Principal Street Partners LLC Sells 5,353 Shares of Amgen Inc. (NASDAQ:AMGN)

Principal Street Partners LLC trimmed its holdings in Amgen Inc. (NASDAQ:AMGN) by 21.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,095 shares of the medical research company’s stock after selling 5,353 shares during the period. Principal Street Partners LLC’s holdings in Amgen were worth $6,147,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Capital Performance Advisors LLP bought a new position in Amgen in the 3rd quarter valued at about $25,000. Strategic Financial Concepts LLC bought a new stake in Amgen during the 2nd quarter worth approximately $26,000. Hershey Financial Advisers LLC purchased a new stake in shares of Amgen in the second quarter worth approximately $30,000. nVerses Capital LLC bought a new position in shares of Amgen in the second quarter valued at approximately $31,000. Finally, Bbjs Financial Advisors LLC purchased a new position in shares of Amgen during the second quarter valued at approximately $33,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on AMGN shares. Barclays increased their price target on Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Jefferies Financial Group reiterated a “buy” rating and issued a $380.00 target price on shares of Amgen in a report on Tuesday, November 12th. Dbs Bank upgraded shares of Amgen to a “strong-buy” rating in a report on Monday, September 16th. TD Cowen increased their price objective on shares of Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, William Blair reissued an “outperform” rating on shares of Amgen in a research report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $333.57.

Amgen Stock Performance

NASDAQ AMGN opened at $261.43 on Tuesday. The firm has a market cap of $140.53 billion, a P/E ratio of 37.64, a price-to-earnings-growth ratio of 2.63 and a beta of 0.60. 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 company’s 50 day moving average is $315.69 and its 200-day moving average is $318.05. Amgen Inc. has a 12-month low of $260.68 and a 12-month high of $346.85.

Amgen (NASDAQ:AMGN) last issued its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The business had revenue of $8.50 billion for the quarter, compared to analysts’ expectations of $8.50 billion. During the same quarter in the previous year, the firm posted $4.96 EPS. The business’s revenue for the quarter was up 23.2% compared to the same quarter last year. Sell-side analysts predict that Amgen Inc. will post 19.52 earnings per share for the current year.

Amgen Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 18th will be issued a dividend of $2.25 per share. The ex-dividend date is Monday, November 18th. This represents a $9.00 dividend on an annualized basis and a yield of 3.44%. Amgen’s dividend payout ratio (DPR) is 115.24%.

Amgen 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.