bought a new stake in shares of Amgen in the 2nd quarter worth about $444,000. SkyView Investment Advisors LLC lifted its holdings in shares of Amgen by 12.9% in the 2nd quarter. SkyView Investment Advisors LLC now owns 1,431 shares of the medical research company’s stock valued at $397,000 after acquiring an additional 163 shares during the last quarter. U S Wealth Group LLC. boosted its holdings in shares of Amgen by 4.3% in the 2nd quarter. U S Wealth Group LLC. now owns 7,832 shares of the medical research company’s stock worth $2,187,000 after purchasing an additional 321 shares during the period. Finally, Semmax Financial Advisors Inc. increased its position in shares of Amgen by 2.5% during the 2nd quarter. Semmax Financial Advisors Inc. now owns 12,914 shares of the medical research company’s stock valued at $3,722,000 after purchasing an additional 310 shares during the last quarter. 76.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on AMGN. UBS Group cut their target price on Amgen from $326.00 to $317.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 6th. Citigroup increased their price objective on Amgen from $310.00 to $315.00 and gave the company a “neutral” rating in a research report on Wednesday, September 24th. Wall Street Zen lowered Amgen from a “buy” rating to a “hold” rating in a research report on Monday, October 27th. Piper Sandler lifted their target price on shares of Amgen from $328.00 to $342.00 and gave the stock an “overweight” rating in a research report on Monday, August 25th. Finally, Morgan Stanley increased their price target on Amgen from $330.00 to $333.00 and gave the company an “equal weight” rating in a report on Wednesday, August 6th. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $300.94.

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.